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How Documentary Credit Works

Unconfirmed Documentary credit:

0

  1. Sales or another contract
  2. Application and other documents for Documentary credit issuance
  3. Documentary credit
  4. Advising of Documentary credit
  5. Shipment of goods
  6. Documents presented in strict compliance with Documentary credit terms and conditions
  7. Check of the documents, payment against complying presentation
  8. Release of documents

Confirmed Documentary credit:

0

  1. Sales or another contract
  2. Application and other documents for Documentary credit issuance
  3. Documentary credit requesting confirmation
  4. Confirmation to Documentary credit
  5. Advising of Documentary credit
  6. Shipment of goods
  7. Documents presented in strict compliance with Documentary credit terms and conditions
  8. Confirming bank checks the documents and effects payment against complying presentation
  9. Release of documents

Transferable Documentary credit:

0

  1. Sales or another contract
  2. Application and other documents for Documentary credit issuance
  3. Transferable Documentary credit*
  4. Advising of Documentary credit
  5. Application for Documentary credit transfer
  6. Advising of Documentary credit amended as requested by the first Beneficiary
  7. Advising of Documentary credit
  8. Shipment of goods
  9. Documents presented in strict compliance with Documentary credit terms and conditions
  10. Request for substitution of documents
  11. Substitution of documents
  12. Check of the documents, request for payment against complying presentation
  13. Payment (reimbursement)
  14. Payment against complying presentation
  15. Release of documents

Documentary credit with postfinancing

0

  1. Sales or another contract
  2. Application and other documents for issuance of confirmed Documentary credit, request for postfinancing
  3. Documentary credit requesting confirmation and postfinancing
  4. Confirmation to Documentary credit
  5. Advising of Documentary credit
  6. Shipment of goods
  7. Documents in strict compliance with Documentary credit terms and conditions
  8. Check of the documents, payment against complying presentation
8’.   Postfinancing provided on agreed terms, release of documents
9.     Repayment on due date