Trade credit and non bonded credit difference of C 59-2CS5V edabearings
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This is from the letter of credit to guarantee payment for the angle of.
(1) letter of credit (Confirmed Credit) is defined by another bank or confirming bank (usually the advising bank, but also the other third banks) are not irrevocable letter of credit with negative guaranteed liability of the credit of the issuing bank. The point is:
First, the object must be not confirmed irrevocable letter of credit.
Second, do not revocable letter of credit, bank, called the confirming bank (Confirmed Bank).
Third, opened to the issuing bank letter of credit insurance, the general is the request of the beneficiary as; so need care, because the beneficiary on the issuing bank credit is not enough understanding, or lack of trust. Also some of the issuing bank to worry about their own letters of credit are not acceptable and ask the beneficiary protection.
Fourth, letter of credit beneficiary confirmed, took the double payment of the issuing bank and the confirming bank guarantee, payment is more secure; after a confirmed letter of credit, first by the confirming bank payment responsibility, thus confirming this to become "the first payer" (First Drawee), provided that the beneficiary provides the credit under the documentary evidence, the confirming bank must pay, or acceptance or negotiation.
Fifth, confirmed letter of credit where the use, should be "marked" irreversible "message and the confirming bank, in the credit.
(2) not confirmed letter of credit (Unconfirmed Credit) refers to has not been confirmed by another bank letter of credit.