I am an accountant who has come across a letter of credit which includes the condition that the document that must be produced is a certification from the applicant. There is also a side agreement between the beneficiary and the applicant in which the beneficiary agrees that the beneficiary will not...

In this example,the document that must be produced to collect on the letter of credit is a certification from the applicant that the required services, the installation of a $6m information system, have been performed. What are the pitfalls of such a condition, especially if the beneficiary is plann...