CFO (Chief Financial Officer) is responsible for setting and overseeing the process of providing and/or receiving a Letter of Credit, and is responsible for all related bank communication and transactions.  Department Managers are responsible for following the proper procedure for issuing or receiving a Letter of Credit.  Letters of Credit Definitions:  Letter of Credit - Bank monitored/controlled exchange of funds for a product or service, typically used in international trade where performance is considered a risk.  Bill of Lading - Legal document prepared by a carrier, as a contract, accepting goods for transport from the shipping party. It details the type, quantity and destination of the good being carried and serves as a receipt of shipment when the good is delivered. It accompanies the shipped goods, no matter the form of transportation, and must be signed by an authorized representative from the carrier, the shipper and the receiver.  Warranty Title - Legal statement from the seller that the title being conveyed is good and the transfer is legal and rightful.  Issuing Bank - Bank selected and used by the buyer to reserve, and then issue funds, after evidence of successful performance by the seller (typically, delivery of required documents including a Bill of Lading from a contracted carrier).  Letters of Credit Procedure Activities  Letter of Credit Plan  Executing a Letter of Credit as a Buyer  Executing a Letter of Credit as a Seller  Reviewing the Letter of Credit Process  Improving the Letter of Credit Process  Letters of Credit Procedure Forms  Letter of Credit Checklist Form  00 PREWRITTEN POLICIES AND PROCEDURES  FINANCE ADMINISTRATION  