Different Parties of a Documentary Credit

Normally the following parties are involved to a documentary credit.

1. The Issuing Bank(opening bank)
2. Nominated bank or Intermediary bank
   i) Advising Bank/Notifying Bank
   ii) The Confirming Bank
   iii) Negotiating Bank
   iv) Accepting Bank
   v) Paying Bank
   vi) Reimbursing Bank
   vii) The Transferring Bank
3. The Applicant or Buyer (Importer)
4. The Beneficiary or Seller (Exporter)

Responsibilities and Liabilities of Parties of Letter of Credit