--- title: "Payment Terms with Bangladesh Factories — LC, TT, and What to Negotiate" description: "Payment terms with Bangladesh garment factories: LC vs TT, 2026 banking costs, negotiation levers, deposit structures, and how buying houses manage payment risk." canonical: "https://taeen.com.bd/blog/payment-terms-lc-tt-bangladesh-factory" breadcrumb: ["Home", "Blog", "Payment Terms with Bangladesh Factories — LC, TT, and What to Negotiate"] author: "Tanvir Ahmed Khan" published: "August 06, 2026" updated: "August 06, 2026" tags: ["Logistics & Pricing", "buying house Bangladesh", "apparel sourcing"] --- Logistics & Pricing # Payment Terms with Bangladesh Factories — LC, TT, and What to Negotiate By TAEEN TeamAugust 06, 202615 min read ![Payment Terms with Bangladesh Factories — LC, TT, and What to Negotiate](https://taeen.com.bd/_next/image?url=%2Fimages%2Fblog%2Fpayment-terms-lc-tt-bangladesh-factory.webp&w=3840&q=75) **Quick Answer:** Payment terms with Bangladesh garment factories typically revolve around two primary instruments: **Letter of Credit (LC)** — the dominant method for new relationships and orders above $20,000–$30,000 — and **Telegraphic Transfer (TT)** — used for smaller orders, established relationships, and partial deposits. Most factories expect a 30% TT deposit on order confirmation with the balance via LC at sight or 60–90 days usance LC. Negotiable points include LC type (sight vs usance), confirmation charges, discrepancy tolerance, and partial shipment allowances. A professional [garment buying house in Bangladesh — complete guide](https://taeen.com.bd/ "Buying House in Bangladesh — TAEEN") structures payment terms to protect buyer cash flow while giving factories the financial security they need to procure raw materials. For a comprehensive overview, see our [buying house in Bangladesh — complete guide](https://taeen.com.bd/) guide. Payment terms are where Bangladesh garment sourcing either runs smoothly or becomes a recurring source of friction, delays, and unexpected costs. International buyers often assume payment is straightforward — you pay, they ship. In reality, the choice between LC and TT, the specific LC terms, the timing of deposits, and who bears banking charges directly affect your working capital, the factory's ability to start production on time, and your leverage if quality issues arise. A single LC discrepancy can hold up a $100,000 shipment for two weeks. A poorly structured TT schedule can leave you with no recourse if a factory delays or diverts your order. This guide walks through every payment instrument used in Bangladesh garment trade, the standard terms you will encounter, the hidden costs banks charge, the negotiation levers that matter, and how to structure payments to protect both your cash flow and your delivery timeline. For broader commercial context, see our [buying house fee structure guide](https://taeen.com.bd/blog/buying-house-fee-structure-bangladesh) and [FOB vs CIF shipping guide](https://taeen.com.bd/blog/fob-vs-cif-bangladesh-shipping-explained). ## Why Payment Terms Matter in Bangladesh Garment Trade Bangladesh's garment industry operates on thin margins with high working capital intensity. A typical factory must front 60–75% of an order's value in raw materials — fabric, trims, accessories — before earning any revenue from the finished goods. Fabric alone often represents 55–65% of FOB cost, and most mills require 50–100% advance payment or LC-backed commitments. This means factories need buyer payment instruments not just as a promise to pay, but as **collateral to finance their own supply chain**. For buyers, the payment structure determines: - **Cash flow timing:** When your capital is deployed vs. when goods ship - **Risk allocation:** Who bears the risk of non-delivery, quality failure, or shipping delay - **Banking costs:** LC issuance, confirmation, amendment, and discrepancy fees can add 1.5–3% to landed cost - **Leverage:** Payment milestones are your primary commercial lever during production ## The Two Primary Payment Instruments ### 1\. Letter of Credit (LC) — The Industry Standard A **Letter of Credit** is a bank-issued undertaking that the buyer's bank (issuing bank) will pay the seller (beneficiary/factory) upon presentation of compliant shipping documents. In Bangladesh garment trade, LCs account for **70–80% of export payments** by value, especially for orders above $25,000–$30,000 and new buyer-factory relationships. #### Key LC Variants Used in Bangladesh | LC Type | Payment Timing | Typical Use Case | Factory Preference | | --- | --- | --- | --- | | **LC at Sight** | Payment within 5–7 banking days of compliant document presentation | Standard for most orders; buyer wants fastest document turnover | High — fastest cash conversion | | **Usance LC (30/60/90/120 days)** | Payment at agreed future date (e.g., 60 days after Bill of Lading date) | Buyer needs extended payment terms; factory discounts LC for early cash | Medium — factory bears discounting cost (6–12% p.a.) | | **Confirmed LC** | Same as sight/usance, but a second bank (confirming bank) adds its guarantee | Buyer's bank has limited correspondent network in Bangladesh; factory wants payment certainty | High — eliminates issuing bank country risk | | **Transferable LC** | Beneficiary (factory) can transfer part/all to fabric/trim suppliers | Factory uses buyer's LC to open back-to-back LCs for raw materials | Essential for factories without own credit lines | | **Revolving LC** | Automatically reinstates after each drawdown for recurring orders | Long-term programmes with regular monthly shipments | High — reduces repeated LC opening costs | #### Standard LC Terms in Bangladesh Garment Trade - **LC Value:** 70–100% of FOB value (balance often 30% TT deposit) - **Tenor:** Sight (most common) or 60/90 days usance - **Latest Shipment Date:** Agreed ex-factory date + 7–10 days for port processing - **Expiry Date:** Latest shipment date + 15–21 days for document presentation - **Partial Shipment:** Usually **not allowed** unless explicitly permitted (buyers prefer single shipment per PO) - **Transshipment:** Usually allowed (Chittagong often feeds via Colombo/Singapore) - **Documents Required:** Commercial Invoice, Packing List, Bill of Lading, Certificate of Origin (GSP Form A), Inspection Certificate, Insurance Certificate (if CIF) - **Incoterms Reference:** FOB Chittagong — documents must evidence goods loaded on board ### 2\. Telegraphic Transfer (TT) — Wire Transfer **TT (Telegraphic Transfer)** is a direct bank-to-bank wire payment. In Bangladesh garment sourcing, TT is used in three scenarios: - **Deposit (advance):** 20–40% on order confirmation — standard for all orders - **Balance payment:** For small orders ($5,000–$25,000), established relationships, or when LC costs are disproportionate - **Sample/development costs:** 100% TT in advance for lab-dips, strike-offs, fit samples #### Standard TT Terms | Payment Stage | Typical % | Timing | Risk Profile | | --- | --- | --- | --- | | **Order Confirmation Deposit** | 30% (range 20–40%) | Within 5–7 days of PO signing | Buyer risk: factory may delay/divert order | | **Fabric/Trim Procurement Milestone** | 20–30% (optional) | Upon fabric arrival at factory (proof via photos/GREIGE inspection) | Shared risk: verifies material commitment | | **Pre-Shipment / Balance** | 40–50% | Against copy of Bill of Lading or pre-shipment inspection pass | Factory risk: buyer may delay payment | | **Document Release (if no LC)** | 100% of balance | Before original shipping docs released | High buyer leverage | ## Typical Payment Structures by Order Profile ### Structure A: New Buyer + Order >$30,000 (Most Common) ┌─────────────────────────────────────────────────────────────────┐ │ 30% TT Deposit on PO Confirmation │ │ ↓ │ │ 70% LC at Sight (or 60–90 days Usance LC) │ │ • LC opened within 10–14 