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L/C is a good master but bad servant. why?
Essay specific features
Written by:
Phyllis E
Date added:
May 1, 2011
Level:
University
Grade:
A
No of pages / words:
4 / 1100
Was viewed:
6626 times
Rating of current essay:
Essay content:
They are also used in the land development process to ensure that approved public facilities (streets, sidewalks, stormwater ponds, etc.) will be built. The parties to a letter of credit are usually a beneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advising bank of whom the beneficiary is a client...
displayed 300 characters
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Almost all letters of credit are irrevocable, (i.e. cannot be amended or canceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any). In executing a transaction, letters of credit incorporate functions common to giros and Traveler's cheques. Typically, the documents a beneficiary has to present in order to avail himself of the credit, are commercial invoice, bill of lading, insurance documents...
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