All the customer are required to make 20% advance and rest of the payment with fax copy of the documents. If the customer has done business before with IMPX then will send the document to the customer’s bank and within 7days documents have to be cleared. IMPX terms must be complied.
An export letter of credit ensures that an exporter will receive payment from its overseas customer. This is accomplished by the exporter requiring a letter of credit from their customer's bank, which substitutes its credit standing for that of the buyer, minimizing the risk of non-payment due to political or financial risk. The exporter’s bank acts as the advising or confirming agent in the United States. An irrevocable letter of credit cannot be amended or cancelled without the consent of the issuing bank, the confirming bank (if any), and the beneficiary. The payment is guaranteed by the bank if the credit terms and conditions are fully met by the beneficiary. We request customer to send in draft copy for our approval and have LC presented prior to our shipment. The typical L/C time frame takes about 7-15 days after presentation of documents to the advising/negotiating bank, we expect that customer have to comply with IMPX terms.
