The Buyer and Seller agree on the sale terms and come into the contract encompassing the type of products, delivery
schedule, mode of payment etc. After this, buyer arranges for his bank (Issuing Bank) to open a Letter of Credit in favor of the supplier/seller.
The seller then ships the goods and obtains the documents relating to the shipment, such as the commercial invoice, transport document, certificate of origin, Insurance Certificate, etc. After Issuing Bank receiving all documents as per Letter of Credit terms and conditions. The buyer has to make the payment to bank and will receive the documents, which will make him to take the shipment into possession.
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