Dubai, March 8, 2013: As the local and global economies continue to grow, the letter of credit is all you need to grow your business. With letter of credit services, it will be now easy to import goods from overseas or provide financial security locally. To obtain a letter of credit, the buyers have to submit their requirement in terms of sales and purchase agreement or pro-forma invoice of their commercial transaction.

Also, certain documents like commercial invoice, packing list, bill of lading or air waybill, etc. and LC issuance fee charges are a few requirements to get a letter of credit. The letter of credit will be issued by bank on behalf of buyer/importer and in favor of their supplier/exporter to conclude their trade deal. People can also benefit from another option of bank guarantee, which is similar in many ways to the letter of credit but different too. A bank guarantee is useful in situations where a buyer obtains goods from a seller and then runs into cash flow difficulties and can't pay the seller.

You can choose from several types of letter of credit, such as irrevocable LC, which cannot be cancelled or revoked by the issuing bank once it is issued; transferable LC; confirmed LC; unconfirmed LC; which does not require other bank’s additional confirmation; LC at sight; usance LC, and back to back LCs.

For more info please visit: http://www.importletterofcredit.com/standby-letter-of-credit/