"All parties in a letter of credit deal in documents" .. Comment on the following statement.
Answers
Generally, a letter of credit is deemed to be irrevocable and cannot be amended or cancelled without an express agreement of all the parties concerned, i.e., the applicant, the issuing bank, the confirming bank, if any, and the beneficiary.
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Letter of credit is the most important document in international trade. It forms the basis of most of the transactions in world trade. A letter of credit is a document of authority for guaranteeing payment by the importer to the exporter through his banking channel. Importer’s bank undertakes guarantee for payment on behalf of the importer. That is, if the importer fails to pay, it is the bank that has issued the LC that becomes liable to pay to the exporter.
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