Letter of Credit is a definite written undertaking by the Issuing Bank to honor a complying presentation of shipping documents by the Supplier/Exporter/Beneficiary to the Letter of Credit Terms and Conditions. The Letter of Credit is issued on the instructions of the Buyer/Importer/Applicant and by its nature is irrevocable. This means that the Letter of Credit can neither be canceled nor amended without the agreement of the Issuing Bank, the Confirming Bank, if any, the Beneficiary, and certainly on the instructions of the Importer. Therefore, AJIB provides services for both parties through Letters of Credits whether they are on the Export side or Import side of the transaction.
AJIB letters of credit are subject to the Uniform Customs and Practice for Documentary Credits, 2007 Revision, International Chamber of Commerce publication No.600 or International Standby Practices ISP98, which are considered a means of settlement in international trade and adopted by all banks worldwide.