Understanding and Using Letters of Credit LC

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Understanding and Using Letters of Credit LC

SPAIN, April 1, 2020 /EINPresswire.com/ — Letter of Credit accomplish their purpose by substituting the credit of the bank for that of the customer, for the purpose of facilitating trade. There are basically two types: commercial and standby. The commercial letter of credit is the primary payment mechanism for a transaction, whereas the standby letter of credit is a secondary payment mechanism.


Commercial Letter of Credit:
Commercial letters of credit have been used for centuries to facilitate payment in international trade. Their use will continue to increase as the global economy evolves.


Letter of credit used in international transactions are governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits. The general provisions and definitions of the International Chamber of Commerce are binding on all parties. Domestic collections in the United States are governed by the Uniform Commercial Code.


A commercial letter of credit is a contractual agreement between a bank, known as the issuing bank, on behalf of one of its customers, authorizing another bank, known as the advising or confirming bank, to make payment to the beneficiary. The issuing bank, on the request of its customer, opens the letter of credit. The issuing bank makes a commitment to honor drawings made under the credit. The beneficiary is normally the provider of goods and/or services. Essentially, the issuing bank replaces the bank's customer as the payor.


Elements of a Letter of Credit:

• A payment undertaking given by a bank (issuing bank)

• On behalf of a buyer (applicant)

• To pay a seller (beneficiary) for a given amount of money

• On presentation of specified documents representing the supply of goods

• Within specified time limits

• Documents must conform to terms and conditions set out in the letter of credit

• Documents to be presented at a specified place

Beneficiary:
The beneficiary is entitled to payment as long as he can provide the documentary evidence required by the letter of credit. The letter of credit is a distinct and separate transaction from the contract on which it is based. All parties deal in documents and not in goods. The issuing bank is not liable for performance of the underlying contract between the customer and beneficiary. The issuing bank's obligation to the buyer, is to examine all documents to insure that they meet all the terms and conditions of the credit. Upon requesting demand for payment the beneficiary warrants that all conditions of the agreement have been complied with. If the beneficiary (seller) conforms to the letter of credit, the seller must be paid by the bank.


Issuing Bank:
The issuing bank's liability to pay and to be reimbursed from its customer becomes absolute upon the completion of the terms and conditions of the letter of credit. Under the provisions of the Uniform Customs and Practice for Documentary Credits, the bank is given a reasonable amount of time after receipt of the documents to honor the draft.


The issuing banks' role is to provide a guarantee to the seller that if compliant documents are presented, the bank will pay the seller the amount due and to examine the documents, and only pay if these documents comply with the terms and conditions set out in the letter of credit.

Typically the documents requested will include a commercial invoice, a transport document such as a bill of lading or airway bill and an insurance document; but there are many others. Letters of credit deal in documents, not goods.


Advising Bank:
An advising bank, usually a foreign correspondent bank of the issuing bank will advise the beneficiary. Generally, the beneficiary would want to use a local bank to insure that the letter of credit is valid. In addition, the advising bank would be responsible for sending the documents to the issuing bank. The advising bank has no other obligation under the letter of credit. If the issuing bank does not pay the beneficiary, the advising bank is not obligated to pay.


Confirming Bank:
The correspondent bank may confirm the letter of credit for the beneficiary. At the request of the issuing bank, the correspondent obligates itself to insure payment under the letter of credit. The confirming bank would not confirm the credit until it evaluated the country and bank where the letter of credit originates. The confirming bank is usually the advising bank.

Tim Flanagan
MMW Capital BV
+44 7441 392204
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Source: EIN Presswire

Global Aircraft Ground Support Equipment Market Outlook 2017-2030 By Goldstein Market Intelligence

Ground support equipment is the support equipment found at an airport, the servicing area by the terminal.

