Dear Friends,
Hope all is well,
I am curious about how to secure myself with the seller via an assignment/letter of proceeds not issued by the issuing bank on the confirmed LC.
Can the beneficiary assign to a third party a letter of proceed to the receiving bank after receiving the confirmed LC?
Thank you
Assignment / Letter Of Proceeds Not Issued By Issuing Bank
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Sam70
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abelhoci
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Assignment /letter of proceeds
The assignment of proceeds are assigned via the advising bank /nominated bank/confirming bank to the manufacturer .
The rights of the assignee (that is you) are subject to:
The existence of any net proceeds
Any other rights or interests that may have priority under applicable law
Although UCP 600 did not elaborate on the assignment of proceeds but it’s thoroughly explained by ISP98
The rights of the assignee (that is you) are subject to:
The existence of any net proceeds
Any other rights or interests that may have priority under applicable law
Although UCP 600 did not elaborate on the assignment of proceeds but it’s thoroughly explained by ISP98