Applicant of Letter of Credit.
Applicant is the party who opens Letter of Credit. Letter of credit is opened by the issuing bank as per applicant's request. Normally, buyer of goods is the Applicant who opens letter of credit. Letter of credit is opened as per his instruction and necessary payment is arranged to open Letter of credit with his bank. The applicant arranges to open letter of credit with his bank as per the terms and conditions of Purchase order and business contract between buyer and seller.