Parties to the Transaction

Basic Documentary Credit Procedure
•
The documentary credit procedure involves the 
step-by-step exchange of documents giving title to the 
goods for either cash or a contracted promise to pay at a 
later time. 
•
There are four basic groupings of steps in the procedure:
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Basic Documentary Credit Procedure
•
Issuance
•
Issuance describes the process of the buyer's applying for 
and opening a documentary credit at the issuing bank and 
the issuing bank's formal notification of the seller through 
the advising bank.
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Basic Documentary Credit Procedure
•
Amendment
•
Amendment describes the process whereby the terms and 
conditions of a documentary credit may be modified after 
the credit has been issued.
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Basic Documentary Credit Procedure
•
Utilization
•
Utilization describes the procedure for the seller's shipping 
of the goods, the transfer of documents from the seller to 
the buyer through the banks, and the transfer of the 
payment from the buyer to the seller through the banks 
(settlement).
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