This document can be used as a template for the buyer / importer to instruct the bank to open documentary credit in the supplier / exporter's favour. It sets out the documents required and the details of the order.
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The document titled 'Correspondence between Exporter and Importer' is an important piece of communication between an exporter and an importer. It serves as a formal letter that discusses the application for a documentary credit and the necessary documents required for the credit to be valid. The document begins with the account information of the sender, including their first name, last name, job title, and address. The date of the letter is mentioned as the current date.
The letter is addressed to the recipient as 'dear sir/madam' and expresses gratitude for their previous letter. The sender informs the recipient that they have completed and enclosed the form of application for a documentary credit. They request the recipient to arrange to open an irrevocable credit for their account with the recipient's office in a specific location. The credit is to be valid for a month and in favor of the supplier.
To enable the company to use the credits, the sender specifies the documents that must be presented. These include bills of lading in triplicate, one copy of the invoice, the certificate or policy of insurance, and the certificate of origin. The company is also instructed to draw on the recipient's location office at 30/60 days after sight for each consignment. The sender mentions that the documents relate to specific particulars.
The letter concludes with the sender signing off as 'yours faithfully' followed by their account first name, last name, and job title.
1. Fill in the account information: Enter the first name, last name, job title, and address of the account in the designated fields.
2. Complete the date: Enter the current date in the specified field.
3. Address the recipient: Begin the letter with a salutation such as 'Dear Sir/Madam'.
4. Express gratitude: Thank the recipient for their previous letter.
5. Complete the application form: Fill in the necessary details in the form of application for a documentary credit.
6. Request for opening a credit: Ask the recipient to arrange to open an irrevocable credit for the sender's account with their office in a specific location.
7. Specify the validity of the credit: Mention that the credit should be valid for a month.
8. State the beneficiary: Specify that the credit should be in favor of the supplier.
9. Provide instructions for document submission: List the required documents, including bills of lading, invoice copy, insurance certificate or policy, and certificate of origin.
10. Specify payment terms: Instruct the company to draw on the recipient's location office at 30/60 days after sight for each consignment.
11. Conclude the letter: Sign off as 'Yours faithfully' followed by the account first name, last name, and job title.