A letter of credit is a document issued by a financial institution, or a similar party, assuring payment to a seller of goods and/or services provided certain documents have been presented to the bank. These are documents that prove that the seller has performed the duties under an underlying contract (e.g., sale of goods contract) and the goods (or services) have been supplied as agreed. In return for these documents, the beneficiary receives payment from the financial institution that issued the letter of credit. The letter of credit serves as a guarantee to the seller that it will be paid regardless of whether the buyer ultimately fails to pay assuming the seller presents documents to the bank that comply with the letter of credit terms and conditions. Banking statistics show that 80-85% of initial document presentations do not comply with the letter of credit terms. In this way, the risk that the buyer will fail to pay is transferred from the seller to the letter of credit's issuer. The letters of credit can also be used to ensure that all the agreed upon standards and quality of goods are met by the supplier, provided that these requirements are reflected in the documents described in the letter of credit. Read More
Documents issued in one country which need to be used in a foreign country such as, Educational Certificates, power of attorney, affidavits, birth certificates, death and marriages records, must be "authenticated" or "legalized" before they can be recognized as valid in the foreign country. Read More
If the country from which the document emanates is not a party to the Hague Convention on Legalization, then a more formal process of legalization is usually required. Generally in these cases the document will first be notarized by a public notary and appropriate authorities in the issuing country as proof that the document was issued by a competent official, it then will be presented to the destination country´ embassy or consulate located in the country from which the document emanates. That embassy or consulate will then legalize the document internally, usually by affixing a special stamp or seal. Read More
Why RHDC?
35 years of successful & professional experience
Free Pickup and Delivery all over UAE
Faster, better, reliable, easy and hassle free Services
Your trustworthy partner
Largest company in the US providing document attestation and letter of credit documentation services
Facebook
LinkedIn