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What is an advised (or unconfirmed) letter of credit (L/C)?

April 26, 2017advised credit letter unconfirmed

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What is an advised (or unconfirmed) letter of credit (L/C)?

3 Answers

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An advised (or unconfirmed) letter of credit is a formal written undertaking issued by a bank in the buyer’s country (issuing bank) and conveyed to the seller/exporter (letter of credit beneficiary) by a bank in the seller’s country (advising bank), whereby the issuing bank agrees to pay the seller a specified amount on behalf of a buyer (the letter of credit applicant/account party) provided the seller complies with the terms and conditions that are specified within the letter of credit.

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An advised (or unconfirmed) letter of credit is a formal written undertaking issued by a bank in the buyer’s country (issuing bank) and conveyed to the seller/exporter (letter of credit beneficiary) by a bank in the seller’s country (advising bank). The issuing bank agrees to pay the seller a specified amount on behalf of a buyer (the letter of credit applicant/account party), if the seller complies with the terms and conditions that are specified within the letter of credit.

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• An advised (or unconfirmed) letter of credit is a formal written undertaking issued by a bank in the buyer’s country (issuing bank) and conveyed to the seller / exporter (letter of credit beneficiary) by a bank in the seller’s country (advising bank) in accord with the issuing bank agrees to pay the seller a specified amount on behalf of a buyer (the letter of credit applicant \ account party), if the seller complies with the terms and conditions that are specified within the letter of credit.