Credit Glorious Property Holdings can offer different financial services to meet every need of its clients. This ability is the result of extensive experiences, and the many successful transactions reinforce it.

The main services and products designed by Credit Glorious Property Holdings are the followings:

Letter of Credit (LC) 

In the operazioni di import/export operations, la lettera di credito (letter of credit, the letter of credit (LC or L/C) is, without any doubt, the most used international payment method, safe and advanced, that resizes the risks of default, shifting the requirement of receipt from the applicant to the bank, this last then guarantees for the whole transaction. This is even clearer when the applicant comes from a country with a high “country risk.”

The main characters in this operation are four:

1. the applicant,applicantwho orders his bank to open a credit for the beneficiary, issuing the letter of credit;
2. The beneficiary,beneficiarywhich exports the goods object of the transaction, which are described in the letter of credit, and also the beneficiary of the credit itself;
3. lThe issuing bankissuing bankwho issues the letter of credit, sending it to the advising bank;
4. The advising bankadvising bankadvises the beneficiary of receiving a documentary credit on his behalf. The advising bank is also the confirming bank (confirming bankif the letter of credit is confirmed).

It should be underlined that, for the success of the emission, the beneficiary has to present all the documents needed following the rules and the time limits set in the letter of credit and with the Uniform Custom and Practice of the International Chamber of Commerce Commerce (UCP 600, also known as ICC 600 and NUU 600) since 01/07/2007 and the International Banking Practice (ISBP 745) since 01/07/2013.

In this sense,the letter of credit is characterized by: fondamentali, quali:

• autonomy: this instrument is detached from the sales contracts. That means the issuing bank accepts the firm commitment to fulfill the letter of credit, even if the applicant results, in any way, insolvent. If the issuing bank becomes insolvent too, then the obligation is transferred to the confirming bank, where present;

• abstractness: the credit does not depend on the cause originating it, so the beneficiary, simply presenting the according to documentation, is entitled to receive the payment, even if the applicant does not want or can’t collect the goods.
• formality: this is based on the documentation and not on the goods. Consequently, the banks only have to assess the credit’s conformity to terms and conditions to the documentation provided without checking the goods themselves.

It appears that for the beneficiary is very important to prepare and deliver with the utmost attention and accuracy all the documentation needed,as this represents the core of the agreement.

Standby Letter of Credit (SBLC) 

L’top priority of a Stand-By letter of credit is to ensure the success of the operation, with the action of an institutional unit, the bank, which is committed to carrying out a financial performance at first request, if a third party does not fulfill a particular obligation but the condition contained in the guarantee contract are fulfilled. This is independent of both the primary debt and the agreement between creditor and debtor. 

This financial instrument is mainly designed for the companies that want to increase their competitiveness and enter, in this way, the foreign markets through a safe payment method accepted worldwide. 

For its characteristics, it is a way of operating between the bank guarantee and the documentary credit.For its use, in the same way as the documentary credit, it involves the delivery of suitable documentation, even if the primary function is to fulfill a guarantee. 

TheStandby Letter of Credit is mainly used in the English-speaking countries,, where it is used as a substitute for the guarantees, especially for the lack of legal definition of guarantees, as intended in the civil law countries. civil law.

The Standby Letter of Credit is regulated by the Uniform Custom and Practice of the International Chamber of Commerce (UCP 600 rev. 2007). In the English-speaking countries, the Standby Letter of Credit is preferred, according to the International Standard and Practice concerning the Standbys (ISP 98 – Rev. 1999) and the International Chamber of Commerce.