By Richard Willsher
Export financing has consistently been on the hub of any overseas company's job. but it has moved as much as the pinnacle of the time table within the gentle of the new Uruguay around on GATT. Willsher examines the hot surroundings of undertaking financing with a very special view of the dangers concerned, the tools and different recommendations important to the information of a world banker or company financier.
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Additional info for Export Finance: Risks, Structures and Documentation
Where the goods are being supplied to much larger firms such as supermarkets, department stores and large manufacturers it is their standing which enables the operation to be carried out. 3: Back-to-back letters of credit Revolving letters of credit This is a structure which can be used where there are successive shipments and payments passing between the same counterparties. The credit is issued in favour of the supplier for a particular sum. The supplier ships and presents the documents to the bank in the normal way.
If the credits are issued electronically, perhaps through an on-line computer link between the trader and the opening bank, a protocol can be established between the bank and the customer enabling L/Cs to be issued virtually instantaneously. Banks operating credit issuance facilities of this nature will base them on credit judgements made through credit approval procedures established by the bank and reviewed regularly for any change in circumstances. Transferable Letters of Credit and Assignment of Proceeds Letters of credit are not negotiable instruments, like bills of exchange and promissory notes.
Sterling and Canadian Dollar interest are usually calculated on a 365/365 basis. Some transactions may be calculated on a 360/360 so-called 'bond basis'. Commitment date The date from which the bank or forfaiter commits to buy the paper. This may be some months in advance of shipment to give the exporter the confidence of knowing that the paper can be sold as soon as it is available for discount. This is therefore the date from which the discounting bank or forfaiter will charge its commitment fee.