NEW YORK, NY, UNITED STATES, April 1, 2020 /EINPresswire.com/ —

Global Aircraft Ground Support Equipment Market Outlook 2017-2030 By Goldstein Market Intelligence

According to the Goldstein Market Intelligence report, Rising number of flight passengers and growing need of air travel owing to globalization of businesses are some of the factors that led the to the growth of aircraft ground support equipment market.
A help which has been given to an airplane and travelers during landing and take-off involves under ground taking care of administrations. As per International Air Transport Association (IATA) over 50% of airline companies outsource the ground support services to third party vendors or private non-airline companies.

Report is available at:- https://bit.ly/2UAuVqd

Market dynamic / Drivers & Restraints to Market Growth
Expansion of aviation industry across the globe is raising the demand for ground operations and quality of maintenance services. Airport authorities and airlines are inclining towards ground handling and maintenance of operations. However, multiple ground handling equipments together can become inefficient, sometimes this leads to flight delays. Increasing labor cost and lack of skilled work force is affecting the economic loss to the airport transport sector.

Request for Sample Report at:- https://bit.ly/2Uw6Ssp

Major players covered in this Global Aircraft Ground Support Equipment Market report are:

• Hydraulics International, Inc
• Cavotec
• Textron Incorporated
• Tronair Inc.
• TLD
• Sage Parts
• Mallaghan Engineering Ltd
• Carolina GSE, Inc

Covered in this Global Aircraft Ground Support Equipment Market Report are
“Global Aircraft Ground Support Equipment Market Outlook 2030” by Goldstein Market Intelligence contains detailed overview of the Global Disaster Management Market in terms of market segmentation by analysis basis, therapy type and geography.
The Report highlights the competitive outlook of major global players that includes the business strategies, product portfolio, revenue distribution, financial analysis, R&D activities, and investments. The in-depth analysis of Global Aircraft Ground Support Equipment Market report will help the clients to assess their business strategies as per the competitive environment in the market space.

Further, Global Aircraft Ground Support Equipment Market Report encompasses the major trends & opportunities, market dynamics and other growth factors of the market. Global Aircraft Ground Support Equipment Market outlook also comprises of key challenges, risk analysis, BPS analysis, SWOT Analysis and Market Attractiveness. The report also highlights the expert analysis to provide a complete overview of the market including the PESTLE analysis of each region and country.
About Goldstein Market Intelligence

Based in the US, Goldstein Market Intelligence currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa.
Goldstein Market Intelligence helping businesses to be successful at strategy and take informed decisions to grow the business in future. Goldstein Market Intelligence is one of the leading professional services firms, providing Intelligence Services, Consulting & Advisory and research related services to clients. We, at Goldstein Intelligence Group (GIG) practice works side by side with chief executives and their teams to create effective strategies and secure alignment across the organisation. Goldstein Intelligence Group (GIG), a network of worldwide professional services firms, as a leading group with a strong commitment to establishing itself as a truly global-minded professional firm that can provide professional services across the world.

Contact for more Info:

Dennis Abraham
(Global Sales Head)

UK: +44 7520 644482
Email Us :- dennis.abraham@goldsteinresearch.com
www.goldsteinresearch.com

Steve Blades
Goldstein Market Intelligence
+1 6465687747
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Source: EIN Presswire

Trace-A-Matic Expands 5-Axis Machining Automation

New Mazak HCR-5000 5-Axis Automated Machining Center Installation at Trace-A-Matic North

New Mazak HCR-5000 5-Axis Automated Machining Center Installation at Trace-A-Matic North

New CNC center manages 18 individual machining jobs at a single time.

BROOKFIELD, WI, USA, April 1, 2020 /EINPresswire.com/ — Trace-A-Matic Corp. announced today the installation of a new Mazak HCR-5000 5-axis horizontal machining center with 18 pallet pool automation in Plant 5 at their Brookfield, WI location. The Mazak HCR-5000 is optimized to machine small to mid-sized aluminum components, featuring an 18,000 high-rpm spindle, 120-tool capacity, ball screw core cooling to reduce thermal growth for higher accuracy and chip-to-chip tool changes in less than 3 seconds. The 18 pallet PALLETECH system option minimizes non-cut time and improves overall process efficiency. The working envelope of the HCR-5000 is X-axis 28.74”, Y-axis 28.74”, Z-axis 28.74”, A-axis -90°~+135°, and C-axis ±360°. The new machine will expand Trace-A-Matic’s capabilities and capacity to meet the growing demand of its customers.

