Understanding Documentary Credits in Banking
Classified in Law & Jurisprudence
Written at on 
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DC (separate from contract):
Arrangement in which a bank (issuing), acting for and on behalf of the customer (buyer), pays the beneficiary (seller) a sum of money (or accepts a BE), or authorizes another bank (advising bank, confirming bank) to do so on presentation by the beneficiary of specified documents and on condition that all other credit terms are met.
BE: Unconditional order requiring payment at a fixed future time of a certain sum of money to the bearer of the draft or to the order of a specified person; endorsement.
PN: Unconditional promise to pay at a fixed future time a certain sum of money to the bearer of the note or to the order of a specified person (abstract-independence of the contract, formal requirement).