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First : One Proforma Invoice from Seller to Buyer mentioned buyer requirements item and value.
Second: Acceptance singnature on PI (Proforma Invoice) by Buyer/Applicant.
Third: Collect some LC related prescribed form from related Bank (Buyer's transaction maintaining bank).
Forth: Fill up all the forms as per PI information and make an Application on PAD of the buyer's company or Institute. Next signed by applicant all the forms where required.
Fifth: Submit at related bank and wait for the LC copy.
Before all of procedure the applicant must need to approval (IRC) from legal authority of the country to make a LC.
Proforma invoice & purchase order containing details of Incoterm, latest shipment date or period, expiry date, shipping mode, port of loading & discharg, advising Bank details, partial/trans shipment details, description good with price & quantity, list of documents required, tolerance applicability, legalization & Bank charges to bear by both the parties etc.
LC Application Form Duly filled and Signed by the Authorized Signatory, the Following are the Details required on the LC Application Form.
1.Name & Address of the Applicant ( The Company who is applying for the LC )
2. Account No of the Applicant.
3. Name and Address of the Benefeciary
4. Account No. , SWIFT Code , IBAN No. Intermediary Bank Name.
5. Value of the Goods ( As per Performa Invoice )
6. Latest Date of Shipment
7. Expiry Date of the LC
8. LC Terms ( CIF or Ex Works )
9. Payment Terms ( 30 days or 90 Days from BL or AWB)
10. Insurance Provider
11. Required Document to be submitted ( AWB, BL, Invoices, Packing List Certificate of Origin Etc)
12. Port of Departure and Port of Destination
The requirement to open LC
Request Authority for approval, letter signed by higer management to open the LC including the bank confirmation to raise fund for the same.
Confirmation Bank details from the seller and the buyer
Bill of Lading
Order bill of Lading
Commercial Performa Invoice
Pack listing
Airway Bill Or Land Bill Or Sea bill
Destination
Agreed payment terms
Insurance Certificate
Insurance Policy
Certificate of Origin
Inspection Certificate
Contracts between two parties or Approved Purchase order
(Agreed Transportation Type)
Application form signed by management
availability of the fund or facility agreement with your local bank
