Letters of credit are back in fashion

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					Letters of credit are back in fashion
Anonymous
Credit Management; Nov 2009; Docstoc
pg. 13




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Description: Documentary Letters of Credit are back in fashion, especially for those businesses where traditional open account trading is no longer an option. Letters of Credit are in fact used in some 15% of all international transactions, says David Squibb. The advantage is that they provide a pre-shipment guarantee of payment, and as a result can be used as a vehicle against which further working capital can be raised; the disadvantage is they can be costly, slow, and require considerable attention to detail.
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