ICC Digital Library Forum

Advised an amendment to the beneficiary, and asking its acceptance.

Do we need the beneficiary's signature to be authenticated by the beneficiary's banker ? Any ICC opinion in this regard ?

Shahed

Each bank is different on this and must follow its own procedure. Some banks will accept an e-mail, some any signature (since banks do not have to authenticate signatures), unsigned acceptance on letterhead documents, SWIFT messages, phone acceptance, etc. UCP asks only that the beneficiary "communicate its acceptance".

While examination of a presentation is made on its face, beneficiary consent means actual consent, something to be proven if later challenged. That is why banks have different procedures for different circumstances and why they try to get an OK from the applicant before acting on an apparent beneficiary consent.

Regards, Jim Barnes

The signature must legally bound the beneficiary in the relationship
bank-client. Otherwise, if amendment's acceptance is signed by a person that is not legally entitled to sign, beneficiary can claim at any moment (if something goes wrong with the l/c and/or commercial contract and/or shipment of goods) that never gave its acceptance for that amendment.
My best wishes,
Bogdan