A documentary credit or letter of credit is one of the most efficient forms of settlement under a commercial contract, as it increases security for the parties involved in a transaction. It also facilitates the financing of trade operations.
Bank GPB International S.A. offers a wide range of Letter of credit operations such as:
- Issuance of letters of credit available by payment at sight
- Issuance of deferred payment letters of credit
- Advising of letters of credit issued by third banks
- Confirmation of letters of credit issued by third banks
- Discounting of letters of credit issued by third banks and confirmed by the Bank
- Issuance of stand by letters of credit
- Advising / confirmation of stand by letters of credit issued by third banks
- Recommendations on payment terms of commercial contracts
Letters of credit are subject to the Uniform Customs and Practice for Documentary Credits (2007 Revision, ICC Publication No. 600).