L/C contained evergreen clause renewing, without amendment, year after year.
Confirming bank initially confirmed the L/C with the same terms, i.e. year after year.
Now the Confirming Bank wants to extend it confirmation only for six months from the c
Extension of Confirmation of Standby LC
Extension of Confirmation of Standby LC
It must seek both issuing bank and beneficiary's acceptance to limit the period of confirmation to six months only.
Regards
Antoine Samaha
Regards
Antoine Samaha