- Applicant is the buyer of the underlying transaction.
- Applicant is the party on whose behalf the letter of credit is issued.
- Applicants complete Letter of Credit Application Forms to pass the details details of the letter of credit to issuing issuing banks via online forms or hard copy.
- Once letter of credit is issued applicant removes from the lc equation in terms of payment obligation. Issuing banks must honor complying presentations independently and irrevocably.