Task 2: Works in pairs. Discuss with your partner and try to make a list of the basic elements of an L/C. Hints: All L/Cs contain these elements: A payment undertaking given by the bank (issuing bank) On behalf of the buyer (applicant) To pay a seller(beneficiary) A given amount of money On presentation of specified documents representing the supply of goods Within specific time limits These documents conforming to terms and conditions set out in the L/C These documents to be presented at a specified place