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Discuss differences between the letter of guarantee and the letter of credit
Summary :
The article shows the differences between the letter of guarantee and the letter of credit . The differences mainly find expression in the definition , the essential contents , the debt and responsibility of relationship, the rage of suit , responsibility of payment , the basics of claim reimbursement, relate to the contract, operate the object, the trade can be equity trading or not , the kinds of the letter of credit and bank’s letter of guarantee and so on . Though they are made on the bank’s credit and undertake the primary responsibility . Through comparing the letter of guarantee with the letter of credit , we can clearly know the letter of guarantee and the letter of credit . And if we get a job in a bank , we can also help people to distinguish them after several days . Therefore , it’s important to know the difference between the letter of guarantee and the letter of credit .
Key words :
The letter of guarantee , the letter of credit , bank credit
There are nine aspects to explain the difference between the letter of guarantee and the letter of credit as follow.
Firstly , the definition is different. The letter of credit are made on the bank’s credit with the issuing bank undertaking the primary responsibility for payment , which promotes the development of international trade by guarantee the proceeds as well as the documents and offering financial facilities to both parties . The letter of guarantee is written undertaking issued by a bank at the request of the applicant , guaranteeing that the applicant will take payment to the beneficiary within the limits of a stated sum of money in the event of default by the principal .
Secondly , the essential contents are different. The letter of credit contains three most important parts . The first part concludes kinds of credit, amount in figures and words , number , date of issue , expiry date
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