Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What does Independence Principle means in a CIF contract? For me it means that the letter of credit is separate from the contract, is the

What does Independence Principle means in a CIF contract?

For me it means that the letter of credit is separate from the contract, is the promise to the seller that after the bank received all the documents and they are accept to honor the documents, the payment cannot be stopped after documents are received.

Can someone help me understand when independence principle is used

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Law Today The Essentials Text and Summarized Cases

Authors: Roger LeRoy Miller

11th edition

1305644522, 9781305856530, 1305574796, 9781305644526, 1305856538, 978-1305574793

More Books

Students also viewed these Law questions