Letter of Credit (UCP500, UCP600, ISP98)
A Letter of Credit is an unconditional and irrevocable payment undertaking, in the form set out in Annex M-1 of the BSC Code, in sterling, in favour of the BSC Clearer, by any United Kingdom clearing bank or any other bank which has a long term debt rating of not less than single A by Standard & Poor's Corporation or by Moody's Investors Service, Inc., and which shall be available for payment at a United Kingdom branch of the issuing bank. Letters of Credit are accepted under UCP500, UCP600 or ISP98 rules.
Direct Debit Mandate
Trading Parties may elect to make payments by Direct Debit and this form is part of the application process.