Letter of Credit-Types of letters of credit and payment-Letter of Credit – Bank’s obligation issued on behalf of the buyer to pay the seller submitted documents, provided that all conditions of the contract.
Letter of Credit is a non-cash form of payment, as well as an irrevocable bank payment obligation. He is the guarantor of payment only against the provision of vendor documents to verify that there are common international standards.
Form of letters of credit calculation is designed to reach an agreement between the seller and the buyer, especially in those cases when an entity first conduct foreign trade transactions or just mastering the new market.
Features of the letter of credit
An important feature in the calculation of the letters of credit is that banks deal only with documents, but not with the goods that these documents represent. Also it is necessary to take into account that banks consider only the documents specified in the letter of credit, and do not take into account any other documents (eg, contracts and other agreements between the seller and the buyer).
Credit terms are completely determined by the purchaser in writing and communicated to the buyer’s bank simultaneously with the application for the opening of a letter of credit.
Most often this type of calculation is used in foreign trade transactions and settling in a new market. In these cases, a letter of credit helps to resolve the situation when the seller refuses to ship the goods without a guarantee of payment, while the buyer refuses to pay for the goods until such time as there is no sure the goods are delivered in full compliance with the terms of the contract.
The letter of credit must necessarily be indicated:
date and number;
details of the payer, recipient, nominated bank and the issuing bank;
view of the letter of credit;
method of execution;
list of documents and requirements submitted by the payee;
purpose of the payment;
deadline for submission of documents;
need confirmation (if available);
order of payment of commission banks;
the letter of credit may be given any other information.
types of Credits
revocable Letter of Credit
May be revoked or its terms and conditions are subject to change without notice of the seller.
irrevocable Letter of Credit
Can not be revoked and its terms can not be changed without the consent of the parties concerned.
Conversion (transferable) credit
Seller who is not a supplier of the whole consignment transfers the rights to receive funding in whole or in part to third parties, and shall instruct the executing bank.
Warranty (standby) letter of credit
Is a guarantee to ensure payment, if the buyer to back letter of credit is not fulfilling its obligations under the contract.
Revolver (revolving) credit
It is used for regular supply of goods. Letter of credit amount as payment automatically updated within the specified limit and the total term of the credit.
insurance policy in repair and technology-When a person buys an apartment with the help of a loan in a newly built home, most often to the point of home ownership, the Bank does not require it to insure . Sometimes the financial institution requires to insure the risk of late delivery, but it is extremely rare. Therefore, most often flat borrowers have to insure only after they sign on her property. And this can happen a few years after the conclusion of the investment contract, because builders rarely stand up to a stipulated time frame.
Depending on your bank’s policies, the borrower should insure his life, as well as the object of pledge. The life is insured for the amount of the loan remaining to be paid to the borrower, and the apartment is based on the collateral value of the property. But note that the requirement of the Bank-insure only the component parts of the apartment, such as walls, floors, walls, Windows, doors, plumbing and electrics. The cost of such a policy is most commonly 0.4 – 0.3% on the ratable value a year.
Remember that the insurance policy required by the Bank, shall not cover damage to repair, furniture and household appliances. To further insure all of the above, the client should fill in the application form, where he clearly described the property which is insured. After that calculated the total cost of the insurance policy, and if the client agrees with the sum, the specialist visits to check the availability of registered property.
This rates about the same as the insurance box. More than just complete insurance of furniture and appliances-annual tariff will amount to about 0.6% of their value. This is because these objects we insure and from unlawful acts of third persons-simply put, from theft. The rates do not depend on which floor or in which the customer resides.
The repair would cost less to insure. In this case, the fare is about 0.3% -0.5% from the cost of materials and labor. This amount takes into account all possible risks, fire, flooding or destruction of the entire home. Insure one risk is less profitable-in this case the price will be slightly lower. For example, if you are afraid of fire, then pay only 0.2%, and for all the -0.5% of the total cost.
Top reasons to sell your annuity payments
JG understands that there are times when you revise your plans either absolutely or simply makes sense. There are a number of different situations to arise causes you consider selling your premiums, such as:
1. diversification. Sometimes it is great to leave all future instalments of the annuity. However, there are many situations where it would be more strategic to take advantage of your pension. Has left an annuity to sit unchanged for decades can not be the best idea for your financial situation.
2. buy a House and improvements. May occur due to fluctuations in the economy, and buying a House be more beneficial financially to the annuity. Annuity can be sold for cash in a lump sum payment is a debt-free to buy a new home, building a new home, or improvements to your home. The process can borrow money to be cumbersome and costly. However, by selling your annuity, you may be able to abandon.
3. education. Invest in your future or the future of your children is sometimes serious financial decisions. Selling annuity lump lointorth JG to assist in making education more accessible.
4. expand your business. Running your own business can be difficult. Many small businesses fail because of lack of capital, which can be avoided by selling an annuity. By making use of available cash by selling your annuity, you can be sure you will have to enable your small business capital in growth.
5. help with cash flow issues. Do you have a fixed premium and high credit card debt, medical bills? The current annual payment structure you have may not be ideal for your financial situation. By selling your annuity for a lump sum of money, you’ll be able to quit or reduce existing debt.
Just imagine out of debt or to finance the life of your dreams within 4-6 weeks. Although these reasons to sell your annuity for cash is the most obvious, this list is by no means complete. There may be other reasons why you want to sell your pension. JG Wentworth staff understand that each case is different, and they are ready to meet your unique needs.
There are many different ways for a business to go out and raise money. A corporate form of credit is by issuing stocks and bonds. This is an excellent way for a business to have the money they need easily available. Neither is required to have credit established for the first time. Of course that most are willing to invest in the business to have the belief that it will be profitable.
This type of credit business are classified as private funds. That makes it much easier to obtain because there are different guidelines. Some individuals will take your financial situation and your account credit rating. However, not are they weighed so much as a financial institution, although it will be. This can make all the difference for a company when it comes to obtaining the financing which is after.
For those who find it very difficult to obtain other forms of corporate credit, this may be the best option out there for you. Even those companies that can get corporate credit from a lending institution often choose to go with the actions and issue bonds instead. They know that in the long run it will cost less money. Also can raise large sums of money from which you may be eligible for through a lender.
This type of corporate credit terms are often much longer. This means that the company has the ability to make a lot of money at the beginning. Then you can use this utility to take care of what is due. With the majority of other types of corporate credit, a monthly payment must be submitted. That can be difficult when earnings are still just leaking in.
In almost all cases, it is much faster to raise funds through the sale of stocks and bonds. The application process and provide verification that a lender can take a long time. You can get denied and then having to start the process again with another lender. With the process of issuance of stocks and bonds, although you won’t have to worry about it.
In order to make people buy their stocks and bonds, although it is necessary to have something important to offer. It is important that you be very honest about the information we provide them. Make sure that your business plan includes a forecast of where is going to be in the future. In this way you can see the potential that there is for growth and profit.
So that you are sure that all the elements are in place so that you can offer stocks and bonds, it is necessary to have an attorney qualified his team. There are many companies out there that specialize in this type of process. They know all the laws and know what your options are.
The sale of stocks and bonds questions can help raise money for your business. You can get the money you need fast. You can save money over the course of the financing and you can avoid the obstacles that come with other forms of credit, corporate. If you think that this can help achieve the goals of your business, look for in her past and start planning.
Can I sell my payments?
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