Letter of Credit Definitions

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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