1.

Types of Letter of Credit:

1. Revocable Letter of Credit.

2. Irrevocable Letter of Credit.

3. Confirmed Letter of Credit.

4. Unconfirmed Letter of Credit.

5. Transferable Letter of Credit.

6. Back to back Letter of Credit.

7. Assignments of proceeds Letter of Credit.

8. Revolving Letter of Credit.

9. Standby Letter of Credit.

10. Without recourse Letter of Credit.

11. Red clause Letter of Credit.

12. Green clause Letter of Credit.

13. Sight and unsance Letter of Credit.

14. Commercial Letter of Credit.

15. Export / import Letter of Credit.

 2. A flow-chart of all the steps of an Irrevocable Letter of Credit from the
beginning till the end.

Agree on a Contract
Export Importer
Goods are shipped

Verifies the LC Documents Verifies and Applies for

& forwards it to are sends it an LC
the exporter provided

Advising Bank Documents are forwarded Issuing

Bank
Letter of credit