The terms of payment are important for both the seller and the buyer.For the seller, the best terms would be full payment { } cash at the time of sale.But the buyer would prefer to have the goods before making payment.Importers and exporters are separated from each other by { } of miles.This adds to the difficulties of { } an agreement of payment.However, exporters and importers usually meet each other half-way and agree to payment by a Letter of Credit.A letter of credit (L/C) is a banker’s guarantee that payment will be made, if all the required shipping documents are presented.  * In this way, exporters receive a guarantee not only from importers, but also from a bank.  * On{ } hand, importers are given the guarantee that the bank will not make payment unless all the shipping documents are presented.Nevertheless, the exporter can further require an {} letter of credit.That means the guarantee of payment cannot be cancelled either by the opening bank or the importer.