An examination of the definition, types (commercial and standby), settings (domestic and international), the role of banks, laws, fraud, revocability, payment compliance and examples. 30 cases are cited.
Written in 1994; 4,275 words; 5 sources; $ 135.95
From the Paper:
"Letters of Credit
This paper will discuss letters of credit in the domestic and international settings. Both straight commercial letters of credit and standby letters of credit will be examined. The emphasis of the paper will be on the maintenance of independence between letters of credit and the underlying transactions they support.
Commercial Letters of Credit
A commercial letter of credit is a legal undertaking by a bank or other lender to pay a certain designated "beneficiary" if terms and conditions prescribed in the letter are satisfied and certain stipulated documents are tendered.. The beneficiary is usually the seller of the goods in the transaction; the buyer in the transaction is refer..."
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