Write short notes on the following:

Bank to Back Letter of Credit

Created: 6 months ago | Updated: 1 month ago
Job Solution সাধারণ বীমা কর্পোরেশন সাধারণ বীমা কর্পোরেশন || জুনিয়র অফিসার (12-07-2019) || 2019 English
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Back to Back Letter of Credit: Back-to-back letters of credit consist of two letters of credit (LCs) used together to finance a transaction. A back-to-back letter of credit is usually used in a transaction involving an intermediary between the buyer and seller, such as a broker, or when a seller must purchase the goods, it will sell from a supplier as part of the sale to his buyer.

Back-to-back LCs essentially substitute the two issuing banks' credit to the buyer's and intermediary's and thus help facilitate trade between parties who may be dealing from great distances and who may not otherwise be able to verify one another's credit.

6 months ago
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