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