The trading parties agree on L/C as a method of paymentAfter goods are shipped, the beneficiary presents the documents to the advising bankThe advising bank verifies the L/C for authenticity and sends it to the beneficiaryThe issuing bank sends the L/C to the advising bankThe advising bank confirms that the documents fulfill the terms of the L/CThe advising bank forwards the documents to the issuing bankThe beneficiary reviews the L/C, prepares required documents, and ships the goodsThe applicant receives the documents and takes possession of the goods