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Letter of Credit Service

Are your exports paid for by Letter of Credit?
Exporters often adopt a method which will enable payment to be received promptly and with the minimum of risk.

A letter of credit may be revocable or irrevocable - a document, consisting of specific instructions by a buyer of goods, that is issued by a bank to the seller who is authorized to draw a specified sum of money under certain conditions, i.e., the receipt by the bank of certain documents within a given time. An irrevocable L/C provides guarantee by the issuing bank in the event that all terms and conditions are met by the buyer (or drawer). A revocable L/C can be canceled or altered by the drawer after it has been issued by drawer's bank. A confirmed L/C is one issued by a foreign bank which is validated or guaranteed by a Indian bank for a Indian exporter in the case of default by the foreign buyer or bank.

How many of the following problems apply to your Export L/C shipments?
  • Late presentation of documents to the bank
  • Delays in payment
  • Discrepant documents and associated fees
  • Too much time spent dealing with documentation
  • Inconsistent service/information

Although a Letter of Credit remains the safest method of export payment, preparation of shipping documents covered under this system requires great care and attention to detail, not to mention shipping and banking expertise.

Many companies have not identified their current payment cycle for shipments made on a Letter of Credit basis. Almost without exception, those who have carried out this exercise have been stunned at the length of time from shipment date to payment date.

Furthermore, because exporters often find it difficult to comply with the terms and conditions of the credit, most document presentations are initially rejected by the bank, resulting in high fees and worrying delays, and even non-payment .

The Solution
Excellency Legalisation Services Pvt. Ltd., the India's leading export documentation provider, can check speeds the process through for exporters by taking an d checking the L/C, producing all the necessary documents (except transport documentation) and presenting the documents to the bank on behalf of the exporter.

Excellency Legalisation Services Pvt. Ltd. can
  • Eradicate all the problems normally associated with Letters Of Credit, ensuring that the exporter is not strongly penalized by charges levied for minor errors in any documentation
  • Take care of your credit from the outset, be it the checking of documentation to ensure that it complies with the terms of the credit, or the raising of documents such as invoices and packing lists, liaising with exporter and shipper every step of the way
  • Arrange Certification, authentication and legalisation of documents if required, using our own in-house documentation service, including on-site certification, courtesy of the Mumbai & New Delhi's Chamber of Commerce
  • Present documents to the bank and ensure that payment has been made

Solutions include
  • Checking, preparation and banking of export documents by Letter of Credit banking specialists
  • Issuance/co-ordination of third party documents
  • Compliance with special conditions
  • Information reporting and document tracking packages available via our secure internet site
  • Consultation with key parties, e.g. Banks, Manufactures & Freight Forwarders on a regular basis

Key Features
  • Unrivalled Letter of Credit documentation and cash management benefits
  • Preferential international banking services courtesy of leading Indian banks
  • UCP-500 based Letter of Credit compliance
  • Staffed by experienced international trade experts
  • Comprehensive information reporting
  • Email alerts for key contacts

Meeting Your Needs
Our clients range from sole traders to large blue chip corporations, including major pharmaceutical companies, manufacturers and freight agents, and we understand that they all have differing needs when requiring assistance with their documentation. Should the volume of shipments be too difficult to handle, specialist knowledge of Documentary Credits lacking, or the amount of business conducted under L/C . we will tailor our service to meet the needs of the exporter, whom we can assist simply by checking the documentation, or by providing a complete preparation and presentation service.

The Benefits Of Working With Excellency Legalisation Services Pvt. Ltd.
  • Significant improvement on your existing cash flow/payment cycle
  • Substantial time and cost savings
  • Enhanced Letter of Credit compliance
  • Issuance of all documentation required on a Letter of Credit
  • Improved service to your buyers
  • Comprehensive information reporting and document tracking
  • Flexible services available to meets your needs
  • Insurance cover guarantee
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