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Part II Proper Performance under the Operative Credit, 4 Presenting Documents to Draw on the Credit

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, 2022. All Rights Reserved.date: 23 May 2022

Subject(s):
Letters of credit and damages — Documentary credits — Bills of lading
4.01 Operation of a letter of credit often involves three independent but interlocking stages. Typically, it begins when the beneficiary presents a set of documents to the bank with which the credit is expressed to be available for honour1 or negotiation.2 Then, a nominated bank, having acted on its nomination and taken up the beneficiary’s presentation, tenders the documents to the issuing bank for reimbursement of the sum it has paid under the credit. The last phase of the process entails the issuing bank’s delivery of the documents, usually against a trust...
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