| OCBC Bank issues the Letter of Credit on behalf of the buyer upon application against his LC facility. The application can be done by telex or Swift or airmail. As the bank is exposed to risks on account of issuing credit, the bank will be concerned with issues such as who controls the goods and whether the customer can pay for the bills drawn under the LC. To cover these exposures, the bank may take a margin or request for other collateral.
Important Notice: UCP 600
Effective 1 July 2007, OCBC will adopt UCP 600 for all Letter of Credit issuance.
Click here to download OCBC trade forms for your new application.
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