Most important documents, which almost every body asks for, are Commercial Invoice, Packing List, Certificate of Origin of Good, and of course Transport documents like Bill of Lading, Truck Consignment note etc. Rest depends on the requirements of transaction.
2ndly,
Role of the Banks varies, it depends. Normally at least two banks are involved in one circle, which are LC opening bank/Applicant Bank and Advising Bank/Beneficiary’s bank.
Banks involved can be LC Issuing Bank, Advising Bank, Confirming Bank, Nominated bank etc. All banks have their particular undertakings; details are there in UCP 600.
3rdly,
It is role of the Confirming bank/ Nominated bank or issuing bank to verify whether documents are complying to the terms and condition stipulated in the letter of credit.
4thly and lastly,
Again Procedure of payments also vary depending on the terms and conditions of the LC, assuming a sight letter of credit, once issuing bank finds the complying/clean documents on his desk, issuing bank is supposed to reimburse within five banking days.
Confirming bank or Nominated bank also remain involved in payments, So every thing depends on the terms and conditions stipulated there in the letter of credit.