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Banking and Insurance Law - Essay ExampleLetters of Credit (LCs) is an instrument of maritime trade which has long been acclaimed as the nerve center of international trade. LCs are not "contracts" or "surety ship obligations" or "negotiable instruments" or an "agency agreements", but separate independent obligations to be interpreted on their own terms and conditions without reference to any other documents. ... or non-performance; transfer, assignment and back-to-back LCs; wrongful dishonor and anticipatory repudiation of it etc.UCPDC have technical rounded-up the standardized procedures and definitions on types of credit, teletransmitted and pre-advised credits, standard for examination of documents, discrepant documents and notice, disclaimer on effectiveness of documents, disclaimer on the transmission of messages, Force Majeure, bank-to-bank reimbursement arrangements, ambiguity as to the issuers of documents, unspecified, issuers or contents of documents, issuance date of documents v.
