• serve the same purpose as transferable credits.¹⁾

However, instead of transferring the original documentary credit to its supplier, the beneficiary requests that its bank issue a new one in favour of its supplier.²⁾

A back-to-back credit is separate and independent from the original documentary credit.³⁾

While the issuing bank of the back-to-back documentary credit must honour a complying presentation received under its documentary credit, the payment under the original is contingent on the ability of the beneficiary of the original documentary credit to provide documents in compliance with the terms and conditions.⁴⁾