Misys: Why Your Corporate Clients Should Care About The Bank Payment Obligation
Why your corporate clients should care about the Bank Payment Obligation
In the ICC Guide to the Uniform Rules for Bank Payment Obligations, I characterised the Letter of Credit (L/C) as a “creation of commerce” whereas the Bank Payment Obligation (BPO) is the “brainchild of bankers”.
The genesis of the BPO has threatened change to well entrenched practices. L/Cs came into the world as a result of sellers of goods identifying a need to mitigate the commercial risks of trading with unknown
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