Letter of Credit, often abbreviated as L/C is a letter from a financial institution normally a bank assuring that correct payment from buyer has been received on time. In case of Japanese used cars it is a document or a written commitment by a bank of a buyer or importer assuring payment to the seller or exporter of used cars provided certain concrete documents are presented to bank by the exporter. The documents generally presented to the bank by the exporter includes original Bill of Lading or Air waybill, commercial or purchase invoice, certificate of origin, insurance certificate, packing list etc. L/C is used for the larger quantity order shipped by sea. A typical L/C payment scenario takes 14-21 days to complete.
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