What is the difference betwween letter of credit and
contract of gaurantee.........in what situations these will
issued by whom?
Answer / abdul
Letter of credit is a document which is issued by the bank
for their client.Bank Guarantee is also a document and
issued by the bank for their client.LC is used for purchased
goods & services(mostly used in Export & Import activities).
These documents are mentioned certain terms & Condition for
payment such as beneficiary account detail,Packing List of
Delivery goods,Total Amount,Partial Delivery details,Date of
Delivery,Expiry date of this document etc.But Contract of
Guarantee is giving for Particular Percentage of amount
holding in contract capable person (which is using mainly in
Construction business for quoting some Valuable tender .It
is automatically expiry after contract period finish )
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