| Commentary

20 Documents

| Commentary

20 Documents

In a documentary credit operation all parties concerned deal in documents and not in goods1. This means that the conditions for credit should require the presentation of certain documents. They should not call for a state of fact to exist because this would leave open the question of what documents or other evidence would have to be tendered as evidence of that fact2. It also means that the relationships between the parties to a documentary credit transaction depend solely on the terms of the contracts between them and are not affected by the underlying sale or other contract.

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