3.01 Issuance of a credit that complies in all material respects with the requirements of the underlying business arrangements is essential for either of the parties to the concluded deal, including their financier. If the credit conforms, no problem arises: the beneficiary has received the instrument he contracted for, and it is now his turn to do what he promised the other contracting party. But a credit may fail to conform for a number of reasons. The applicant’s instructions for its opening can deviate from the terms agreed with the beneficiary. The issuer may...
Users without a subscription are not able to see the full
to access all content.