What is Letter of Credit?
A letter of credit is a document from a bank that guarantees payment. There are several types of letters of credit, and they provide security when buying and selling.
Seller protection: If a buyer fails to pay a seller, the bank that issued a letter of credit will pay the seller if the seller meets all of the requirements in the letter. This provides security when the buyer and seller are in different countries.
Buyer protection: Letters of credit can also protect buyers. If you pay somebody to provide a product or service and they fail to deliver, you might be able to get paid using a standby letter of credit. That payment can be a penalty to the company that was unable to perform, and it’s similar to a refund, allowing you to pay somebody else to provide the product or service needed.
Unwrapping Ceremony Auto Magazine
CSR (Corporate Social Responsibility) initiatives are the part of regular activities of Babylon Group. Auto Magazine the in-house magazine of this group, is a successful example of CSR practices. This year the group has published the 12th edition of the magazine. And like last five years this year also the group has celebrated the unwrapping ceremony of Auto Magazine on December at Tangail, one of the units of Auto Magazine, Dhaka. Along with Auto Magazine employees and writers of the magazine,Guest handed over awards to the best three writers from the last edition. Then the Chief Guest, accompanied by the directors, unwrapped the new edition of Auto Magazine with the rapturous applause of the audience.