Hi!
if an issuing bank acknowledge as assignment of proceed by the beneficiary, is it bound to pay the assignee or can the issuing bank make payment to the beneficiary instead?
is acknowledgement of assignment of proceed revocable
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jabra
- Posts: 62
- Joined: Sat Dec 06, 2008 5:39 pm
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Depends on
Dear Pal,
in with the term Acknowledgement of assignment of procceds you mean the letter that a bank writes to assignee stating having received order to pay a certain amount when the l/c will be paid, revocability or irrevocability will depend on the wording of such letter.
Normally it is indicate that : this mandate will not be revoked or amended without the consent of assignee.
Other comments appreciated
Ciao
in with the term Acknowledgement of assignment of procceds you mean the letter that a bank writes to assignee stating having received order to pay a certain amount when the l/c will be paid, revocability or irrevocability will depend on the wording of such letter.
Normally it is indicate that : this mandate will not be revoked or amended without the consent of assignee.
Other comments appreciated
Ciao