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Reimbursment undertkaing
Posted: Wed Apr 08, 2009 3:52 pm
by MMM
Hi All
I desire to obtain your professional feedback for reimbursement undertaking:
What is the essential distinct between reimbursement undertaking and confirming bank undertaking?
BR.MM
IMHO
Posted: Fri Apr 10, 2009 4:18 pm
by ok12
Hi,
In my opinion, reimbursement undertaking is an undertaking towards claiming bank whereas confirming bank undertaking is towards any other nominated bank and beneficiary.
Other comments are welcome.
Regards
Reimbursement
Posted: Sat Apr 11, 2009 12:12 am
by nayanrshah
Hi
I agree with ok12.
Regards
Reimbursment undertkaing
Posted: Tue Apr 14, 2009 12:39 pm
by MMM
Hi All
I don't agree with your feedback on account of in all cases this is UNDERTAKING whatever to the beneficiary or the claiming bank.
Hence let me receive your outcome
BR.MM
AM I RIGHT?
Posted: Tue Apr 14, 2009 6:30 pm
by CUNTAO2009
REIMBURSEMENT UNDERTAKING IS EFFECTIVE ONLY THE CLAIMING COMPLY WITH THE TERMS AND CONDITIONS OF REIMB UNDERTAKING AND NOT CONCERNED WITH
THE L/C TERMS AND CONDITIONS.WHILE THE CONFIRMATION IS EFFECTIVE ONLY THE TERMS AND CONDITIONS OF L/C IS COMPLY WITH.THEY ARE DIFFERENT.
comfort to the nominated bank
Posted: Tue Apr 14, 2009 10:29 pm
by heresvijay
Hi,
Incase of reimbursement undertaking, a comfort is given to the nominated/claiming bank who has been asked to confirm the l/c by the issuing bank. The nominated bank has a separate irrevocable undertaking apart from the issuing bank's undertaking. Whereas in confirmation it's not the case.
Your comments are welcome...
I agree with heresvijay
Posted: Thu Apr 23, 2009 6:18 am
by ldt5205
I agree with heresvijay.
A reimbursement undertaking is often requested by the confirming bank.It is just like a LC independant of the underlying transaction.It is irrevocable.Its amendment must be consented by the claiming bank.
a question in this year's CDCS exam
Posted: Thu Apr 23, 2009 7:16 am
by ldt5205
In this year's CDCS exam,there is a question ,which answer is correct and why?
Q:Which documents can be corrected by beneficiary after being noticing of discrepancy presentation?
1.B/L
2.certified invoice
3.legalized invoice
4.a inspection certificate issued by the applicant
this years cdcs exams
Posted: Thu Apr 23, 2009 8:48 am
by ORUNMILA
i think certified invoice, can and is isssued by the beneficiary. the only difference here would be that he-the beneficiary would certify that all information and data are correct and true.
i wil like to laearn from a contrary opinion. :idea:
2
Posted: Thu Apr 23, 2009 10:20 am
by wongvv
Hi !
1 & 4 issued by 3rd party
3 legalized by 3rd party, eg. chamber of commerce
2 issued by beneficiary and usually certified true and correct by beneficiary themselves
Therefore ans is 2.
V.V.