“The addition of this New Mazak HCR-5000 supports our strategic focus on combining automation with the versatility of multi-axis technology,” Michael Daws, Vice President of Sales at Trace-A-Matic, said in a statement. “We continue to make these types of investments to ensure we’re able to produce world-class precision components and meet the higher production requirements of our global OEM customers.”

About Trace-A-Matic Corporation
Trace-A-Matic machines precision parts and assemblies for manufacturers in the aerospace, defense, food processing, heavy equipment, medical equipment, mining, oil and gas, pharmaceutical, power generation, transportation, and general industrial markets. The company’s state-of-the-art facilities use the latest CNC manufacturing technologies to produce complex and intricate components that meet or exceed the most critical tolerances. Machining parts from castings, weldments, forgings, tubing and bar stock that range in weight from one pound to 15,000 pounds.

Trace-A-Matic was established in 1968 and has evolved into a multi-facility operation with locations in Brookfield, WI, and Houston, TX serving the US and international customers. They employ a highly skilled workforce of 200+ people that operate 150+ precision machining centers in a combined climate-controlled environment of 300,000+ square feet.

Visit https://www.traceamatic.com/news/Trace-A-Matic-Expands-5-Axis-Machining-Automation.html for more information.

Trace-A-Matic North – Headquarters
21125 Enterprise Avenue
Brookfield, WI 53045, USA
https://www.traceamatic.com
sales@traceamatic.com
+1-262-797-7300

Trace-A-Matic South
7210 Empire Central Drive
Houston, TX 77040, USA
+1-713-538-1370

Ron Fladwood
Trace-A-Matic
+1 262-797-7300
email us here
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Source: EIN Presswire

VCC Creates Crisis ColLAB Initiative to Fight Coronavirus

VCC ColLAB

VCC enlists its designers to help medical OEMs fight the virus — but we need your help

Innovation is key to making progress against COVID-19. And our team has the skills and capabilities to partner with medical equipment providers to make a difference on the front lines”

— Thomas Macon, VP of Sales

SAN DIEGO, CALIFORNIA, UNITED STATES, April 1, 2020 /EINPresswire.com/ — VCC Creates Crisis ColLAB Initiative to Fight Coronavirus

Free Design and Engineering Services for Medical Equipment Providers

Visual Communications Company (VCC), a recognized global leader in the illuminated electronics market with advanced indication and HMI solutions, is looking to partner with medical manufacturers to combat COVID-19.

As coronavirus cases continue to climb, VCC is seeking medical equipment providers and OEMs in need of help designing and prototyping solutions to combat the virus.

VCC’s extensive design capabilities can support the medical community through:

# Expertise in engineering design for medical equipment
# An experienced and highly motivated team of mechanical and electrical product designers and engineers
# Design software for creating and testing solutions
# 3D printing know-how and machinery
# Proven performance in designing and prototyping PCB assemblies, light engines, and other electronic components

“We can’t just sit idly by during this crisis,” stated Thomas Macon, VCC’s VP of Sales. “Innovation is key to making progress against COVID-19. And our team has the skills and capabilities to partner with medical equipment providers to make a difference on the front lines.”

How to apply for help:

OEMs and medical equipment providers can complete a form found here: https://vcclite.com/crisis-collab/https://vcclite.com/crisis-collab/

The team will quickly review the application and formulate an action plan.

To learn more about the initiative or request design help to combat COVID-19, visit: https://vcclite.com/crisis-collab/.

Ongoing updates related to the pandemic and VCC’s response for employees, customers, partners, and the community can be found here: https://vcclite.com/coronavirus-position-statement/.

About VCC

Visual Communications Company, LLC (VCC) is a recognized leader in the illuminated electronic global market with unparalleled distribution of high quality, reliable LED-based components, solutions and customer service. Over the past 40 years, VCC has been an innovative developer and manufacturer of a broad product line for commercial and industrial markets including aerospace, medical devices, telecom, transportation, people movers, IoT indication, hospitality, and architectural lighting solutions.

