A letter of credit that cannot be amended or canceled without prior mutual consent of all parties to the credit. Such a letter of credit guarantees payments by the bank to the exporter/seller so long as all the terms and…
Read MoreIssue date
The date a letter of credit was opened, or the date an amendment was issued.
Read MoreIssuing bank
The buyer´s bank which establishes a letter of credit at the request of the buyer, in favour of the beneficiary (exporter/seller). Also called buyer´s bank or opening bank. See letter of credit.
Read More