Asked by Salvi Sharma on Jul 21, 2024
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A letter of credit is independent of the underlying contract between a buyer and seller, requiring the issuer to ascertain whether the contractual conditions have been met.
Letter Of Credit
A written instrument, usually issued by a bank on behalf of a customer or other party, in which the issuer promises to honor drafts or other demands for payment by third parties in accordance with the terms of the instrument.
Contractual Conditions
Stipulated provisions or clauses that define the obligations, rights, and roles of the parties involved in a contract.
- Comprehend the duties and privileges associated with guaranteeing performance and advance breach of contract.
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Learning Objectives
- Comprehend the duties and privileges associated with guaranteeing performance and advance breach of contract.
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