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What is Understanding Letters of Credit about?

This document discusses letters of credit, including: 1. Letters of credit allow a buyer to control goods before paying, while allowing a seller to get paid before relinquishing goods, by having a bank guarantee payment to the seller upon presenting shipping documents. 2. The key parties are the buyer, who procures the letter of credit; the issuing bank; the seller, who is the beneficiary; and potentially other banks that advise/confirm/negotiate the letter of credit. 3. Banks are only obligated to pay

Author

louis jansen

Language

EN