ttb letter of credit issuance (L/C)

Letter of credit (L/C) is served as instruction of guaranteed payment from the importer to exporter. It is issued by the bank and acts as a promise of timely payment to the exporter. The applicant is the one who request the letter of credit to be issued, which will normally be the importer or buyer while the beneficiary, which normally will be the foreign exporter, is the person who receive the payment under the letter of credit in case presented documents are comply with the conditions under the L/C.