After issuing a letter of credit, the issuing bank may refuse to pay if the applicant becomes bankrupt.

T

F

When the buyer fails to issue the covering L/C within the specified time of the contract, the seller holds the right of declaring the contract avoid.

T

F

In international trade, it is always necessary for the seller to urge the buyer to open the covering L/C in good time.

T

F

On CIP terms, the seller must pay the freight rate and insurance premium as well as bear all the risks until the goods have arrived at the destination.

T

F

If a L/C stipulates some conditions but does not require the related documents, the banks may disregard them as not stated.

T

F

According to the United Nations Convention on Contracts for the International Sales of Goods, an acceptance with non-material alterations or additions can still constitute a valid acceptance.

T

F