is an irrevocable obligation of the bank (issuing bank), which opened the letter of credit by order of the applicant (buyer), to pay in favour of the beneficiary (seller) the amount stipulated by the letter of credit, provided the beneficiary submits, within the specified timeframe, the documents stipulated by the letter of credit corresponding to the terms of the letter of credit and confirming the shipment of goods (provision of services).
any currency that corresponds to the currency of the sales contract
corresponds to the sales contract
monetary coverage on the account with Piraeus Bank; other liquid collateral
Bank’s Head Office Trade Finance Department: