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2.As long as the beneficiary provides the documents in accordance with the stipulation in the L/C, the opening bank shall perform its duty of payment.
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3.An irrevocable L/C means the opening bank may amend or revoke the credit before negotiation, acceptance or payment without agreement of the beneficiary.
4.A confirmed L/C is accepted by the bank. When the beneficiary presents the time draft to the bank, the bank will accept it and pay the price on the due date.
5.The opening bank invites other bank to buy draft and /or documents. This kind of L/C allows the beneficiary to negotiate the purchase price from an indicated bank or any bank.
6.Negtiation L/C can fall into open negotiation L/C andrestricted negotiation L/C.
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