Who is lc dating
To provide a common terminology for international shipping, Incoterms® (International Commercial Terms) have been developed under the auspices of the International Chamber of Commerce (ICC) and is a registered trademark of ICC.
The bank honoring the L/C is concerned only to see that the documents conform with the requirements in the L/C.
If the documents conform, the bank will pay, and obtain reimbursement from the Buyer/Applicant.
The bank need not look past the documents to examine the underlying sale of merchandise or the product itself.
The Bank that issues the LC is referred to as the Issuing Bank which is generally in the country of the Buyer.
The Bank that Advises the LC to the Seller is called the Advising Bank which is generally in the country of the Seller.