KKIT - Consultancy

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Letters of Credit (AKA Documentary Credits) are in their simplest form a guarantee from the buyers nominated bank that a seller will receive payment as long as all terms of the LC are adhered to. This is the crucial part, where many exporters fail and have trouble enforcing the contract, ultimately jepordising payment.

There are times when there is no other choice when exporting goods to certain countries than to use a LC as their import laws dictate it, but more often than not, they are used as peace of mind and a guarantee that the purchaser and the seller has all their needs met, and payment is always guaranteed.

LCs can also be used as a tool to finance sales, we have found that not many exporters are aware of this. For instance you can use an LC to get paid straight away (at sight) whilst offering your client up to 360 days of credit. This is called discounting.

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At Your Service

Setting up the LC and checking draft LC

We believe it is better to get the LC right from the start, rather than waste time and money on amending LCs. We talk you through the process from the start including liaising with your seller as they also often need guidance. We are equally happy to take a back seat and let you do the talking without your seller ever knowing we are involved. When checking draft LCs if this is an option we would always discuss with you if the terms were achievable, and suggest alternatives if not.

Transportation

When it is time to ship, we liaise with freight forwarders, shipping companies, inspection agents etc. You only need to give us contact details, we do the rest in a timely fashion.

Bank Relationships

We have great relationships with many UK banks therefore can offer competative rates on discounting LCs. “Discounting” is a form of financing an LC, meaning you can offer your buyer up to 360 days credit terms whilst you get paid “at sight”. We research our comprehensive network, finding the best UK bank to discount against your buyers nominated bank abroad.

Documentation

We arrange ALL 3rd party documentation and produce ALL other LC compliant paper work, we can also arrange competitive cargo insurance, Chamber of Commerce paperwork, such as Certs of Origin, EUR1s and Arab Docs. UCP600, ISBP, INCOTERMS 2020 compliant.

Why use KKIT Consultancy?

Competitive Advantage

By removing the obstacles that can come with Letters of Credits, you're free to expand your business seeking out new opportunities and markets whilst we do the “paperwork”.

Keeping it Simple

We know that you want simple answers to the important questions. That's why we keep it simple, talking your language at all times.

What we do for you

Many UK businesses are put off trading goods abroad simply because having never done so before, the legal requirements, the paperwork and the potential risks they face mean that to do so requires confidence, knowledge, time and patience. Many businesses are missing out on expanding their operations simply because fulfilling this criteria to ensure they receive payment once the goods have left the UK seems too great an obstacle. This is where KKITC can assist.

KKIT Consultancy have been a valued partner to our business for 8 years. We export trucks to many African countries (each buyer with a varied and unique way of doing business) that has meant that the wording in our Letters of Credit has to be robust and word perfect to ensure our payment. Working with KKIT Consultancy has enabled us to expand our operations into new territories with the confidence that we will be paid. I have done so and would not hesitate to continue recommending KKIT Consultancy to anyone that was either looking to start using Letters of Credit or a those looking to improve their processes.

Naj Abbas - Director

Resimac is a small manufacturer of epoxy and PU based coatings based in the North of England, we export To over 30 countries worldwide. Using KKITC has enabled us to export to problematic countries such as Bangladesh and Mexico. KKITC provide a fast efficient service and Zoe’s knowledge on export documentation and potential pitfalls when Exporting to more difficult markets has saved us money and time. I would and have recommended KKITC to other exporters as and her business is a valuable service provider to our business

Matthew McDonnell - Director

Ascott Analytical Equipment Limited manufactures Cyclic Corrosion and Salt Spray chambers which we supply to customers all over the world. We have been using the services of KKIT consultancy since January 2014. KKIT consultancy has dealt with all our Letters of Credit we have had issued from our customers in an extremely efficient way, there has been no delays or query from any of the issuing banks in regards to making payment in our favour. As Ascott supplies chambers to so many different countries it can be very difficult at times to understand the agreements and procedures require by our Agents when setting up the Letter of Credit, but with the expert assistant always at hand from KKIT to call on we can response to our agents much more quickly and efficiently to avoid delay in confirming orders. We would gladly recommend their services to any other Company in need of an efficient team and peace of mind.

Marion Fulton - Financial Controller

Letters of Credit Made Easy