Abstract
This author has analysed payments by the letter of credit widely used in international trade, when the buyer of goods (importer) writes an order to his bank to transfer funds to the seller (exporter) specified in the letter of credit and in compliance with the terms of the letter. The further development of international trade created a basis for the evolvement of financial and trade letters of credit and shaped them into a secure financial tool of a documentary letter of credit. The term “documentary” has settled in practice as a part of the whole letter of credit process.
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