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letter of credit

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(Querist)
01 July 2010 I have to open n Letter of credit , i want to know the procedure for opening the same and how it works.

from all sides i.e buyer - bank- seller
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
01 July 2010
Buyer & seller: Need to open the LC and give to the supplier against the supply of materials,based on the LC conditions the supplier raise the Bill of exchage(whether the value of LC or less and 1 bill of exchage or more than 1) based on the bill of exchage conditions 30, 60 90,120 days like the supplier submit the bill of exchange to the bank on due date he can get the payment or if the buyer want payment earlier he can discount the BOE and take the money

Bank: open the LC based on the buyer request and conditions and receive the BOE and pay on due date and close the expired LC
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