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Transfered LC

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Tue, 07/06/2010 - 02:46
Gayathri srinivasan
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Joined: 03/26/2010
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We have transfered the LC at the request of beneficary and transferred the credit

Master LC is confirmed by us as per article 38 g we have transferred the credit including confirmation

now FIrst bene withdrawn the confirmation, please revert whether we need to get second bene consent to cancel the confirmation for master LC

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Tue, 07/06/2010 - 04:57
#1
Abrar
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Joined: 03/12/2009
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transfer confirmation

You have confirmed the master LC and have accordingly transferred the LC which necessarily also bears your confirmation. The first beneficiary cannot unilaterally instruct you to revoke the confirmation, without the agreement of the transferee. So yes, you need transferee's approval.

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Tue, 07/06/2010 - 03:05
#2
pan
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Joined: 09/13/2007
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Confirmation

Hi Friend,

In which way the confirmation by the second beneficiary bank was requested? If confirmation means to reduce Country or Political risk, I dont see any needs to do so.          I think that second beneficiry refused to pay confirmation costs and asked first beneficiary to cancel confirmation. To avoid any disturbance, please, issue an amendement and obtain authorization by the second beneficiary before revoking confirmation.

Other comments appreciated

Ciao

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Tue, 07/06/2010 - 03:18
#3
Gayathri srinivasan
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Joined: 03/26/2010
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Transfered LC

In transferred LC we have not provided mandate to add confirmation , there is no qusetion of second bene paying the confirmation charges

here the case is confirmation charges paid by first bene now he requested to withdraw the confirmation

 

As per UCP 38  we just relayed the confirmation to second bene

 

why we requried second bene consent to withdrawn the confirmation

Since the master LC is confirmed i have communicated the same to sceond bene  

 

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