days of PO │ │ • LC expiry: Latest shipment date + 21 days │ │ • Partial shipment: Not allowed │ │ • Confirmation charges: Buyer's account (if confirmed) │ └─────────────────────────────────────────────────────────────────┘ ### Structure B: Established Relationship (6+ months, 3+ successful orders) ┌─────────────────────────────────────────────────────────────────┐ │ 20–30% TT Deposit on PO Confirmation │ │ ↓ │ │ 70–80% TT against Copy of Bill of Lading │ │ • After pre-shipment inspection (PSI) passes │ │ • Docs released on receipt of balance │ │ • No LC costs (saves 1.5–2.5% of order value) │ └─────────────────────────────────────────────────────────────────┘ ### Structure C: Small Order (<$20,000) or Trial Order ┌─────────────────────────────────────────────────────────────────┐ │ 40–50% TT Deposit on PO Confirmation │ │ ↓ │ │ 50–60% TT against Copy of Bill of Lading │ │ • Higher deposit compensates factory for LC absence │ │ • Faster execution, lower banking costs │ └─────────────────────────────────────────────────────────────────┘ ### Structure D: Large Programme / Repeat Seasonal Orders ┌─────────────────────────────────────────────────────────────────┐ │ Revolving LC (auto-reinstating monthly/quarterly) │ │ OR │ │ 20% TT Deposit per PO + 80% 90-day Usance LC │ │ • Factory discounts LC for cash flow │ │ • Buyer gets 90-day payment terms │ │ • Discounting cost: ~6–9% p.a. (negotiable who bears it) │ └─────────────────────────────────────────────────────────────────┘ ## The Real Cost of Letters of Credit LCs are not free. The banking charges on a typical Bangladesh garment LC add **1.5–3.0% to the FOB value**. Understanding these costs is essential for accurate landed cost calculation and negotiation. ### Cost Components (Typical Ranges for $50,000–$200,000 LC) | Charge | Typical Range | Who Pays (Standard) | Negotiable? | | --- | --- | --- | --- | | **Issuing Bank Charges** | $150–$500 flat + 0.125–0.25% per quarter | Buyer (applicant) | Partially — large buyers get volume discounts | | **Advising Bank Charges** | $50–$150 | Beneficiary (factory) / shared | Yes | | **Confirmation Charges** | 0.25–0.75% per quarter (on LC value) | Buyer (if confirmed LC requested) | Yes — factory may accept unconfirmed LC from top-tier bank | | **Amendment Charges** | $50–$150 per amendment | Party requesting amendment | Yes | | | Discrepancy Fees | $75–$200 per discrepancy (charged by negotiating bank) | Beneficiary (factory) — but buyer ultimately bears via delays | No — avoid discrepancies entirely | | **Acceptance Commission (Usance LC)** | 0.125–0.25% per month | Buyer | Yes | | **Discounting Interest (Usance LC)** | 6–12% p.a. (factory's cost to discount) | Factory (but baked into pricing if usance requested) | Yes — negotiate sight LC vs usance price delta | | **SWIFT/Courier Charges** | $30–$80 | Shared or applicant | Minor | ### Worked Example: $100,000 LC at Sight (Confirmed) - Issuing bank: $250 + 0.2% × $100,000 = **$450** - Advising bank: **$100** - Confirmation (1 quarter @ 0.5%): **$500** - SWIFT/Courier: **$50** - **Total LC Cost: ~$1,100 (1.1% of LC value)** For a 90-day Usance LC, add acceptance commission (~0.2%/month × 3 = 0.6% = $600) and the factory's discounting cost (~8% p.a. × 90/360 = 2% = $2,000). The factory will typically build this into a higher FOB quote — so a 90-day usance LC effectively costs the buyer **2–3% more in FOB pricing** than a sight LC. ## Common LC Discrepancies in Bangladesh Garment Trade An LC discrepancy is any mismatch between the presented documents and the LC terms. In Bangladesh, **25–35% of LC presentations have at least one discrepancy**. Each discrepancy requires an amendment (cost + time) or buyer waiver (risk). The most common discrepancies: 1. **Late Shipment:** Bill of Lading date after Latest Shipment Date in LC — _#1 cause of rejection_ 2. **Late Presentation:** Documents presented after LC Expiry Date 3. **Invoice Value Mismatch:** Commercial