In a letter of credit transaction, the party who requests its bank to open the credit is called the:
- A.Beneficiary
- B.Applicant or opener
- C.Advising bank
- D.Negotiating bank
Show answer
The applicant is the importer or buyer, who approaches its own bank, asks it to issue a credit in favour of the overseas seller, agrees the terms and documents that will be required, and pays the issuing commission.
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