Solutions / Letter of Credit (LC)
A letter of credit substitutes a bank’s promise for a buyer’s, and procurement and trade both run on it. FairFund’s instrument machinery accepts requests for other legally permitted instruments beyond the named ones — an LC requirement is raised against the transaction it serves and put in front of partners who issue them.
Raise the instrument request, labelled as a letter of credit, against the transaction
Attach the underlying contract and the terms the LC must carry
A partner reviews under its own policy; issuance and its lifecycle are recorded against the transaction
Fair