The ICCUCPDC
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The International Chamber of Commerce Uniform Customs and Practice for Documentary Credits ..... all letters of credit for international transactions.
The general definitions and provisions of the ICCUCPDC are ..... on all parties.
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.
At the request of its customer, the issuing bank ..... the letter of credit.
With this, the issuing bank is making a commitment to ..... all drawings made under the letter.
In essence, the issuing bank is replacing its customer as the ......
A letter of credit is a separate and ..... transaction from the contract that it is based on.
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.
The beneficiary, when requesting payment, ..... that it has complied with all conditions of the agreement.
The bank must pay the seller if the latter ..... to the letter of credit.
