A STAND BY LETTER OF CREDIT WITH OUT BANK ACCOUNT

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SANUSILAMIN
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A STAND BY LETTER OF CREDIT WITH OUT BANK ACCOUNT

Post by SANUSILAMIN » Thu Jun 09, 2022 7:36 pm

Dear experts,
The vendor offers issuing stand by letter of credit by bank to cover an advance payment and the buyer doesn't have bank account with it ?
the said bank is at the same buyer's country can I accept it or not ?
please send your replies ASAP
Many thanks and Regards
Humble accountant
09/06/2022

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picant
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Re: A STAND BY LETTER OF CREDIT WITH OUT BANK ACCOUNT

Post by picant » Thu Jun 09, 2022 10:55 pm

Hi Pal,

as buyer, having paid the advance, I'd prefer to have an advance payment bond transmitted via my bank.
by the issuing bank, this does not mean that my bank will pay my claim, but only certify the issuer undertaking. Naturally the APB beneficiary must consider the issuing bank trustworthy.
Other comments appreciated. Ciao

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SANUSILAMIN
Posts: 38
Joined: Mon Sep 11, 2017 2:47 pm
First Name: ALSUNOUSI
Last Name: LAMEEN
Organization: NOC, LIBYA
Filter: Two Plus Two =: 4
Location: LIBYA

Re: A STAND BY LETTER OF CREDIT WITH OUT BANK ACCOUNT

Post by SANUSILAMIN » Fri Jun 10, 2022 8:34 pm

DEAR PICANT
I APPRECIATE YOUR ADVISE I AM GOING TO REFUSE THE APB VIA THE BANK I DON'T HAVE BANK ACCOUNT WITH IT .
MANY THANKS

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