1) Where letter if credit stipulates that negotiation can be made with a particuler bank, the LC is called Restricted Credit.
2) Letter of credit which is issued in lieu of guarantee is called Stand by Credit.
3) Where LC is silent as to number of copies of each document to be submitted atleast 2 Copies.
4) As per UCP 6 B, the bill of exchange drawn under LC should not be drawn on the Applicant.
5) An advising bank is responsible for checking genuineness of Letter of Credit.
No comments:
Post a Comment