1. Issuing Bank
- Issuing Bank is the bank that issues a letter of credit at the request of an applicant or its own behalf.
- Letter of credit is issuing bank’s payment promise against a complying presentation.
- Most of the time issuing issuing banks receive receive the conditions conditions of the letters of credit from applicants through LC Application Forms.
- Once an issuing bank opens an LC it undertakes to honor a complying presentation of the beneficiary without recourse.