VCC has earned a reputation for being one of the easiest and best companies to do business with by continually exceeding customer expectations. VCC has changed the way customers communicate with illuminated components. Headquartered in San Diego, California with international manufacturing operations, you can learn more at www.vcclite.com.

Sannah Vinding
VCC
+1 760-573-4448
email us here
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Let’s work together to defeat COVID-19 – Crisis ColLAB


Source: EIN Presswire

Arizona Mesothelioma Victims Center Has Endorsed Attorney Erik Karst of Karst von Oiste To Ensure a Navy Veteran or Person with Mesothelioma Receives Much Better Compensation Results and He Makes House Calls

"The Arizona Mesothelioma Victims Center has endorsed attorney Erik Karst of the law firm of Karst von Oiste to ensure a Navy Veteran with mesothelioma in Arizona receives the very best compensation.”

— Arizona Mesothelioma Victims Center

PHOENIX , ARIZONA , USA, April 1, 2020 /EINPresswire.com/ — The Arizona Mesothelioma Victims Center has endorsed attorney Erik Karst of the law firm of Karst von Oiste to ensure a Navy Veteran or person with mesothelioma anywhere in Arizona receives the very best possible financial compensation results as they would be happy to discuss at 800-714-0303. Attorney Erik Karst will typically stop whatever he is doing to discuss financial compensation with a Navy Veteran or person who has just been diagnosed with this rare form of cancer. What makes Arizona unique for people with mesothelioma is most with this rare cancer had their asbestos exposure outside of Arizona.

The group has endorsed attorney Erik Karst of Karst von Oiste for a Navy Veteran or person with mesothelioma in Arizona because he and his colleagues have been assisting Navy Veterans with mesothelioma for decades and they are responsible for over a billion dollars in financial compensation for people like this. Additionally, Erik Karst or his colleagues make no-obligation house calls in Arizona to make sure the Veteran or person with this cancer understands the compensation process and they get an idea of what their compensation settlement might be. For direct access to attorney Erik Karst of Karst von Oiste please call 800-714-0303 anytime. www.karstvonoiste.com/

Rather than offering a 'free' booklet, or overnight package the Mesothelioma Victims Center offers a free vital service they call the 'list' for a Navy Veteran or person with mesothelioma in Arizona and nationwide:

* “We will assist a Navy Veteran with mesothelioma document how, where and when they were exposed to asbestos. We call this service the ‘list’ and it is this information that becomes the basis for a mesothelioma compensation claim as we would like to discuss at 800-714-0303.” https://Arizona.MesotheliomaVictimsCenter.Com

Coronavirus/COVID-19 update for people with confirmed mesothelioma from the Mesothelioma Victims Center: "We are extremely concerned that a Navy Veteran or person with mesothelioma will not begin the mesothelioma compensation process because of the Coronavirus/COVID-19 or they will reach out to a local car accident attorney who has little to no experience doing mesothelioma compensation claims. We have endorsed attorney Erik Karst the founding partner of the law firm of Karst von Oiste to ensure a Navy Veteran or person with mesothelioma receives the best possible compensation results nationwide. Erik Karst is one of the nation's leading mesothelioma attorneys and he will know exactly how to help you or your loved one. For direct access to attorney Erik Karst managing partner of the law firm of Karst von Oiste please call 800-714-0303." www.karstvonoiste.com/

For the best possible mesothelioma treatment options in Arizona the Arizona Mesothelioma Victims Center strongly recommends the following heath care facilities with the offer to help a diagnosed victim, or their family get to the right physicians at each hospital.

