Abstract
Achieving 40% export sales has been vital to British Steel’s well published turnaround. Export success demands success in securing payments for goods sold. For many markets, tradition, customer preference and/or insurance conditions dictate ‘letter of credit’ payment terms. A letter of credit is a written undertaking issued by a bank on behalf of the buyer to honour payment subject to the presentation of a set of documents which are exactly in compliance with stipulated requirements. This demands detailed supplier compliance to ensure prompt payment and to secure payment itself by protecting the credit insurance cover, as well as to minimise bank charges and to maintain customer satisfaction.
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