Article 870. Execution of a letter of credit.
1. For the execution of a letter of credit, the recipient of funds shall submit to the executing bank documents confirming the fulfillment of all the conditions of the letter of credit. In case of violation of at least one of these conditions, the letter of credit is not performed. 2. If the performing bank has made a payment or carried out another operation in accordance with the conditions of the letter of credit, the issuing bank shall be obliged to reimburse it for the costs incurred. These expenses, as well as all other expenses of the issuing bank related to the execution of the letter of credit, are reimbursed by the payer.
Links to other articles of chapter 46. Calculations: