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There are currently three major sets of rules governing credit transactions, all of which have been adopted by the International Chamber of Commerce (ICC): Uniform Customs and Practice for [...]

Although documentary credits are enforceable once communicated to the beneficiary, it is difficult to show any consideration given by the beneficiary to the banker prior to the tender of [...]

A commercial letter of credit is a contractual agreement between a bank, known as the issuing bank, on behalf of one of its customers, authorizing another bank, known as the advising or [...]