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Governed by universally accepted set of rules known as Uniform
Customs and Practices of the International Chamber of Commerce that
is regularly updated to keep up with the evolving technology and trade
practices |
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Provides a means of prompt payment to the seller provided the L/C
requirements are complied with |
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Eliminates extensive credit investigation of the buyer as the issuing
bank assumes credit risk |
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Affords exporter highest degree of protection from loss |
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Global presence through correspondent banks’ network |
