The Negotiating Bank Is Authorized To Reimburse Itself
Posted: Wed May 10, 2017 3:11 pm
dear experts please provide me what is the meaning of the below clause in bank to bank LC
FEILD 78: INSTRUCTION TO PAYING/ACCEPTING/NEGOTING BANK:
AS PER ISSUING BANK QUOTE
THE NEGOTIATING BANK IS AUTHORIZED TO REIMBURSE ITSELF WITH OUR ACCOUNT HELD WITH THE REIMBURSING BANK STATED UNDER FEILD 53 A TO THE EXTENT OF USD 1000 BY ADVISING TO US BEFORE THREE BANK WORKING DAYS
PLEASE COMMENTS
FEILD 78: INSTRUCTION TO PAYING/ACCEPTING/NEGOTING BANK:
AS PER ISSUING BANK QUOTE
THE NEGOTIATING BANK IS AUTHORIZED TO REIMBURSE ITSELF WITH OUR ACCOUNT HELD WITH THE REIMBURSING BANK STATED UNDER FEILD 53 A TO THE EXTENT OF USD 1000 BY ADVISING TO US BEFORE THREE BANK WORKING DAYS
PLEASE COMMENTS