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Hi,
Can anyone please explain me the practice of article 37 (d) (i.e. Applicant shall be bound by and liable to indemnify the banks against all obligations and responsibilities imposed by foreign laws and usage). Can a credit be issued with excluding this article?
What does this article actually mean and what are the risks if it is excluded?
regards
Snježana

i am bit surprized. why would a bank do so. this clause protects the issuing bank equally. if i ever encounter such an exclusion, i would surely ask the issuing bank the motive