A bank's undertaking to pay an exporter against documents that conform to the credit — payment secured before shipment and released on performance rather than on trust.
A bank's undertaking to pay an exporter against documents that conform to the credit — payment secured before shipment and released on performance rather than on trust.
GRAJ is not a bank and issues none. The job it does for a seller is done here by escrow: the buyer pays in first, and held money moves only when it was collected, not refunded, delivered and not disputed.
Every term here is one the protocol actually uses, defined for somebody who was never taught it — with the part that usually goes wrong. All terms →