Letters of Credit (L/C) are one of the most financial secure payment vehicle used in overseas trade, allowing successful trade with the riskiest of customers and countries however they can prove a minefield and if not followed precisely can lead to expensive bank charges, costly delays in payment and could even result in lost business opportunities and contracts.
The Thames Valley Chamber of Commerce have teamed up with LC Expedite Ltd, to offer our clients the specialist in-depth knowledge of export finance and shipping procedures required to ensure their letter of credit are managed accurately and speedily.
Designed to be flexible, the service is able to meet varying client needs from a simple advisory service to a fully-managed trade finance solution.
Scope of Service
- Initial Scrutiny – ensuring the letters of credit are workable and meet any contractual conditions.
- Liaison with Client – discuss and confirm the supply of goods will meet L/C deadlines and expiry dates, ensure packaging and marks comply, review of internal documentation such as invoice, packing lists, declarations are produced correctly.
- Liaison with Outside Organisations – issuing shipping instructions to appointed transport companies and check transport documents, liaise with pre-shipment inspection agencies to ensure compliance, any certification and legalisation requirements and liaison and production of insurance certificates
- Advising/Confirming Bank – collation and checking of all documentation, presentation to the bank on client behalf and monitoring the process until payments are confirmed.
Costings:
Documentary Checking Service – £90.00 + VAT
Cash Against Document Service – £120.00 + VAT
Full Presentation Service – £155.00 + VAT
Please note all fees depend on the letter of credit’s complexity and any third party expenses such as postage will be charged separately.
For further information on this service please contact the International Trade team on 01753 870560 or email export@tvchamber.co.uk
