THE PAYMENT UNDERTAKING
BASED ALTERNATIVE PAYMENT SECURITY
** AN EXPLANATION **
Historical Development of
Undertakings as a Foundation for an Alternative Form of Payment Security.
‘Payment Undertaking Alternative’ Process.
(Payment Undertaking format)
The Payment Undertaking based arrangement described in these notes offers a
viable and flexible alternative to payment security based on either;
Documentary Credits (including Standby Letters of Credit)
Domestic Bank Guarantees or
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