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The best way to minimize payments risks in the international trade for the export-import companies is to use documentary letters of credits.
Documentary letter of credit is an irrevocable commitment of the bank (issuing bank), which has issued a documentary letter of credit at the applicant’s (buyer’s) request to pay in favour of beneficiary (seller) the amount specified in the letter of credits in case beneficiary present according to the letters of credit’s terms the comply set of documents confirming shipment of the goods (performance of the services).
|Issuing commission for L/C||0,2%, of the amount of L/C (min 50 USD, max 2 000 USD)||Flat fee to be paid before issuance of L/C (for uncovered L/C fee for liabilities under L/C is to be paid additionally)|
|Commissions for liabilities under uncovered L/C||due to the agreement of the parties, but not less than 3% per annum of the amount of outstanding under L/C(min 100 USD for the full month of part of the month)||Fee is paid on monthly basis|