Although the letter of credit is likely to be favoured in the world’s more difficult markets because it is a flexible mechanism which can be adjusted to minimise particular risks, increasingly large Western retailers importing manufactured products are insisting upon the cheaper payment method of open account terms.”
J. Ulph, ‘The UCP 600: Documentary Credits in the 21st Century’ (2007) Journal of
Business Law, June, 355, 356.
Evaluate this statement and the principles of standardize banking procedures for
payment of documentary credits.
Evaluate this statement and the principles of standardize banking procedures for payment of documentary credits.
