Please choose the most appropriate answer for each sentence.
  • 1

    The International Chamber of Commerce Uniform Customs and Practice for Documentary Credits ..... all letters of credit for international transactions.

  • 2

    The general definitions and provisions of the ICCUCPDC are ..... on all parties.

  • 3

    A commercial letter of credit is a contractual agreement between an issuing bank, on behalf of its customer, ..... a confirming or advising bank to pay a beneficiary.

  • 4

    At the request of its customer, the issuing bank ..... the letter of credit.

  • 5

    With this, the issuing bank is making a commitment to ..... all drawings made under the letter.

  • 6

    In essence, the issuing bank is replacing its customer as the ......

  • 7

    A letter of credit is a separate and ..... transaction from the contract that it is based on.

  • 8

    All parties ..... in documents and not in goods; the issuing bank is not liable for performance of the underlying contract between the customer and beneficiary.

  • 9

    The beneficiary, when requesting payment, ..... that it has complied with all conditions of the agreement.

  • 10

    The bank must pay the seller if the latter ..... to the letter of credit.

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