Importance of “Letter of Credit”
PIDC understands that as the global marketplace continues to expand, it is critical that both importers and exporters develop a clear understanding of what a Letter of Credit is. It’s important to know about what a Letter of Credit can and can’t do for your business. PIDC is knowledgeable about the international practices which govern Letters of Credit. We are pleased to offer our services to prepare the documents against the LC on your behalf. PIDC has been providing this service for over 25 years.
PIDC staff is qualified to prepare the documents that are required under an Export Letter of Credit. Using the L/C, we will work with your company and shipping agent to prepare drafts, invoices, certificates of origin, and all other documents required by the LC.
Current studies show that Letter of Credit rejection rates could be as high as 40-70%. Because the rejection rates are so high, it’s financially advantageous to get the documents prepared by PIDC. We will streamline the Document Preparation process for you, so you can focus on more important things. With PIDC specialists working on your documents, you will be able to deliver discrepancy-free documents.
We provide the following:
- Detailed reviewing and advising of the Letter of Credits current status, terms and conditions, rules and regulations and necessary changes if needed.
- Preparation of all documents including B/L & AWB with a master document for the carrier.
- Providing separate copies to Shippers and Freight Forwarders.
- Top priority to expanding documentary credit.
- Banking support for quicker, faster and more reliable service.
- Expedited document legalization through our legalization department.
It should be noted that: The term “Letter of Credit” is used interchangeably with “Documentary Credits”, “Credits”, “Commercial Letters of Credit” and “Documentary Letters of Credit.”
All documents must to be submitted along with a completed Letter of Credit Cover Letter.