Introduction
- A letter of credit is a written undertaking given by a bank on behalf of the buyer to pay the seller an agreed sum within a specified time provided the seller presents documents strictly in accordance with the terms laid down in the letter of credit
- Exporting entails certain risks, such as:
- 经济风险（生产成本上升，资本流动变化减少，货币兑换率或利率上升变化，通货膨胀率上涨等）
- 政治风险（劳工纠纷，起义，恐怖主义，战争，进出口许可证的撤回，联合抵制，国有化，制裁等）以及可以归入同一类别的自然灾害，如环境灾害，地震等。
- 运输风险（海难，损失，火灾，盗窃，变质，破损或其他物质损失）
- 商业风险（不遵守合同条款，单方面抵制，付款或交付违约，破产，破产等）
- 合同风险（与私营或公共部门合伙人签订的合同，买卖商品合同，投资合同）
- 金融风险（信贷）
- 所有信用证都包含这些内容：
- 银行给予的付款承诺（开证行）
- on behalf of the buyer (applicant)
- a given amount of money
- on presentation of specified documents representing the supply of goods within specific time limits
- these documents conforming to terms and conditions set out in the letter of credit
- 文件将在指定地点提交
