Submitted by WWW.ASSIGNMENTPOINT.COM ‘www AssignmentPoint.comA standard, commercial letter of credit (LIC) is a document issued mostly by a financial imstitution, used primarily in tade finance, which usually provides an imevocable payment undertaking. ‘The letter of credit ean also be source of payment for @ transaction, meaning that redeeming the leter of credit will pay an exporter. Letters of credit are used primarily in international ‘wade transactions of significant value, for deals between 2 supplier in one country and 4 customer in another. In such cases the Intemational Chamber of Commerce Uniform Customs and Practice for Documentary Credits applies. They are also used in the land development provess (© ensure that approved public facilites (steets, sidewalks, storm water ponds, etc.) will be built. The partes to a letter of credit are usually a beneficiary who is tw receive the money, the issuing bank of whom the applicant is 2 client, and the advising bank of whom the beneficiary is a client, Almost all letiers of credit are irrevocable, i.e, ‘cannot be amended or canceled without prior agreement of the beneficiary. the issuing bank and the confirming bank, if any. In exeeuting a wansaction, letters of eredit incorporate functions common to giros and Traveler's cheques. Typically, the documents a beneficiary thas to present in order to receive payment include 2 commercial invoice, bill of lading, and ‘documents proving the shipment was insured against loss or damage in tris. However, te list and form of documents is open to imagination and negotiation and might con‘ain requirements to present documents issued by a neutral thied panty evidencing the quality of the goods shipped, or their place of origin. Origin Of the report: ‘www AssignmentPoint.com|A requirement for my Bachelor of Business Administration Program I have Conducted this report oa “L/C Opening Procedure by Uttara Bank Limited.” During the project I am required to prepare a report on the organization where I have been attached. My Supervisor Mrs. Momena Akhter, Lecture of Business Administration “Dhaka International University” ‘Bangladesh assigned this topic o me. Objectives of the report: ‘The following are the general and specific objectives of the report: Seneral Obj ‘The General objectives of the report are follows ‘+ To fulfill the academic requirements of Project report. ‘+ To acquire experience in different banking service of Uttara Bark. Specific Objectives: ‘The specific objectives of the report are follows: ‘+ To present an overall banking activities. + To gather knowledge. ‘+ To get aclear idea about Banks and how it runs and what funktion it dose. ope of the Report: ‘The scope of the report is only limited to Letter of credit and Dar-Us-Salam Road Branch of Uttara Bank Ltd. The report covers its overall department wise function, structure and performance. The report also covers details about Uttara Bank Ltd. Sources of data: The Primary Sources of Data: ‘www AssignmentPoint.com