Major Parties involved in a letter of Credit are【悟空海运】
(1) Applicant. The Applicant is the person or company who has requested the letter of credit to be issued ； this will normally be the buyer.
(2) Opening Bank, Issuing Bank. The Issuing Bank is the bank that issues the credit, usually following a request from an Applicant.
(3) Advising Bank, Notifying Bank. The Advising Bank is the bank that will inform the Beneficiary or their Nominated Bank of the credit, send the original credit to the Beneficiary or their Nominated Bank, and provide the Beneficiary or their Nominated Bank with any amendments to the letter of credit.
(4) Beneficiary. The Beneficiary is the person or company who will be paid under the letter of credit ； this will normally be the seller.
(5) Negotiating Bank. The bank which is willing to buy the documentary bill from the beneficiary.
(6) Paying Bank. The bank which is nominated to pay the credit; usually it is the same as the issuing bank.
Major Parties involved in a letter of Credit are【悟空海运】
