What is the definition of " honour" ? "Honour" means that the issuing bank unde
What is the definition of " honour" ?
"Honour" means that the issuing bank undertakes:
a. to ______ at sight if the credit is available by sight payment.
b. to ______ a deferred payment undertaking and ______ at maturity if the credit is available by deferred payment.
c. to ______ a bill of exchange ("draft" ) drawn by the beneficiary and ______ at maturity if the credit is available by acceptance.