ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Export/Import licence
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Bill of exchange
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Documentary bill
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Certificate of origin
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Documentary credit
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Detailed explanation-1: -A Letter of Credit or Documentary Credit is a promise by a bank on behalf of the buyer (applicant/importer) to pay the seller (beneficiary/exporter) a specified sum in the agreed currency, provided that the seller submits the required documents by a predetermined deadline..
Detailed explanation-2: -Letter of Credit L/c also known as Documentary Credit is a widely used term to make payment secure in domestic and international trade. The document is issued by a financial organization at the buyer request.
Detailed explanation-3: -A Letter of Credit is an arrangement whereby Bank acting at the request of a customer (Importer / Buyer), undertakes to pay for the goods / services, to a third party (Exporter / Beneficiary) by a given date, on documents being presented in compliance with the conditions laid down. 20.1.
Detailed explanation-4: -Irrevocable (and Revocable) The opening introduction referred to a written undertaking given by an issuing bank. Confirmed. Silent Confirmation. Revolving. Red & Green Clause. Transferable. Back-to Back: Standby Letter of Credit. 13-Nov-2019