PAYMENT

Documentary letters of credit (DLC) are accepted under the GSM-102 format only.

The DLC must be issued by an approved GSM-102 participating bank. Please contact us for a current list of participating banks.

Our participating USA Bank:

Deutsche Bank Trust Company Americas, New York Branch
60 Wall Street
New York, NY, USA
Telephone: +1(212) 250-2500 

GSM 102:

The Short Term Export Credit Guarantee Program (GSM-102) is one of the Commodity Credit Corporation‘s (CCC) export credit guarantee programs. GSM-102 covers credit terms up to two years*. It underwrites credit extended by the private banking sector in the U.S. to approved foreign banks using dollar-denominated, irrevocable LCs to pay for food and agricultural products sold to foreign buyers. Deutsche Bank is presently the 2nd largest provider of the program, holding a 30% market share in the U.S.

*Under the GSM-102 program credit repayment terms may be granted from 90 days to 24 months. The credit terms require an insurance fee be paid in advance for coverage of the   amount of the issued DLC. The fee is established as a multiple of cents per USD$100.00 of value basis. It is the Buyers responsibility for payment of the fee. The exporter (Seller) is required to file application at same time as fee is paid for allocation of the funds to cover the L/C amount. The L/C cannot be issued by importer until the funds have been allocated. Please contact us for a current fee schedule.