Learning objectivesBy the end of this chapter, students should be able to:♦ explain the main types of documentary credit;♦ evaluate the main characteristics of different types of documentary credit;♦ explain payment types and settlement (sight, deferred, acceptance, negotiation);♦ understand the relationship between the applicant and the issuing bank;♦ understand the roles and responsibilities of an issuing bank;♦ assess the risks faced by an issuing bank;♦ describe the responsibilities that exist when issuing a documentary credit; and♦ assess the process of amending a documentary credit.
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