Banking
This query is : Resolved
NARESH NAIDU
(Querist)
18 December 2013
Can anyone say Differance b/w BANK GUARANTEE And LETTER CREDIT.
full explanation pl.
18 December 2013
Bank guarantee means money deposited with bank so that in case of default by depositer the suffering party can collect it from bank.
Letter of credit is same but it is in relation to imports and importer is depositer and if he fails then exporting co can claim money from such bank who undertakes LOC.
hope u understood.
Letter of credit is same but it is in relation to imports and importer is depositer and if he fails then exporting co can claim money from such bank who undertakes LOC.
hope u understood.
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