1. TASK: Insert the appropriate word in the text below:
assurance - paid - intermediaries - security
cancelled - passed - reason - irrevocable
Irrevocable and revocable letters of credit
A revocable letter of credit can be changed or ________ by the bank that issued it at any time and for any ________.
An ________ letter of credit cannot be changed or cancelled unless everyone involved agrees. Irrevocable letters of credit provide more ________ than revocable ones.
Transferable letters of credit
A transferable letter of credit can be ________ from one ‘beneficiary’ (person receiving payment) to others. They’re commonly used when ________ are involved in a transaction.
Standby letters of credit
A standby letter of credit is an ________ from a bank that a buyer is able to pay a seller. The seller doesn’t expect to have to draw on the letter of credit to get ________.
2. CHECK YOUR SPEAKING
|
assurance |
əʃʊrəns |
гарантія, запевнення |
|
cancelled |
kænsəld |
відмітили |
|
intermediaries |
ɪntərmidiɛriz |
посередники |
|
irrevocable |
ɪrɛvəkəbəl |
безвідкличний |
|
paid |
peid |
оплачений |
|
passed |
pæst |
передали |
|
reason |
rizən |
причина |
|
security |
sɪkjʊrəti |
безпека |
3. SEE CORRECT ANSWER
Irrevocable and revocable letters of credit
A revocable letter of credit can be changed or cancelled by the bank that issued it at any time and for any reason.
An irrevocable letter of credit cannot be changed or cancelled unless everyone involved agrees. Irrevocable letters of credit provide more security than revocable ones.
Transferable letters of credit
A transferable letter of credit can be passed from one ‘beneficiary’ (person receiving payment) to others. They’re commonly used when intermediaries are involved in a transaction.
Standby letters of credit
A standby letter of credit is an assurance from a bank that a buyer is able to pay a seller. The seller doesn’t expect to have to draw on the letter of credit to get paid.
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в підручнику “Practical Financial English”
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