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10 Cards in this Set

  • Front
  • Back
1.1 Applicant(buyer)
The buyer completes a contract with the seller
1.2 Applicant(buyer)
and fills in a letter of credit application form
1.3 Applicant(buyer)
and sends it to his or her bank for approval.
2.1 Issuing Bank(Buyer's Bank)
The issuing bank approves the application
2.2 Issuing Bank(Buyer's Bank)
and sends the letter of credit details to the seller¹s bank (advising bank).
3.1 Advising Bank
The advising bank authenticates the letter of credit
3.2 Advising Bank
and sends the beneficiary (seller) the details by post or fax.
4.1 Beneficiary(seller)
The seller examines the details of the letter of credit
4.2 Beneficiary(seller)
to make sure that he or she can meet all the conditions.
4.3 Beneficiary(seller)
If necessary, he or she contacts the buyer