The Meaning Of Communicate On The Credit

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Jaeyoung7
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The Meaning Of Communicate On The Credit

Post by Jaeyoung7 » Wed Mar 05, 2014 9:28 am

Does Communicate in the credit mean "Agree to its nomination" ? like Confirmation ? I mean, If i am a bank, and If i've communicated my express to beneficiary, does it mean i gave the beneficiary my undertaking? such as Honour, Negotiation.

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picant
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Art 12 a

Post by picant » Thu Mar 06, 2014 12:18 pm

Hi Pal,

I think you have to expressly declare that your bank will act as per nomination, and book your undertaking, silent confirmation, p.e.; If you only state in the advice, that your ready to effect all necessary transactions, this an opportunity not an undertaking.
However please indicate the wording you use in advising l/c.
Other comments appreciated
Ciao

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