Page 1 of 1
The Meaning Of Communicate On The Credit
Posted: Wed Mar 05, 2014 9:28 am
by Jaeyoung7
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.
Art 12 a
Posted: Thu Mar 06, 2014 12:18 pm
by picant
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