Types of LC with details?

1. Commercial letter of credit
2. Standby letter of credit
3. Irrevocable letter of credit
4. Revocable letter of credit
5. Confirmed letter of credit
6. Back to back letter of credit
7. Advance payment letter of credit
8. Transferable letter of credit
9. Revolving letter of credit
10. Sight letter of credit
11. Deffered letter of credit

Advantages of LC

1. Safely expand business internationally
2. Highly customizable
3. Seller receives money of fulfilling terms. 
4. Works as a credit certificate for buyer
5. Seller is free of credit risk
6. Quick to execute for creditworthy paties
7. Payment asured in disputable transaction
8. Timely payment leads to better cash flow planning
9. Pre shipment financing available to seller

Disadvantages of LC

1. Additional cost bank fee
2. Time consuming formalities
3. Possibility of misuse-Fraud Rish
4. Currency Risk
5. Time Bound 
6. Risk of default by issuing bank