Special-types-of-documentary-credit

Special types of documentary credit

Special types of documentary credit Confirmed Irrevocable Documentary Credit A confirmation of an irrevocable documentary credit by a bank (the confirming bank) upon the authorization or request of the issuing bank constitutes a definite undertaking of the confirming bank, in addition to that of the issuing bank, provided that the […]

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Documentary Credits and Their Variations

Documentary Credits and Their Variations

Documentary Credits and Their Variations Documentary Credits and Their Variations Documentary Credits Explained  The independence principle: Central to documentary credit business is the independence of the bank’s undertaking to pay from the underlying contract between the buyer & seller. This means that the bank’s undertaking to pay the beneficiary is not […]

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MT 700 LC Format Specifications

MT 700 LC Format Specifications M 27 Sequence of Total 1/1 M 40A Form of Documentary Credit Field 40A: Form of Documentary Credit This field specifies the type of credit. Codes : One of the following codes must be used IRREVOCABLE The documentary credit is irrevocable. REVOCABLE The documentary credit […]

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