Letter of Credit / Banking
Orratum Arbiter Ltd. has a high skill team with many years of Letter of Credit (L/C) experience having handled hundreds of complex transactions. We are able to review your Letter of Credit application so that it is complete, accurate and in compliance with the current ‘Uniform Customs and Practice for Documentary Credit’ (UCP) Publications UPC 600. It is important to note that Orratum Arbiter Ltd does not need to act as the forwarder to be involved in the process and can still perform many of these functions regardless of the forwarder that has been assigned.
Orratum Arbiter Ltd. can help clients understand the terms and conditions of the letter of credit before the L/C is issued and can review the clients L/C application and help to formalise the draft L/C with the correct INCOTERM, Port/Airport of shipment, etc. This can save the cost of amending the L/C later which costs time and money.
If the L/C is already complete,Orratum Arbiter Ltd can review prior to shipment and advise the buyer if a forwarder will not be able to comply with its terms (for example, as a result of shipment date, expiration date, or bill of lading issues). This enables a shipper to request an amendment from the buyer to make necessary modifications to the LC. Buyers should always request the seller to approve the L/C application prior to the issuance of the Letter of Credit.
Upon request, Orratum Arbiter Ltd can prepare the documents needed to satisfy the requirements of the letter of credit to include: the commercial invoice, packing list, Certificate of Origin, insurance certificate, sight/acceptance draft, and legalised documents as required.
We provide instructions to the carrier so that the bill of lading that is issued is in compliance with the letter of credit (consistent with the policies of the carrier).
We prepare and submit the documents to the bank expeditiously so that the beneficiary receives payment as quickly as possible.
If requested, we can communicate with the bank on behalf of the shipper with regard to documentation discrepancies, and make any necessary corrections to comply with the letter of credit. If a discrepancy cannot be corrected, we advise the exporter immediately.
Not sure if you need our help? Contact us today for a free consultation: firstname.lastname@example.org