The UCP reflects that state of practice, namely a situation where the issuer or other actor on a letter of credit is a bank.
As a result, although there is no affirmative rule in the UCP prohibiting entities that are not banks from issuing, confirming, paying, negotiating, or advising letters of credit, its vocabulary (“issuing bank”, “confirming bank”, etc.) assumes that these entities are banks.
This assumption is based on the recognition that there are three principal advantages to bank issuance and handling of letters: namely that banks have the operational expertise to handle issuance and presentation under letters of credit in a professional manner, that they have the tradition of independence from the underlying transaction which is the basis of the commercial reputation of the letter of credit, and that in virtually all countries banks are specially regulated with a view toward protecting those who rely on their undertakings.
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|org.springframework.web.servlet.i18n.CookieLocaleResolver.LOCALE||1||LocaleResolver implementation that uses a cookie sent back to the user in case of a custom setting, with a fallback to the specified default locale or the request's accept-header locale. This is particularly useful for Xing for stateless applications without user sessions.|
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