Amendment of a irrevocal letter of credit

[heinmyathtut]

Dear All,
I am an importer and my supplier and I have been agreed to amend a letter of credit for reducing the quantity and price of goods.
My bank has sent an amendment swift message MT707 to beneficiary bank, but my bank told me they want swift message reply from beneficiary bank to know if they accepted the amendment. Is this swift message reply MT730 and how do i know if they accepted amendment swift.

[picant]

Hi Pal,

Amendment must be accepted by the l/c beneficiary and eventually the confirming bank. Even if the acceptance is required in the amendment message the beneficiary is not obliged to declare it. So, you have to contact the beneficiary requiring its acceptance and probably your bank will receive a message MT799 allowing the reduction of l/c amount due to the changing of quantity and prices of the goods.
Other comments appreciated.
Ciao

[heinmyathtut]

Thank you very much for answer.
So, I have to request beneficiary to instruct his bank to send acceptance swift to my bank for this change?

[picant]

Yes