1. Do banks always require the same documents to be presented in letter-of-credit transactions? If not, who...

Question:

1. Do banks always require the same documents to be presented in letter-of-credit transactions? If not, who dictates what documents will be required in the letter of credit?
2. At what point does the seller receive payment in a letter-of credit transaction?
3. What assurances does a letter of credit provide to the buyer and the seller involved in the transaction?