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Q.What does a letter of credit contain?
A.All letters of credit should contain the following:
- a payment undertaking given by a bank (Issuing Bank) on behalf of a buyer (Applicant) to pay a seller (Beneficiary) a specified amount of money on the presentation of specified documents representing the supply of goods within a specific time frame;
- the documents conforming to terms and conditions set out in the letter of credit; and
- the documents to be presented at a specified place.
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