As long as the documents presented by the beneficiary are in complete compliance with the terms and conditions of the credit, the issuing bank or the bank nominated by the credit shall fulfill the undertaking to pay, accept or negotiate.( )
举一反三
- “We hereby agree with the beneficiary that all draft drawn under and/or documents presented hereunder will be duly honored by us provided the terms and conditions of the Credit are complied with...”. In the clause, “we”are ( ). A: issuing bank B: advising bank C: applicant D: beneficiary
- With an unconfirmed irrevocable letter of credit, ___________. A: the terms and conditions can be amended or cancelled unilaterally by any party B: only the exporter can amend the credit C: the advising bank transmits details without commitment to the beneficiary D: the issuing bank has the ability to cancel the credit at any time
- 2．Generally speaking, ______ is an undertaking at the request of the applicant, written by the issuing bank to the beneficiary, informing it that the bank will pay a sum certain in money, if it provides complying documents within a prescribed time of period.
- In your simulation case, the issuing bank will check the documents and pay the beneficiary in advance.
- The ( ) refers to the bank that is responsible for payment of the proceeds under a letter of credit if the terms and condition of the credit are complied with. A: advising bank B: negotiating bank C: issuing bank D: commerce bank