PREFERRED PAYMENT METHOD



Letter Of Credit (L/C) is the primary method of payment which Phamexco prefers to be applied. This method of payment has been chosen carefully to minimize the risk of transactions mutually for Phamexco and international customers.  


► LETTER OF CREDIT


Letters of credit (L/C) is one of the most secure instruments available to international traders. L/C is a commitment by a bank on behalf of the buyer that payment will be made to Phamexco, provided that the terms and conditions stated in the L/C must been met, as verified through the presentation of all required documents which will be sent from Phamexco to the buyer's bank. The buyer establishes credit and pays their bank to render this service. The L/C also protects the buyer since no payment obligation arises until the goods have been shipped as promised by Phamexco. Letters of Credit are governed by the rule of Uniform Customs and Practices for Documentary Credits (UCP 600), promulgated by International Chamber of Commerce.
 

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