* The Mayo Clinic Phoenix/Scottsdale, Arizona:
https://www.mayoclinic.org/departments-centers/mayo-clinic-cancer-center

* The University of Arizona Medical Center Tucson, Arizona: https://cancercenter.arizona.edu/

The Arizona Mesothelioma Victims Center would like to emphasize theirs is a statewide initiative available to a diagnosed victim anywhere in Arizona including communities such as Phoenix, Tucson, Mesa, Chandler, Glendale, Gilbert, Tempe. Peoria, or Prescott. www.karstvonoiste.com/

High-risk work groups for exposure to asbestos in Arizona include US Navy Veterans, power plant workers, manufacturing workers, plumbers, nuclear power plant workers, electricians, auto mechanics, machinists, or construction workers. Typically, these high-risk workers were exposed to asbestos in the 1950’s, 1960’s, 1970’s, or 1980’s. www.karstvonoiste.com/

The states indicated with the highest incidence of mesothelioma include Maine, Massachusetts, Connecticut, Maryland, New Jersey, Pennsylvania, Ohio, West Virginia, Virginia, Michigan, Illinois, Minnesota, Louisiana, Washington, and Oregon. Mesothelioma and asbestos exposure lung cancer does happen in Arizona as the group would like to explain anytime at 800-714-0303.
https://Arizona.MesotheliomaVictimsCenter.com

For more information about mesothelioma please refer to the National Institutes of Health’s web site related to this rare form of cancer: https://www.cancer.gov/types/mesothelioma

Michael Thomas
Arizona Mesothelioma Victims Center
+1 800-714-0303
email us here


Source: EIN Presswire

ProtoType Industries Announces Free Technical Documentation Development Assistance to Aviation Industry

In the spirit of “One Industry, One Purpose,” PTI is offering free technical publications services where essential data and documentation is critically needed.

To prevail once again, our single greatest advantage is to dare to respond to this time with an indomitable spirit of camaraderie and perseverance, and to execute forward-thinking initiatives.”

— Irene Grigoriadis, CEO, ProtoType Industries

MISSION VIEJO, CALIFORNIA, USA, March 31, 2020 /EINPresswire.com/ — Extraordinary times call for extraordinary measures.

Aviation’s core responsibility, and ProtoType Industries, Inc.’s (PTI) motto has always been to “keep people flying safely.” A key element to doing so is the production of compliant ICA data and documentation.

In the spirit of, “One Industry, One Purpose,” PTI is offering free-of-charge technical publications services to those needing critically-based, essential data and documentation. For the next two months, PTI will offer services and guidance to any non-contracted, bona fide Supplier OEM that is facing challenges in meeting the requirements of producing mandated data. Specifically, we offer to produce component (CMMs/CMPs) and ICA documents (AMMs/MPs) for 8130-3 Return-to-Service repair and on-aircraft maintenance of their products. We are able to do so either directly, or engage Supplier personnel to accomplish our common mission. The assistance will involve providing stop-gap compliance advisory and authoring/illustration assistance backed by the SkyWriter® iSpec 2200 and S1000D software application. Clients currently contracted will be offered various remedial options.

In order for companies to get through the initial impact of these evolving circumstances and to proactively facilitate recovery as soon as possible, PTI’s owner and CEO Irene Grigoriadis, a leading industry veteran, pledges to put PTI’s SMEs, superior technical capabilities, proven software suite, and her personal finances behind this offer.

Irene comments, “Every negative situation carries within it the seed of equivalent advantage. Future positive results won’t occur by accident, but as a by-product of our collective decisions and of where we put our energies right now. We have overcome seemingly insurmountable challenges before. People who have successfully faced adversity use difficult times to gain knowledge and greater perspective to form future successful strategies. In order to prevail once again, our single greatest advantage is to dare to respond to this time with an indomitable spirit of camaraderie and perseverance, and to execute forward-thinking initiatives. It is our absolute intention to remain strong and be able and ready to support our industry.”

Our best wishes for all to stay safe and healthy.

To assess how we can help, those with decision-making authority are welcome to contact us.

About ProtoType Industries, Inc.
Founded in 1988, ProtoType Industries, Inc. provides ATA-compliant (iSpec 2200 and S1000D) technical publications, engineering services, and software licensing to airlines and suppliers. All production is done in the United States of America using captive SME employees. www.prototypeindustries.com

Irene Grigoriadis
ProtoType Industries Inc.
+1 949-680-4890
email us here


Source: EIN Presswire