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Application and Control of International Conventions to Settlement of Export Enterprise by Letter of Credit

Xi Yang

Abstract

Letter of credit(L/C) plays an important role in settlement for international trade.By means of L/C settlement,the export enterprises should follow the international convention UCP600,make full use of its favorable clauses compared with UCP500 to the beneficiary,and grasp its concrete regulations in operation of L/C to guarantee payment collection safely,timely and smoothly.

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Available abstract

Key concepts: Letter of credit, Settlement (finance), Beneficiary, Payment, Business, Convention, Control (management), GRASP