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LC irevocable with adding our confirmation

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Mon, 04/19/2010 - 07:54
maggie
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Joined: 04/19/2010
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Dear All

We are an exporter and we got an LC from customer. In term 0f 40B, it marked LC irrevocable adding our confirmation. But in another hand, term 49: it is without. So, is it this LC meaning? And is it risk of payment by application bank.

I wish to have your guys advice for the same with great thanks.

MG.

 

 

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Wed, 09/15/2010 - 20:38
#1
xinlala
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Mon, 04/19/2010 - 09:12
#2
Abrar
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Joined: 03/12/2009
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MT710

I suspect what you have been forwarded is the advice of a third bank's LC advice, in a SWIFT format (MT710- look along the top). 

This would indicate that the sending bank has added its confirmation as per information in Field 40B, but as per Field 49 the sending bank is instructing the receiving bank not to add further confirmation.

If you examine Field 52A, you will see the name of the issuing bank. This is the bank which is instructing the bank identified as "Sender" to add its confirmation before sending on to the bank identified as "Receiver".

If compliant documents are presented to the bank identified as "Sender", then payment will be made without recourse, by such bank.

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