Letters of Credit

Glasgow Chamber of Commerce is pleased to announce our new Letters of Credit documentation service with our appointed partners, Synergy in Trade. Get paid quicker, mitigate risk, and take all the hassle away by allowing our specialists to handle the entire Letter of Credit process from start to finish. 

Letters of Credit (LC) are the most secure means of getting paid in international trade, if handled correctly and are issued in an acceptable format to begin with. 

It is reported that more than 75% of documents are rejected on first presentations to banks. Success is dependent on your ability to present accurate shipping documents to the bank which strictly meets the terms and conditions of the letter of credit and wider rules which govern Letters of Credit. Get the documents wrong and you face delays in payment or in some cases no payment. Can you afford to take that risk? 

Our appointed partner, Synergy in Trade, have been producing LC documents for over 15 years and have never failed to get an exporter paid. Not once! 

What can the Chamber LC service do?

• Examine your contract and/or order
• Provide you with a LC template to send to your buyer
• Thoroughly vet a draft of the LC which the buyer's bank proposes to issue
• Check and agree the terms and conditions of the letter of credit once issued
• Produce all the shipping documents on your letterhead, working with the freight forwarder and any other third parties to approve third party documents
• Present documents directly to the bank for payment.
• If the bank has any queries, Synergy will take care of those too. 

This service is available to both Chamber members and non-members. Glasgow Chamber members will receive a £25 discount off the quoted price. 

For more information or help with a Letter of Credit, contact us on:

T: 0141 204 2121 or E: documentation@glasgowchamberofcommerce.com