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dear all,

i am having some difficulties in understanding transferable credit operation. please help.

1. UCP says that a issuing bank may be a transferring bank. is it in addition to a nominated transferring bank? if yes, then rest of the questions are -
2. a letter of credit is confirmed by the transferring bank. if the issuing bank transfer the credit, does the second beneficiary enjoys the protection of the confirmation?
3. a letter of credit is confirmed by the transferring bank. if the issuing bank wants to transfer the credit, does it need to reach an agreement with the confirming bank?

waiting for your help. exam is knocking at the door!

re transferable credit:
i suppose the issuing bank is not an addition to the transferring bank

If the L/c is transferable, The issuing bank must specify or nominate the name of the transferring bank incase that bank do not elect to transfer the L/c the bnfys may revert back to opening bank for transfer. The issuing bank has no obligation to transfer unless expressly agreed thereto.

Hope you may find all answers to your question in this reply.

well answered dear shameer

Answers are Yes for the three questions in my opinion. But the situation you supposed is a little bit wield. I can not imagine when will these situation happen.