issuing bank

Definition of "issuing bank"
  1. A bank that creates a letter of credit and agrees to pay the bank or beneficiary if the submitted documents comply with the letter of credit's conditions
How to use "issuing bank" in a sentence
  1. The issuing bank is responsible for honoring the letter of credit when the buyer fails to fulfill payment obligations.
  2. The construction company provided the assigned paperwork to the issuing bank to receive payment.
  3. The seller relied on the issuing bank to ensure they would receive payment for the shipped goods.

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