Letter of Credit Exploration
Let’s assume you work for a small company that exports products. Suppose your employer wants to be paid through a letter of credit. Your boss decides you will become the company’s expert on letter of credit. Using the websites below or websites of major global banks (do not use individual banking; be sure you use the small business option), learn about the procedures and instructions for getting paid through letter of credit.
Part One
Research the various steps and procedures necessary to pay (or get paid) via a letter of credit. Begin your research by investigating the following websites. Per the synopsis above, you are encouraged to discover your own sources as well.
CIBC (https://www.cibc.com/en/business.html)
NAB (https://www.nab.com.au)
Wells Fargo (https://www.wellsfargo.com)
Chase (https://www.chase.com/business)
Bank of America (https://www.bankofamerica.com/smallbusiness/)
Part Two
Write a short report explaining what you learned about a letter of credit. Write this report as though you were presenting your findings to your boss. Be sure to explore the following topics within your report:
The requirements for getting a letter of credit.
The services that the bank offers for a letter of credit.
Here are the requirements for formatting the paper:
paper should be at least two pages in length,
double spaced,
one-inch margins,
Times New Roman 12 pt. font, and
all sources cited using APA formatting, and all sources should either be authoritative (have expert qualifications on the subject matter) or academic (peer reviewed).
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