All You Need To Know About Bank Comfort Letter
During trading sometimes there comes a situation where your capability to complete the deal must be proved to the vendor. This is mainly to reduce any risks in the trading valuable products. You can’t prove this on your own to the business partner. At this time, you can get help from the bank. One of the banking services includes bank comfort letter. You can easily get this letter from the bank to help you with the trading. A comfort letter is the letter of confirmation that is issued by the bank on behalf of their client or customer. It serves as an assurance that their client has sufficient fund to complete the business deal. It is generally provided when a huge amount of money is involved in trading or business. Mostly the buyer proceeds with the trading after getting this assurance. But this doesn’t imply that the bank assures that the payment will be done. This statement will be given based on the financial capability of the client. How does the bank comfort letter work? As alr...