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Can you summarize VACV 8.5A-103?
Uniform Commercial Code Letters of Credit > Scope
Short Summary
This legal document, titled ‘Uniform Commercial Code Letters of Credit’, governs letters of credit and certain rights and obligations that arise from transactions involving letters of credit. It applies to parties involved in such transactions. The document allows for variations by agreement or provision, except for specific subsections and where prohibited by other sections. No specific penalties are mentioned in this document.
Whom does it apply to?
Parties involved in transactions related to letters of credit
What does it govern?
Letters of credit and certain rights and obligations arising from transactions involving letters of credit
What are exemptions?
This title may be varied by agreement or by a provision stated or incorporated by reference in an undertaking, except for specific subsections and to the extent prohibited by other sections.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Virginia