Letters Of Credit (LC) / Documentary Credits
LCs are written undertaking issued by NIB Ltd, on behalf of a buyer, to the seller, to pay for goods or services. The seller must present documents which comply with the terms and conditions of the LC to the bank for payments.
- There is the risk that the buyer’s bank may be obliged to pay on due date upon presentation of documentation which may misrepresent the actual nature of the goods shipped.
- The buyer also relies on the LC to place discipline on the supplier for timely shipment and appropriate documentation.
- Customer’s request/Complete our LC forms.
- Attach your Proforma Invoice and Import Declaration Form (IDF).
- NB: Customs Clearing Documents (Bill of Entry) to be submitted after goods cleared.