题目内容
L/C indicates three dates, which must be met to be paid: the latest date for shipment, the expiry date for presentation of documents and the expiry date of the L/C.
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If L/C does not indicate the date of presentation of the documents, “banks will not accept documents presented to them later than 21 days after the date of shipment”.
“In any event, documents must be presented not later than the expiry date of the Credit.”
The only difference in the payment by time draft from the payment by open account is that, in addition to the contract of sale, you have the buyer's written guarantee to make a payment on a certain date.
Documentary collection is cheaper then L/C but the risk involved is much greater, especially with the time draft.
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