Bills of exchange in a letter of credit

Application of bills exchange in documentary credits (letters credit, LC) has been confronting with many disputes given different opinions and interpretations ordinance under various legal jurisdictions, which resulted a controversy to abolish LC transactions. To combinate functions aspects into the practice credits, this article emphasizes importance practice, articulates procedure business from perspectives qualified payment prompter as well verification amount determination maturity date & payee, concludes that plays critical settlement role by means prompt credits. As suggested Opinions International Chamber Commerce (ICC) Banking Committee blank explains further right examine dishonor discrepant an issuing bank or confirming nominated bank, however, beneficiary correct alter due undertaking bank. Since is financial instrument instead commercial document, correction alteration should not be subject limitations presentation period expiry stipulated terms conditions This essay suggests conclusively Paragraph B14 for amounts B16 ISBP745 revised provide consistent examination standards solve problems conflicting jurisdictions.