RNR Trade Corporation Company Limited

  A non-performance letter of credit is a bank guarantee document by which the purchaser guarantees his creditor that in the event of default, his bank will be able to replace himself as a debtor, subject to the proof of existence of the claim being presented to the bank by the exporter. RNR Trade Corporation Company Limited (RNR) facilitates non –performance letter of credit to the importers or exporters. Therefore it is a documentary promise, payable on the first request, intended to ensure that the contract, duty or flow of business transactions is performed. As the buyer goes to his bank and asks him to pay the seller at a given time, i.e. on a date or to satisfy a condition, as a means of payment, the non-performance letter of credit should not be confused with the documentary credit. In principle, if all goes well the letter of credit does not have to be put into effect; it is an extra promise, a form of bank guarantee, so that the recipient is assured of receiving the b

  What Are Proof of Funds (POF)? Proof of funds (POF) refers to a report or files that exhibit a individual or entity has the potential and funds accessible for a unique transaction. Proof of funds normally comes in the structure of a bank, security, or custody statement. RNR Trade Corporation always assists with best solutions required for POF. The cause of the proof of funds record is to make certain that the cash needed to execute the transaction entirely are available and legitimate. KEY TAKEAWAYS •         Proof of funds refers to a file that demonstrates the capability of an character or entity to pay for a particular transaction. •         A bank statement, safety statement, or custody announcement commonly qualify as proof of funds. •         Proof of funds is generally required for a massive transaction, such as the purchase of a house. •         Basic information, such as the bank title and address, bank statement, complete balance amounts, a bank personnel's