he beneficiary country - see Export - DC Advising.

Advising also involves authentication i.e. advising bank should take reasonable care to check the apparent authenticity of the credit (IC

C UCC 500 Art 7).

Amendment

Alteration to the terms of a DC; amendments must stem from the applicant, be issued and advised to the beneficiary; the beneficiary has the right to refuse an amendment if the credit is irrevocable - see Amendments to DCs.

Applicant

One who applies to his bank to issue a documentary credit; in the majority of credits issued the applicant is an importer of goods

Avalise

The act by a bank in guaranteeing payment of a bill of exchange or promissory note by endorsing the reverse with the words good per aval and signed by the bank, or by the issuance of a separate guarantee.

B

Back-to-Back Credit

A credit issued against the security back of another credit (master credit) on the understanding that reimbursement will stem from documents eventually presented under the first credit (master credit) issued - see Special DCs. It follows therefore that each side of a B/B transaction covers the shipment of the same goods.

Beneficiary

A payee or recipient, usually of money.