What is UCP600?
When it comes to understanding letters of credit, you have to also understand the term UCP600. UCP stands for the "Uniform Customs and Practice for Documentary Credits". This is a…
Payment Against Documents
What does payment against documents mean? Payment against documents (PAD, also known as cash against documents) is a method of export payment where the exporting entity passes an instruction to…
Letters of Credit: How Do They Work?
The concept of a letter of credit is easy to understand if you already have some knowledge of escrow services. Basically, the bank acts as an independent 3rd party, holding…
