Presentation – Parties to the Letter of Credit

Understanding duties and responsibilities of letter of credit participants.

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3. Beneficiary

  • Beneficiary is the seller of the underlying transaction.
  • Beneficiary is the party in whose favor the letter of credit is issued.
  • Beneficiary ships the goods as required by the letter of credit and presents presents documents documents as indicated indicated.
  • Beneficiary will gets its money from the issuing bank as long as it complies with the letter of credit conditions.
  • Beneficiaries prove their compliance to the letter of credit conditions by making complying presentations to the banks.