Flow Chart of L/C Opening in Garments Merchandising
Letter of Credit (L/C):
L/C means Letter of Credit. It is the familiar word in apparel industry. L/C set up is the work of merchandising section in garment factory. A merchandiser should have clear concept on letter of credit. Letter of Credit (L/C) also known as Documentary Credit is a widely used term to make payment secure in domestic and international trade. So, L/C is very important in apparel merchandising. Novice merchandiser don’t know how to L/C open. Now, I am giving a flowchart of L/C opening.
Sample Letter of Credit |
Flow Chart of L/C Opening in Garments Merchandising
The requirement of material with specification
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To inform about requirement to the head of the management
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Management will search for the requirement
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Various company response with those specification
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The management will select some offers
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Then discussion will held among two management
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Management will sign the agreement with the selected company or agencies
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Then negotiation will take place among management and agencies
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Submission of the final PI
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Bank will open L/C
