Documentary Letter of Credit like a Securing Instrument

My thesis deals with documentary letter of credit and with its use in the international trade. The first part of my work is focused on the definition of documentary letter of credit and on the relations between parties acting in the documentary credit operation. The second chapter describes types of letters of credit and, finally, the third chapter, the core of this thesis, focuses on the transactions carried out using a letter of credit and on the practical procedure of the transaction. There are also described the advantages and disadvantages of the documentary letter of credit and its use considering the recent financial crisis and current trends in the international trade