9. A definition of a Letter of Credit: Contractual obligation of a bank for account and instruction of a customer to effect a specified payment upon receipt of specified documents in compliance with specified conditions (as per Letter of Credit).
10. Documentary Letters of Credit EE Exporter Importer Issuing Bank Advising Bank 8 2 1 5 7 3a 6 4b 4a contract Shipment of goods Letter of credit application Delivery of documents/ debiting of account Remittance of Documents/Payment Letter of Credit opening presentation of documents / Payment Advising Confirmation Abstract undertaking to pay 3b
13. International Regulations – UCP600 ICC Uniform Customs and Practice for Documentary Credits Published by the International Chamber of Commerce, Paris Actual Version UCP 600, since 1 st July 2007.