【正文】
he applicant —— Issue the letter of credit ? The issuing bank—— The bank receives the application from the applicant to issue the letter of credit. The bank will be responsible for the payment. It is usually the bank at the place where the importer is located. ? The advising bank—— The bank where the exporter is located and may be the branch of the issuing bank or its correspondent. The bank hands the L/C to the exporter under instruction. It only proves the authenticity of L/C and is not responsible for other things. Parties involved in a L/C business ? The beneficiary —— A party who is empowered to use the letter of credit and is usually the exporter. ? The negotiating bank—— The bank ready to pay or discount the documentary bill by the beneficiary. ? The paying bank —— Usually the issuing bank that is responsible for payment. Types of L/C ? Documentary L/C and Clean L/C ? Confirmed and unconfirmed L/C ? Sight and usance L/C ? Transferable and nontransferable L/C ? Revolving L/C ? Reciprocal L/C ? Back to back L/C