Apex Law Journal
Apex Law Journal
An online law journal reporting latest and important judgments of Hon'ble Supreme Court of India.                                                                                                                         Click here to get free legal updates via email                                                                                                                          Click here to download forms (Address Form, List Of Documents and Memorandum Of Appearance)
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Neha Goel, Advocate

Advisory Board

S.C. Khunger, Advocate

Rohit Bansal, Advocate

Varinder Singh Kanwar, Advocate

Hittan Nehra, Advocate

Judgments on Letter of Credit

Monday, September 12, 2011
Letter of Credit

Letter of Credit — A contract is concluded between the issuing bank and the seller no sooner the bank issues the credit and communicates it to the seller — Under an irrevocable credit the issuing bank gives an unequivocal and binding undertaking to the seller that it will pay against documents/bills drawn in compliance with the terms of credit.

Letter of Credit

Letter of Credit — Where the customer of bank instructs the bank to open a credit, the bank acts at its peril if it departs from the precise terms of the mandate.

Letter of Credit

Letter of Credit — A draft with accompanying documents must be in strict accord with the letter of credit — If the documents presented comply with the terms of the credit, the issuing bank must honour its obligation in accordance with the terms of credit.

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