erving your export cargo transportation needs, we provide ocean, air, rail, and road transport for any size shipment.
Select Transport International boasts 40 years experience in the freight forwarding industry. We are an industry expert in handling any size of shipment and any manner of cargo to any destination. Our extensive knowledge and complete in-house documentation insure your satisfaction.
Whatever your cargo or scheduling needs, Select Transport can satisfy them. We will be happy to provide a quote for your specific freight service needs; additionally, we can help you determine the shipping arrangement that will best serve you at the best rate possible.
Port-to-port or door-to-door; by land, sea, or air, we will get your shipment there with care.
We are an established leader in providing attentive, professional service in the freight forwarding industry. Our experience in all aspects of freight expedition enables us to take a hands-on approach during every phase of every shipment. Our experience spans the globe. Additionally, our multi-lingual staff enables us to deliver to you the same professional, personalized service whether shipping to destinations across the globe or across state.
Our mission is to be the best, not the biggest. To that end, we strive to offer the most attentive, professional service in the freight forwarding industry by expediting each shipment as if it was our only shipment.
elect Transport International is expert in the complete panoply of services necessary to expedite your shipment from origin to destination, or any part thereof. Additionally, we possess the experience, proficiency, and licensing to prepare all documentation personally: no out-sourcing.
We have the experience, contacts, and know-how to insure reliable, timely, and professional delivery to any destination worldwide.
letter of credit, often abbreviated as an LOC ,LC or L/C, and also referred to as a documentary credit, often abbreviated as DC or D/C,documentary letter of credit, or simply as credit is a document issued mostly by a financial institution which provides an irrevocable payment undertaking to a beneficiary against complying documents as stated in the credit. This means that once the beneficiary or a presenting bank acting on its behalf, makes a presentation to the issuing bank or confirming bank, if any, within the expiry date of the LC, comprising documents complying with the terms and conditions of the LC, the applicable UCP and international standard banking practice, the issuing bank or confirming bank, if any, is obliged to pay irrespective of any instructions from the applicant to the contrary. In other words, the obligation to pay is shifted from the applicant to the LC issuing bank or confirming bank, if any. Non-banks can also issue LC.
The LC can also be the source of payment for a transaction, meaning that an exporter will get paid by redeeming the letter of credit. Letters of credit are used nowadays primarily in international trade transactions of significant value, for deals between a supplier in one country and a wholesale customer in another. The parties to a letter of credit are usually a beneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advising bank of whom the beneficiary is a client. Since nowadays almost all letters of credit are irrevocable, (i.e. cannot be amended or cancelled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any). However, the applicant is not a party to the letter of credit.
Excerpted from Wikipedia - Letter of credit entry
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