Payment terms
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 October 2012
Kindly explain this payment terms "90% through LC with 90days usance period and balance 10% will be after delivery. LC will be opened 30 dyas prior to dispatch of material."
Kindly explain this payment terms "90% through LC with 90days usance period and balance 10% will be after delivery. LC will be opened 30 dyas prior to dispatch of material."
30 October 2012
This means for 90% of the total payment buyer has to open l/c in favor of seller and 90 days here signifies that a 90 days credit period has been allowed to buyer by seller to make payment(normally 90 days from b/l date). Balance 10% of the total payment is to be made after delivery of goods to buyer.
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