Credits, by their nature, are separate transactions from the sales or other contracts on which they may be based and banks are in no way concerned with or bound by such contracts, even if any reference what so ever to such contracts is included in the credit. Consequently, the undertaking of a bank to pay, accept and pay drafts or negotiate and / or to fulfill any other obligation under the credit, is not subject to claims or defences by the applicant from his relationships with the Issuing Bank or the Beneficiary.