[speaker001:] Hello, Sir. How can we help you today?
[speaker002:] I need to find out some more information for L C. I would like an outline of responsibilities, both ours, yours and the beneficiary, please.
[speaker001:] OK, to start, the conditions are specified by the buyer and may include Insurance Forms, Way Bills, Bills of Lading, Customs forms, various certificates.
[speaker002:] OK, got it. Is there anything else I need to know before we go ahead?
[speaker001:] Just that in effect, a basic Letter of Credit is a financial contract between the bank, the bank's customer, and the beneficiary, and this contract involves the transfer of goods or services against funds.
[speaker002:] That sounds fine, thanks for that. Let's go ahead!