Issuing Bank Undertaking

Issuing bank substituting the buyer's commercial credit for reliable bank credit itself, and undertaking the first-payment liability, has constituted the foundation of letter of credit system.

开证行用自身可靠的银行信用取代买方的商业信用，承担信用证项下第一性付款责任，构成了信用证制度存在的基础。

Credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation.

信用证意指一项约定，无论其如何命名或描述，该约定不可撤销并因此构成开证行对于相符提示予以兑付的确定承诺。