Import service

1.1 Letter of credit

An importer of credit (L/C) is an unconditional undertaking, given by a
bank (issuing bank) at the request of a customer (applicant) to pay a seller
(beneficiary) against stipulated documents provided all the terms and condtions
of the credit are compiled with in a letter of credit arrangement, the issuing bank
can:
Undertake to make payment to or to the order of the benificiary or to
accept and pay bills of exchange drawn by the beneficiary.
Authorize another bank to effect such payment or to accept and pay such
Bills of exchange.
Authorize another bank to negotiate against stipulated documents.
TJSB bank issue, Amends, Confirms and pays sight/usance letter of credits
through its wide and extensive network of correspondent banks.
Benefits
Letter of credit substitutes the credit of the issuing bank for that of the
buyer.
The importer is assured that goods are shipped before payment under the
letter of credit.
Security that a payment is not made until the documents conform to the
terms and conditions of the credit.
Importer maintains control over the transactions through the letter of
credit mechanism with the seller.
Ability for importers to negotiate pricing discounts or extended payment
terms because of assurance of payment.

TJSB Bank's International business department (IBD) services provides

you with protection against seller risk by obtaining credit reports