An import documentary letter of credit is an irrevocable undertaking by the issuing bank to pay the seller, as beneficiary, the agreed sums for commercial transactions against presentation of the required documents of title to the goods.
D Commerce Bank issues letters of credit on the instructions of its clients against blocked funds or approved credit limits.
The Bank issues letters of credit in local and foreign currencies in accordance with the legislation in force in the Republic of Bulgaria, the relevant Uniform Customs and Practice for Documentary Credits (a publication of the International Chamber of Commerce, Paris) and international banking practice in this field.
An export documentary letter of credit is an irrevocable undertaking by the buyer's bank (the issuing bank), received by D Commerce Bank in favour of the seller, as beneficiary, to pay a specified sum against the beneficiary's presentation of the documents required by the terms of the letter of credit within the stipulated time limits.
It provides a firm, independent undertaking by the bank that the exported goods will be paid for upon presentation of documents within the stipulated period and in accordance with the terms of the letter of credit.
D Commerce Bank advises letters of credit received in local and foreign currencies in accordance with the legislation in force in the Republic of Bulgaria, the relevant Uniform Customs and Practice for Documentary Credits (a publication of the International Chamber of Commerce, Paris) and international banking practice in this field.
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