How many Parties are involved in Letter of Credit (LC) There are mainly 6(six) parties involved in a letter of credit which may be summed up as under: a) Opener: The applicant of L/C or the Importer / Buyer / L/C applicant. b) Opening Bank: The Bank opening the L/C […]
Read moreTag: Documentary Letter of Credit
Advising a documentary credit
Advising a documentary credit Advising a documentary credit Learning objectives This chapter describes the process from the time of receipt of a documentary credit by a bank designated as the advising bank or second advising bank to the time it is advised to a beneficiary. By the end of this chapter, you […]
Read moreIssuing a documentary credit
Issuing a documentary credit Learning objectives: In the context of this chapter, the words ‘customer’ and ‘applicant’ are interchangeable and reflect the status pre-issuance (customer) and post-issuance (applicant). This chapter describes the process performed by a bank from the time of its receipt of an application form, as completed by […]
Read more