What are features of the L／C？
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What are features of the L/C？
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(1) Letter of credit belongs to bank credit. As long as the beneficiary presents the stipulated documents in conformity with the L/C, the issuing bank of the L/C must make the payment firstly.
(2) Banks deal with documents. In letter of credit business, banks deal in documents, not goods or services.
(3) A letter of credit is a self-sufficient document. Letter of credit is opened on the basis of the contract, and independent from the contract once it is opened.