While the issuing bank has no obligation under the LC post expiry, it has undertaken a "new" obligation to pay by taking up the documents. Seems it could simply have paid the proceeds upon acceptance of discrepancies by the applicant and avoided any confusion. Nonetheless, the act of commu...

Hello, generally, my response would be yes, there is a problem due to the applicnat controlled nature of the payment of the 20%. A confirmer would want to be able to independently determine its payment obligation to the beneficiary under the letter of credit, from the LC term and conditions themselv...

I fully agree that the words have similar meaning and are not in conflict with each other. A quick look at an on-line Merriam Webster Dictionary shows the definition of "manufacture" as "the act or process of producing something".

On the topic of discounting LG's, my first response after reading the question was a resounding NO but after thinking about it for a moment or two longer I am not so sure that it would be the proper complete response. First one would have to make sure such a transaction is not illegal under issuing ...