Print Friendly, PDF & Email

With a letter of credit, the buyer undertakes to have the purchase price paid against the duplicate consignment note by a bank agreed with the seller in such a way that the bank confirms the letter of credit and assumes the obligation to pay. The letter of credit order is an instruction of an abstract nature with the content that a certain amount of money must be paid to the accredited party against presentation of certain documents by the accredited party.

Term-Nr.: 532

German: Akkreditiv (35)

Source: LK-Lötscher, 11.05.2020

Notice: The contents of this terminology collection Lawpedia® with a focus on business law (especially financial market law) have been researched with great care and compiled on the basis of an extensive flash card, training materials and literature. The various sources (as far as they could be found) can be found in the abbreviations and source references. References to other sources are welcome. Despite the care taken, the provider cannot accept any liability for the accuracy, completeness and topicality of the information provided. The information is of a general nature in particular and does not constitute legal advice in individual cases.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *