World Surveillance Group Inc (fka WSGI)

[housedad]

A LOC is not worth the paper it is written on. You want a ILOC that states the use of the monies. Banks grant LOC all the time. When I purchase containers of product from China, I use a LOC. When the product gets to our warehouse, we confirm it is what we ordered. If it is the product that we ordered, then we release the funds through the bank that the LOC was drawn on. If we were to use a ILOC, the vendor would only have to show proof of delivery and the manifest to get paid by the bank that the ILOC was drawn up from. No International business deal is without risk, but a ILOC is the best safegaurd in protecting your company from being taken. IMHO, GTEM did an outstanding job terminating the Russian deal.