Reimbursment undertkaing

MMM · Post by **MMM** » Wed Apr 08, 2009 3:52 pm

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

ok12 · Post by **ok12** » Fri Apr 10, 2009 4:18 pm

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

nayanrshah · Post by **nayanrshah** » Sat Apr 11, 2009 12:12 am

Hi

I agree with ok12.

Regards

MMM · Post by **MMM** » Tue Apr 14, 2009 12:39 pm

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

CUNTAO2009 · Post by **CUNTAO2009** » Tue Apr 14, 2009 6:30 pm

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.

heresvijay · Post by **heresvijay** » Tue Apr 14, 2009 10:29 pm

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...

ldt5205 · Post by **ldt5205** » Thu Apr 23, 2009 6:18 am

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.

ldt5205 · Post by **ldt5205** » Thu Apr 23, 2009 7:16 am

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

ORUNMILA · Post by **ORUNMILA** » Thu Apr 23, 2009 8:48 am

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:

wongvv · Post by **wongvv** » Thu Apr 23, 2009 10:20 am

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.