Assignable and Non Assignable Letter of Credit

Assignable and Non Assignable Letter of Credit

 

Assignable and Non Assignable Letter of CreditAn assignable letter of credit can be assigned to a third party by the beneficiary of the credit. When the buyer is not able to find the real exporter, in the meantime, he opens the credit in favor of his agent or representative. When the agent is able to find an exporter who is willing to supply the goods on the terms of the buyer, he assigns the letter of credit to the supplier of goods. A non-assignable letter of credit is one that cannot be further assigned and so opened only in favour of the real exporter of goods after the exporter confirms the order.

 

 

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