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An advising bank is a bank that independently promises that it will pay, accept, or negotiate a letter of credit when the documents specified in the credit are presented to it and the other terms and conditions of the credit have been complied with. ( )
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An issuing bank is a bank that independently promises that it will pay, accept, or negotiate a letter of credit when the documents specified in the credit are presented to it and the other terms and conditions of the credit have been complied with. ( )
According to the rule of strict compliance, the data in the documents must be identical to the requirements of the letter of credit.( )
Fraud exception was confirmed by some national laws such as the UCC and the law of China, but the UCP 600 has not provisions concerning fraud exception.( )
Banks including a nominated bank, a confirming bank, and the issuing bank shall each have a maximum of seven banking days following the day of presentation to determine if a presentation is complying.( )
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