What Is Letter Of Credit At Site?
I have a contract with one of companies from china. Our mode of payment is the letter of credit. Now they are to give me a letter of credit at site, can anyone explain to me what's that means.
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Letter of credit at site is a kind of Letter of Credit. It is basically when the bank has to release the payment when the goods reach the specified site as agreed upon in the terms and conditions of the L/C or the transaction.
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That means LC at Site is actually when the shipment reach the POD or to CNEE??? I ws thinking only the B/L or other docs has to be sent and the payment is realised :(
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