Annual turnover up to 2 mln BGN
Annual turnover above 2 mln BGN
Agri procucers - up to 2 mln BGN
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The Import Letter of Credit is an irrevocable commitment on the part of UBB for payment of pre-agreed amounts to a supplier of yours upon presentation of specific documents.
The documentary letter of credit is an irrevocable promise of payment by a bank. The bank promises the seller of goods or services to pay a certain amount if it submits compliant documents within the specified period.
The letter of credit gives security that the seller will fulfil its obligations under the contract (terms, quantities, etc.)
The issuing bank will pay the seller only in case all documents are fully complying to the letter of credit conditions and are presented within the specified term.
The Letter of credit allows the parties to negotiate deferred payment under the contract.
UBB issues letters of credit as ordered by its clients against blocked cash or approved credit limits.
Complete and deposit with the bank a form signed by persons authorized to do so Application for issue of a letter of credit.
Contact us to be consulted about the conditions of the letter of credit.
1. Can the letter of credit be changed or cancelled without the consent of the seller (the Beneficiary)?
The bank and the ordering party may not cancel a letter of credit after notification to the Beneficiary. The letter of credit may be cancelled or amended only with the consent of the issuing bank, confirming bank, if there is any, and the beneficiary.
2. How does a documentary credit reduce the risks for the buyer?
By including in the required documents such ones that could prove good performance of the seller’s obligations.
3. What happens if the documents submitted for utilization of letter of credit are not compliant?
The payment under the letter of credit shall take place only if you as a buyer give your consent to accept the submitted non-compliant documents.
4. Can the bank exercise any control over the actual performance of the commercial contract?
In these operations, banks only check the documents and do not express an opinion on the goods/services to which these documents refer. The letter of credit is an independent and separate commitment from a commercial contract.
If you would like a consultancy with our expert regarding information on financial products or services, please follow the link below.
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