Definition and Citations:
Buyer’s or importer’s bank, known as the issuing bank makes a written commitment to the seller’s or exporter’s bank, known as the accepting bank, negotiating bank, or paying bank. A written commitment to pay the set amount.
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Buyer’s or importer’s bank, known as the issuing bank makes a written commitment to the seller’s or exporter’s bank, known as the accepting bank, negotiating bank, or paying bank. A written commitment to pay the set amount.