Another Form Of Letter Of Credit Negotiable Instruments Act 1316 - Legal Draft
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No. Date
For Rs
To
You arc hereby authorised to draw drafts on us at
.........thirty days sight but to the aggregate limit of Rs
........
(Rupees
....
only] in payment of invoice cost of shipment purpoting to be from M/s . to M/s
The particulars of all drafts drawn under this letter must be endorsed on backside hereof and the bills must clearly specify that they are drawn under this Letter of Credit.
We agree and undertake to the drawers, endorsees and holders in due
course to honour all drafts drawn under the terms of this Letter of Credit
by accepting the same and payable in on presentation on maturity.
This letter will remain in force for a period of
....
_months. The drafts drawn against (his letter must be drawn under advice to us before the said date and accompanied by invoices, bill of lading issued to the order of the shipper and endorsed in blank and marine insurance policies.
Yours truly,
for Bank of
................
Agent
Clean Letter of Credit
To
Yon are hereby authorised to draw on us at six month's sight to the extent of Rs
.........and we undertake to honour the same on presentation,
This Letter of Credit will remain in force for six months from this day. The parties negotiating the bills under this letter are requested to endorse particulars on the back thereof and the bills must specify that they are drawn under this Letter of Credit.