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Copyright © International Chamber of Commerce (ICC). All rights reserved.
( Source of the document: ICC Digital Library )
by by Donald Smith
The collaboration of an interesting authoring team, consisting of a distinguished professor of law, John Dolan, and an accomplished former international banker and current trade credit insurance executive, Buddy Baker, has resulted in a readable introduction to a sometimes complex and often confusing product—the letter of credit.
The principle of letters of credit, based on a neutral paymaster, has been around for thousands of years, yet is as modern as the most technologically advanced computer. Through text and diagrams, this handbook explains concepts that have frightened away prospective users.
It will form a welcome addition to the library of all engaged in international trade!