invoice amount ≠ LC amount (even $1 difference) 4. **Description Mismatch:** Product description on invoice/BL doesn't match LC exactly 5. **Missing Certificate of Origin:** GSP Form A not provided or incorrect 6. **Insurance Issues:** Insurance certificate missing, wrong currency, or insufficient coverage (CIF orders) 7. **Partial Shipment Violation:** Multiple BLs when LC prohibits partial shipment 8. **Port of Loading/Discharge Mismatch:** BL shows different port than LC stipulates 9. **Consignee/Notify Party Errors:** BL consignee doesn't match LC applicant 10. **Inspection Certificate Missing:** Required third-party inspection cert not presented **Prevention Strategy:** A professional buying house pre-clears the LC draft with the factory and their bank _before_ issuance, conducts a pre-shipment document review, and ensures the factory's documentation team has a checklist matched to the LC terms. This reduces discrepancy rates to under 5%. ## What to Negotiate — The Practical Levers ### 1\. LC Type: Sight vs Usance — Quantify the Trade-off If you request 90-day usance terms, the factory will either: - Increase FOB price by 2–3% to cover discounting cost, OR - Ask you to bear the acceptance commission + discounting spread **Negotiation approach:** "We can do sight LC at current FOB, or 60-day usance if you hold FOB firm. At 90 days, we expect a 1.5% FOB reduction to offset our acceptance cost." This forces the factory to reveal their true cost of capital. ### 2\. Confirmation Charges — Push for Unconfirmed LC from Top-Tier Bank If your issuing bank is a major global bank (HSBC, Standard Chartered, Citi, SCB) with a Bangladesh branch or strong correspondent relationship, **insist on an unconfirmed LC**. Confirmation charges (0.25–0.75%/quarter) are pure cost with no buyer benefit if the issuing bank is creditworthy. Factories prefer confirmed LCs for payment certainty — but they will accept unconfirmed from top-tier banks. ### 3\. Deposit Percentage — Link to Production Milestones Standard is 30% TT deposit. For established relationships, negotiate **20% deposit + 10% at fabric arrival (verified)**. This keeps more cash in your hands until the factory demonstrates material commitment. For new relationships, factories rarely accept below 30%. ### 4\. Partial Shipment Clause If your order spans multiple styles or colours with different readiness dates, **negotiate "Partial Shipment Allowed" in the LC**. This lets the factory ship ready styles on time without holding the full order for the last style. Without this clause, a single delayed style holds up payment for the entire LC value. ### 5\. Discrepancy Tolerance / "Soft" Clauses Some LCs include "soft clauses" that give the issuing bank discretion to reject (e.g., "documents to buyer's satisfaction"). **Reject any LC with soft clauses** — they undermine the LC's irrevocable nature. Instead, negotiate a **discrepancy waiver protocol**: pre-agreed minor discrepancies (typo in address, minor qty variance ±1%) that buyer will auto-waive within 24 hours. ### 6\. Usance LC Discounting — Who Bears the Cost? If you need usance terms, negotiate explicitly: **"FOB price includes sight LC. For 90-day usance, we pay FOB + acceptance commission; you bear discounting cost."** Or the reverse: **"We accept 90-day usance at current FOB; you absorb all banking costs."** The market norm splits it — but clarify in writing. ## Risk Mitigation: Protecting Both Parties ### For Buyers: Payment Levers That Protect You 1. **Stage Payments to Production Milestones:** Don't release balance until pre-shipment inspection passes. This is your single strongest quality lever. 2. **LC Expiry Buffer:** Set LC expiry = Latest Shipment Date + 21 days minimum. This gives time for document preparation and courier transit without expiry pressure. 