Video Question To watch this chapter's video, Inter national: Letter of Credit, go to www.cengagebrain.com. Register the access code that came with your new book or log in to your existing account. Select the link for the "Business Law Digital Video Library Online Access" or "Business Law CourseMate." Click on "Complete Video List," view Video 55, and then answer the following questions:
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?