Draft of DOCUMENTARY LETTER OF CREDIT
……………….. Bank
…………..…………..
Date …………………..
No . ………………………….
Rs . ……………………………
To
…………..…………..
…………..……………
You are hereby authorised to draw drafts on us at…………..days sight to the extent of Rs . …………..(Rupees …………..) for invoice cost of shipment(s) purporting to be from…………..to…………..of …………..
2. This letter of credit shall remain in full force for a period of………….. months from date, unless previously cancelled. The drafts drawn against this letter must be drawn and duly advised to us before that date accompanied by invoices, bills of lading issued to the order of the shipper and endorsed in blank and marine insurance policies.
3. The particulars of all drafts drawn under this letter must be endorsed on back hereof and the bills must clearly specify that they are drawn under this letter of credit.
4. We hereby agree and undertake with the drawers, endorsers and bona fide holders of all drafts drawn under and in compliance with the terms of this letter of credit that the said drafts shall be duly accepted payable in…………..on presentation in order and that shall be duly honoured on presentation at the date of maturity.
Yours faithfully,
For…………..Bank
…………..Manager
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