3. **Inspection Certificate as LC Document:** Make a third-party inspection certificate (e.g., SGS, Intertek, or buying house QC) a required LC document. Factory cannot get paid without it. 4. **No Partial Shipment (Unless You Agree):** Prevents factory from shipping incomplete order and drawing full LC value. 5. **Back-to-Back LC Visibility:** If factory opens back-to-back LCs for fabric, request copies. This confirms raw materials are secured and reduces diversion risk. ### For Factories: What Gives Them Confidence 1. **Prompt LC Opening:** LC issued within 7–10 days of PO — delays here cascade into fabric procurement delays 2. **Clean LC Terms:** No soft clauses, reasonable expiry, standard documents 3. **Reputable Issuing Bank:** Top 20 global bank or major Bangladesh correspondent 4. **Deposit Timeliness:** 30% TT arriving before fabric procurement starts 5. **Amendment Responsiveness:** Quick turnaround on any required LC amendments ## Payment Terms by Product Category & Order Size | Product / Order Profile | Typical Structure | Deposit | Balance Method | LC Tenor | | --- | --- | --- | --- | --- | | Knit T-shirts / Polos (5,000–50,000 pcs) | 30% TT + 70% LC at Sight | 30% | LC at Sight | Sight | | Woven Shirts / Trousers (3,000–20,000 pcs) | 30% TT + 70% LC at Sight | 30% | LC at Sight | Sight | | Denim Jeans (2,000–15,000 pcs) | 30% TT + 70% LC (Sight or 60-day Usance) | 30% | LC Sight/Usance | Sight or 60 days | | Sweaters / Knitwear (1,000–10,000 pcs) | 30% TT + 70% LC at Sight | 30% | LC at Sight | Sight | | Outerwear / Jackets (1,000–5,000 pcs) | 30% TT + 70% LC (often 60–90 day Usance) | 30% | Usance LC | 60–90 days | | Small Trial Order (<$15,000) | 50% TT + 50% TT vs BL Copy | 40–50% | TT | N/A | | Large Programme (>$500,000/season) | Revolving LC or 20% TT + 80% 90-day Usance | 20% | Usance LC | 90 days | ## Special Scenarios & Edge Cases ### 1\. Fabric/Trim Advance Payments (Fabric LC / Back-to-Back LC) Factories often need to pay fabric mills 50–100% in advance or via LC. Two structures exist: - **Buyer opens separate Fabric LC:** Buyer issues LC directly to fabric mill (or factory's fabric supplier). Gives buyer fabric visibility but adds LC cost. - **Factory opens Back-to-Back LC:** Factory uses your master LC as collateral to open LC to fabric mill. Standard practice — but verify the back-to-back LC mirrors your master LC terms (shipment date, expiry, documents). **Recommendation:** For orders >$100,000 or complex fabric (denim, yarn-dyed, printed), request visibility on the back-to-back LC. This confirms fabric is booked and reduces diversion risk. ### 2\. Yarn-Forward / Fabric-Forward Commitments For seasonal programmes, buyers may commit to fabric/yarn volumes 3–4 months before garment POs. Payment structures: - **Fabric PO with 30% deposit + 70% vs delivery to factory** - **Yarn booking: 100% TT advance (mills rarely offer terms on yarn)** - These commitments should be backed by a **Master Framework Agreement** linking fabric payment to garment order placement. ### 3\. Air Freight / Urgent Orders For air shipment orders (typically small, high-value, urgent): - **50–100% TT in advance** — factories won't start without full payment visibility - **No LC** — air freight timeline (3–7 days) is shorter than LC document cycle - **FOB includes air freight to destination** (CIP/DAP terms more common) ### 4\. Consignment / VMI (Vendor Managed Inventory) Rare in Bangladesh but emerging for large EU buyers: - Buyer holds fabric stock at factory or bonded warehouse - Factory draws fabric as needed, pays for consumption monthly - Payment: Monthly TT for consumed fabric + garment FOB on shipment - Requires high trust, bonded warehouse licence, and inventory system integration ## How a Buying House Structures Payment Terms A professional [garment buying house in Bangladesh — complete guide](https://taeen.com.bd/ "Buying House in Bangladesh — TAEEN") adds value at every payment stage: 1. **LC Draft Review:** Before issuance, the buying house reviews the LC application for errors, soft clauses, missing documents, and timeline feasibility. This prevents 80% of discrepancies. 