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... credit. 1.2.2. The mechanics of letter of credit transaction The mechanics of the letter of credit transaction can be quite complex and has been standardized by a set of rules published by the ... receipt of the specified documents. Letter of credit rules typically describe the importer as the applicant and the applicant’s bank as the issuing bank or the issuer of the letter of credit. ... only means a presentation that is in accordance with the terms and conditions of the credit but also is considered the applicable provisions of the rules and international standard banking...
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