Search found 2 matches

by AndrewMarango
Tue May 31, 2011 1:00 am
Forum: UCP 600
Topic: Is there a need to obtain consent of assignees in order to C
Replies: 6
Views: 3518

Is there a need to obtain consent of assignees in order to C

in order for them to conduct screening for sanctioned parties and also identify the assignees who are entitled to the proceeds assigned and whose rights may be affected by any amendment or cancellation
by AndrewMarango
Tue May 31, 2011 1:00 am
Forum: UCP 600
Topic: Is there a need to obtain consent of assignees in order to C
Replies: 6
Views: 3518

Is there a need to obtain consent of assignees in order to C

I would like your advise on this one; In the case of an assignment between the beneficiary of a SBLC and the assignee, procedurally, the beneficiary will inform his own banker of the assignment, and they in turn will inform the issuing bank. As per Art 39, UCP600, the issuing bank need not acknowled...