So this is about amending the letter of credit or LC which exporters receive from applicants (buyers). Now what it is to be amended in LC, there must be something. As it is about, LC consists of fields describing the conditions what exporters must meet to claim proceed (money) from bank. And if an exporter does meet all the conditions mentioned in LC, the LC issuing bank must pay the LC amount following
ACADEMY teamLetter of Credit amendment: What’s this about?
Export documentation is a key part of export trade as certain documents acts as the proof of the ownership of the goods and other sale conditions. Most importantly, when the goods fly or sails cross border, these documents are the instruments to carry out the process in both exporting customs and importing customs. Generally, there are two kind of documentation in export business. Export sales documents and export shipment documents. Former describes who is buyer -who is seller and other conditions of sales negotiated and signed by both buyer and seller. The latter one is required to clear both exporting custom and importing custom.