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Export LC Advice Oracle FLEXIBLE Universal Banking Release 12.0.0.1.0 August 2012 Oracle Part Number E5146501Export LC Advisable of Contents 1.EXPORT LC ADVISING PROCESS ............................................................................................................

How to fill out export lc advising process

How to fill out export lc advising process?

1. Obtain the necessary documentation: Gather all the required documents for the export lc advising process, such as the export letter of credit (LC), commercial invoice, shipping documents, and any other relevant paperwork.
2. Verify the accuracy of the documents: Ensure that all the information on the documents is correct and matches the terms and conditions of the LC. Double-check details like the buyer and seller's names, product descriptions, quantities, prices, and delivery dates.
3. Submit the documents to the advising bank: Send the completed set of documents to the bank that is advising the LC. This bank is typically located in the exporter's country and is responsible for notifying the exporter about the LC's arrival and its terms and conditions.
4. Await confirmation from the advising bank: Once the advising bank receives the documents, they will examine them to ensure compliance with the LC requirements. The bank may contact the exporter for any clarifications or corrections if necessary.
5. Review and make any amendments if required: If the advising bank identifies any discrepancies in the documents or if amendments are needed, they will communicate the changes to the exporter. The exporter must then revise the documents accordingly and resubmit them to the bank.
6. Obtain the advising bank's confirmation: Once the advising bank is satisfied with the documents and finds them in compliance with the LC, they will provide confirmation to the exporter. This confirmation serves as proof that the LC advising process has been successfully completed.
7. Proceed with the shipment: With the confirmation from the advising bank, the exporter can proceed with the shipment of the goods as per the terms and conditions of the LC. The exporter should ensure that all the necessary shipping and insurance arrangements are made appropriately.

Who needs export LC advising process?

1. Exporters: Exporters who engage in international trade and receive payment through an export LC often require the advising process. The LC advising process provides them with the necessary support to ensure compliance with the terms and conditions of the LC and facilitate a smooth transaction.
2. Importers: Importers who issue an LC to guarantee payment to the exporter may also need to go through the advising process. It allows them to ensure that the LC is properly communicated to the exporter and that the exporter can fulfill the requirements of the LC before shipping the goods.
3. Banks: Banks play a crucial role in the export LC advising process. They act as the intermediary between the importer and the exporter, verifying the documents, and facilitating communication. They ensure that all parties involved are protected and that the transaction proceeds according to the agreed terms.

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What is export lc advising process?

The export LC advising process involves providing the Letter of Credit (LC) issued by the foreign buyer's bank to the exporter through their own bank for verification and confirmation.

Who is required to file export lc advising process?

Exporters who have received a Letter of Credit (LC) as payment from a foreign buyer are required to file the export LC advising process.

How to fill out export lc advising process?

To fill out the export LC advising process, the exporter needs to submit the original LC received from the foreign buyer's bank to their own bank for verification and confirmation.

What is the purpose of export lc advising process?

The purpose of the export LC advising process is to ensure that the exporter receives payment as per the terms and conditions specified in the Letter of Credit (LC) issued by the foreign buyer's bank.

What information must be reported on export lc advising process?

The export LC advising process must report information such as the details of the Letter of Credit (LC), the terms and conditions of payment, and the contact information of the parties involved.