Issuing Bank Undertaking
Provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must honour if the credit is available by:
sight payment, deferred payment or acceptance with the issuing bank;
sight payment with a nominated bank and that nominated bank does not pay;
deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity;
acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or,
having accepted a draft drawn on it does not pay at maturity;
negotiation with a nominated bank and that nominated bank does not negotiate.…
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