Draft for Letter of Credit



Draft for Letter of Credit :




A draft is a bill of exchange and a legally enforceable instrument which may be regarded as the formal evidence of debt under a letter of credit. Drafts drawn at sight are payable by the drawee on presentation.


Term (usance) drafts, after acceptance by the drawee, are payable on their indicated due date.


Checklist


Drafts must show the name of the issuing bank and the number and date of the letter of credit under which they are drawn.


Drafts must be drawn and signed by the beneficiary of the letter of credit.


The terms of the draft must be expressed in accordance with the tenor shown in the letter of credit. e.g., at sight or at a stated number of days after bill of lading/shipment date.


The amount in words and figures must agree and be within the available balance of the letter of credit and in the same currency as the letter of credit.


The amount must agree with the total amount of the invoices unless the letter of credit stipulates that drafts are to be drawn for a given percentage of the invoice amount.




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Draft for Letter of Credit
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