Letter Of Credit as a Payment Instrument of the Export-Import Deal
Letter of credit — a financial term, one of the types of payment instruments between the participants of export-import contract. Today the letter of credit is recognized by financiers in all over the world as the most universal way of payment in foreign economic activity. The letter of credit allows...
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| Format: | Article |
| Language: | English |
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North-West Institute of Management, Branch of Russian Presidential Academy of National Economy and Public Administration (RANEPA)
2019-10-01
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| Series: | Теоретическая и прикладная юриспруденция |
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| Online Access: | https://www.taljournal.ru/jour/article/view/12 |
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| _version_ | 1841536707535568896 |
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| author | N. A. Butakova |
| author_facet | N. A. Butakova |
| author_sort | N. A. Butakova |
| collection | DOAJ |
| description | Letter of credit — a financial term, one of the types of payment instruments between the participants of export-import contract. Today the letter of credit is recognized by financiers in all over the world as the most universal way of payment in foreign economic activity. The letter of credit allows the businessmen to solve several problems at once. The letter of credit guarantees: minimization of possible legal risks; additional insurance against unfair contractors in a foreign trade. Russian companies that have experience of working with international partners on the basis of long-term cooperation are able to reach an agreement on payment for products upon delivery. However, start-up companies have no chance to find a foreign company that would be willing to work on such conditions. In addition, payment in advance is unprofitable and not safe for the start-up traders, making the first steps in foreign markets. In this situation the letter of credit is an universal instrument of international payments. |
| format | Article |
| id | doaj-art-24c62599d0dc4b168f9434ad3df460eb |
| institution | Kabale University |
| issn | 3034-2813 |
| language | English |
| publishDate | 2019-10-01 |
| publisher | North-West Institute of Management, Branch of Russian Presidential Academy of National Economy and Public Administration (RANEPA) |
| record_format | Article |
| series | Теоретическая и прикладная юриспруденция |
| spelling | doaj-art-24c62599d0dc4b168f9434ad3df460eb2025-01-14T11:56:22ZengNorth-West Institute of Management, Branch of Russian Presidential Academy of National Economy and Public Administration (RANEPA)Теоретическая и прикладная юриспруденция3034-28132019-10-0101818711Letter Of Credit as a Payment Instrument of the Export-Import DealN. A. Butakova0Russian Academy of national economy and public administration under the President of the Russian Federation, North-West Institute of managementLetter of credit — a financial term, one of the types of payment instruments between the participants of export-import contract. Today the letter of credit is recognized by financiers in all over the world as the most universal way of payment in foreign economic activity. The letter of credit allows the businessmen to solve several problems at once. The letter of credit guarantees: minimization of possible legal risks; additional insurance against unfair contractors in a foreign trade. Russian companies that have experience of working with international partners on the basis of long-term cooperation are able to reach an agreement on payment for products upon delivery. However, start-up companies have no chance to find a foreign company that would be willing to work on such conditions. In addition, payment in advance is unprofitable and not safe for the start-up traders, making the first steps in foreign markets. In this situation the letter of credit is an universal instrument of international payments.https://www.taljournal.ru/jour/article/view/12creditconfirming bankadvising bankissuing bankcovered and uncovered creditrevocable and irrevocable credit |
| spellingShingle | N. A. Butakova Letter Of Credit as a Payment Instrument of the Export-Import Deal Теоретическая и прикладная юриспруденция credit confirming bank advising bank issuing bank covered and uncovered credit revocable and irrevocable credit |
| title | Letter Of Credit as a Payment Instrument of the Export-Import Deal |
| title_full | Letter Of Credit as a Payment Instrument of the Export-Import Deal |
| title_fullStr | Letter Of Credit as a Payment Instrument of the Export-Import Deal |
| title_full_unstemmed | Letter Of Credit as a Payment Instrument of the Export-Import Deal |
| title_short | Letter Of Credit as a Payment Instrument of the Export-Import Deal |
| title_sort | letter of credit as a payment instrument of the export import deal |
| topic | credit confirming bank advising bank issuing bank covered and uncovered credit revocable and irrevocable credit |
| url | https://www.taljournal.ru/jour/article/view/12 |
| work_keys_str_mv | AT nabutakova letterofcreditasapaymentinstrumentoftheexportimportdeal |