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The most standard international transaction is for the buyer to issue
an Irrevocable Letter of Credit naming the seller as the beneficiary.
All terms agreed upon should be spelled out in the Letter of Credit.
No error is allowed
However, Letter of Credit has its own defects. If too much details
are specified, and the seller can not meet only one of them, the transaction
is doomed. Then the buyer has to amend the Letter of Credit,
losing valuable time. Most importers leave their Letter of Credit as
simple as possible to avoid complication.
If you have agreed to issue an Irrevocable Letter of Credit to
our subsidiary in China, the following are standard terms needed for your
bank.
Receiving Bank: Bank of China, Shekou Branch for
Beneficiary: Han Min Weaving Craft Company, Ltd.
Address: Floor 9B, Weiyuan Bldg., Industrial Road 7, Shekou,
Shenzhen, China
Amount: Full amount of the purchase
Expiration date: 90 days from the date of issuance
Latest shipping date:15 days before the expiration date
Ship from: Shenzhen, China
To: Your Port of Entry
Freight: Collect
Insurance: by Buyer
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