Amending a beneficiary in letter of credit
Posted: Sun Oct 21, 2018 12:35 am
Hi guys,
I am new to this forum so hope everyone's well..
I have opened a LC for a vehicle to the exporter who holds an account in Metro Bank UK and the LC is advised to him through Standard Chartered bank UK. Currently he is not in a position to supply me that car so I have found another exporter who has the same vehicle.
I need to amend the beneficiary without having to cancel and reissue a new LC as the rules for new LC for vehicles have changed drastically in Sri Lanka.
Can someone tell me how this could be done provided I obtain a letter from the original beneficiary stating his full consent to amend the beneficiary along with the new vehicle's price etc?
LC is under the Latest rules of UCP and is irrevocable.
Thank you very much in advance!
I am new to this forum so hope everyone's well..
I have opened a LC for a vehicle to the exporter who holds an account in Metro Bank UK and the LC is advised to him through Standard Chartered bank UK. Currently he is not in a position to supply me that car so I have found another exporter who has the same vehicle.
I need to amend the beneficiary without having to cancel and reissue a new LC as the rules for new LC for vehicles have changed drastically in Sri Lanka.
Can someone tell me how this could be done provided I obtain a letter from the original beneficiary stating his full consent to amend the beneficiary along with the new vehicle's price etc?
LC is under the Latest rules of UCP and is irrevocable.
Thank you very much in advance!