By Brandon McAnally, Creighton University School of Law
Click here for an excellent outline on Letters of Credit
Applicant- the party that requests the letter of credit is opened, usually the buyer.
Beneficiary- the party for whom the letter of credit is opened, usually the seller.
Issuer- the original bank that opens the letter of credit, often a local bank that has a finance relationship with the buyer.
Carrier- a shipper of goods.
Good faith- honesty in fact.
UCP-Uniform . . .
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