At the request of Bank A, Bank B add its confirmation and advised the L/C to the beneficiary. After certain period of time Bank B's rating was downgraded and beneficiary of the L/C requires confirmation from the 3rd bank.
The L/C is subject to ISP98.
What is the best way to satisfy the beneficiary ?
Shahed
Confirmation of L/C
Confirmation of L/C
Dear Shahed,
With the agreement from Bank B, Bank A issues an amendment:
1) Delete Bank B as the confirming bank as well as the reimbursement instruction including place of presentation and drawee of the draft (if any).
2) Rename Bank C (3rd Bank) as the confirming bank with a new reimbursement instruction, place of presentation and drawee (if any)
3) All future communications including amendment(s) will be sent directly to Bank C as the new advising/confirming bank.
Note: This amendment should be sent to Bank B for further advise through Bank C with its new confirmation advice to the beneficiary.
Regrads,
Albert
With the agreement from Bank B, Bank A issues an amendment:
1) Delete Bank B as the confirming bank as well as the reimbursement instruction including place of presentation and drawee of the draft (if any).
2) Rename Bank C (3rd Bank) as the confirming bank with a new reimbursement instruction, place of presentation and drawee (if any)
3) All future communications including amendment(s) will be sent directly to Bank C as the new advising/confirming bank.
Note: This amendment should be sent to Bank B for further advise through Bank C with its new confirmation advice to the beneficiary.
Regrads,
Albert
Confirmation of L/C
Dear Shahed,
Continue:
In order to ensure bank B may close its file, beneficiary's consent should be obtained, or otherwise, beneficiary may turn around and make a presentation to bank B as per original terms of the LC.
Continue:
In order to ensure bank B may close its file, beneficiary's consent should be obtained, or otherwise, beneficiary may turn around and make a presentation to bank B as per original terms of the LC.
-
AsifMahmoodButt
- Posts: 89
- Joined: Fri Apr 05, 2019 5:21 pm
Confirmation of L/C
Dear,
.
If beneficiary has no account except in bank B, than....? can another bank takes risk to confirm the L/C in beneficiary country.
.
Danish
Mashreqbank Dubai
.
If beneficiary has no account except in bank B, than....? can another bank takes risk to confirm the L/C in beneficiary country.
.
Danish
Mashreqbank Dubai