2. **Factory Bank Coordination:** The buying house liaises with the factory's bank (advising/negotiating bank) to ensure they understand the LC terms and can pre-check documents. 3. **Deposit Verification:** Confirms 30% TT received and reconciled before factory commits to fabric procurement. 4. **Pre-Shipment Document Audit:** Reviews the factory's document pack (invoice, packing list, BL draft, certificate of origin, inspection cert) against LC terms _before_ presentation. Catches discrepancies early. 5. **Discrepancy Resolution:** If a discrepancy occurs, the buying house coordinates with buyer, factory, and banks to secure waiver or amendment within 24–48 hours. 6. **Payment Tracking:** Monitors LC status (opened, shipped, presented, paid) and provides buyer with a single dashboard across all orders. 7. **Usance LC Discounting Facilitation:** For usance LCs, helps factory discount at competitive rates through partner banks, reducing the FOB markup. ## Payment Terms Checklist for Your Next Order Before signing a PO, verify every item: - \[ \] **Payment Structure Agreed:** 30% TT + 70% LC Sight / 60% TT + 40% TT vs BL / Revolving LC / etc. - \[ \] **LC Type Confirmed:** Sight vs Usance (if usance: tenor, who bears discounting) - \[ \] **Issuing Bank Named:** Top-tier global bank with Bangladesh correspondent - \[ \] **LC Amount:** Exact FOB value (or agreed %) — no rounding discrepancies - \[ \] **Latest Shipment Date:** Aligned with production plan + 7–10 day port buffer - \[ \] **Expiry Date:** Latest Shipment Date + 21 days minimum - \[ \] **Partial Shipment:** Allowed / Not Allowed — explicit in LC - \[ \] **Transshipment:** Allowed (standard for Chittagong) - \[ \] **Documents List:** Commercial Invoice, Packing List, BL, Cert of Origin (GSP Form A), Inspection Cert, Insurance (if CIF) - \[ \] **Inspection Certificate:** Required as LC document (third-party or buying house) - \[ \] **Soft Clauses:** NONE — reject any "to buyer's satisfaction" language - \[ \] **Confirmation:** Unconfirmed (if issuing bank is top-tier) / Confirmed (if required) - \[ \] **Amendment Protocol:** Who pays amendments; buyer pre-approves minor discrepancies - \[ \] **Deposit Timeline:** 30% TT within 5 business days of PO signing - \[ \] **Balance Release Trigger:** PSI pass + copy of BL (for TT) / compliant docs (for LC) - \[ \] **Banking Cost Allocation:** Explicit in PO: issuing/confirming/amendment/discrepancy charges ## Related Guides - [Garment Buying House in Bangladesh — Complete Guide](https://taeen.com.bd/) - [FOB vs CIF for Bangladesh Shipments — Which Is Better?](https://taeen.com.bd/blog/fob-vs-cif-bangladesh-shipping-explained) - [Chittagong Port Export Process — A Buyer's Guide to Bangladesh Shipping](https://taeen.com.bd/blog/chittagong-port-export-process-guide) - [Buying House Fees in Bangladesh — What You Pay](https://taeen.com.bd/blog/buying-house-fee-structure-bangladesh) - [Garment Pricing in Bangladesh — 2026 Buyer FOB & Cost Guide](https://taeen.com.bd/blog/garment-pricing-bangladesh-buyer-guide-2026) [All articles](https://taeen.com.bd/blog)[Get a sourcing quote](https://taeen.com.bd/contact) ## Related articles [ ![Activewear Sourcing in Bangladesh - Factories, MOQs, and Pricing Guide 2026](https://taeen.com.bd/_next/image?url=%2Fimages%2Fblog%2Factivewear-sourcing-bangladesh.webp&w=1920&q=75)Product Sourcing August 06, 202616 min read ### Activewear Sourcing in Bangladesh - Factories, MOQs, and Pricing Guide 2026 Bangladesh activewear sector now offers competitive FOB pricing ($2.00-$12.00), seamless knitting, moisture-wicking fabrics, and technical construction at scale. 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[Get a Free Consultation](https://taeen.com.bd/contact) [Call +880 1805 205 716](tel:+880****5716) Or email [info@taeen.com.bd](mailto:info@taeen.com.bd) — we respond within 24 hours.