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A Letter of Credit (LC) is a document issued by a bank on the instructions of a buyer of goods, giving the seller of the goods the right to receive payment under specified terms, when the bank receives the relevant documents (usually including an original bill of lading) within a given time period.
See also Bill of Lading
Two cases of mad cow disease have been detected in Brazil, which has resulted in suspension of its exports of beef to China. The precaution was taken under an existing bilateral protocol between the two countries, although the ministry stressed ...Read More
As well as an international shortage of containers, there is congestion at major international ports. Some sea terminals in China have been closed due to strict measures to control the COVID-19 pandemic. Now that the international economy is starting to ...Read More
There are concerns that the global shipping crisis may mean that consumers may pay higher prices for Christmas gifts. The cost of importing products from China has risen to record levels. “If you were paying $2,000 to move a container ...Read More
Exports of mangoes from Kenya to Pakistan have been delayed because Kenya is being slow to approve a memorandum of understanding (MoU) already agreed upon by the two countries. The Pakistan High Commissioner to Kenya said her country is ready ...Read More
