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P: Well, we've settled the question of price, quality and quantity. Now what about the terms of payment?
L: We only accept payment by irrevocable letter of credit payable against shipment documents.
P: I see. Could you make an exception and accept D/A or D/P?
L: I'm afraid not. We insist on a letter of credit.
P: To tell you frankly, a letter of credit would increase the cost of my import. When I open a letter of credit with a bank, I have to pay a deposit. That'll tie up my money and add to my cost.
L: Consult your bank and see if they will reduce the required deposit to a minimum.
P: Still, there will be bank charges in connection with the credit. It would help me greatly if you would accept D/A or D/P. You can draw on me just as if there were a letter of credit. It makes no great difference to you, but it does to me.
L: Well, Mr. Peter, you must be aware that an irrevocable letter of credit gives the exporter the additional protection of the banker's guarantee. We always require L/C for our exports. And the other way round, we pay by L/C for our imports.
P: To meet you half-way, what do you say to 50% by L/C and the balance by D/P?
L: I/m sorry, Mr. Peter, but I'm afraid I can't promise you even that. As I've said, we require payment by L/C.
