When is a Letter of Credit not a Letter of Credit?

2017-02-03T08:16:54+00:00 May 22nd, 2014|

OK, a very strange question. You have received a letter of credit and now have a guarantee that you will be paid if you prepare and present complying documents to the bank, right? Let us paint a brief picture.... An engineering company has received a letter of credit in their favour for a high value piece of machinery. [...]