DCW Monthly: June 2026
A letter of credit is built on a simple promise: the bank pays on a complying demand, and the underlying
229 articles
(Page 20)
DCW Text & Forms
ICC Opinion R505 / TA537 (2002) – When a Non-Bank Issues a Letter of Credit
Because of widespread interest in this subject, the ICC Banking Commission decided to post this Official Opinion to its website. Although the title includes reference to UCP 500 Articles 1 and 2, this Opinion is applicable to UCP 600 and is evidence of international standard banking practice.