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The Risks Of Red Clause Letters Of Credit
A letter of credit sometimes allows the economic institution to create advances to the beneficiary. The beneficiary uses these money to find Merchandise to prepare the Goods for shipment. A clause that authorizes your bank to advance these funds was apparently written in red to warn banks and applicants inherent risks.
The perils are that the lending company as well as the beneficiary are in cahoots with both other to fleece the applicant. In Leonard A. Feinberg, Inc. V. Central Asia Capital Corp (974 F. Supp. 822 (ED Pa. 1997) the applicant contended thin the funds advanced by the nominated bank to the beneficiary were not utilised to prepare the shipment, but to pay off the beneficiary�
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