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Part I Setting Up a Letter of Credit Transaction, 2 Parties’ Roles in the Credit Opening Process

From: Letters of Credit: The Law and Practice of Compliance

Ebenezer Adodo

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 16 April 2024

Letters of credit and damages
2.01 A party who has contracted to furnish his counterparty with a letter of credit as the means of payment of the purchase price under a sales agreement, or as security for the repayment of a contemplated loan pertaining to a defined technical project, will want to fulfil his promise. He would be disposed to fulfil it because provision of the required credit is usually a condition precedent to the obligation of the seller to ship the goods pursuant to the contract of sale1 or of the finance company2 to advance him the funds.3 Prompt delivery of the letter of...
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