Mr Old Man Payment Q&A CAN THE FIRST BENEFICIARY REQUEST TO TRANSFER THE LC FOR AN AMOUNT LOWER THE ORIGINAL AMOUNT? By Mr Old Man Posted on December 25, 2024 1 min read 0 0 222 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr Nga Nguyen, the cyclist who completed the most ascents of Monkey Mountain with 300 ascents in 2024 QUESTION Hi Mr. Old Man. I would like to seek your professional opinion. Master LC amount USD770,000 47a show invoice amount USD1,070,000，USD770,000 paid by LC，USD300,000 prepayment. First beneficiary request transfer LC, transferred LC amount USD720,000 47a show invoice USD800,000，USD720,000 paid by LC，USD80,000 prepayment. Can the advising bank accept the first beneficiary ‘s request? Thanks!! Kevin — ANSWER Hi, According to sub-article 38 (g), the transferred LC may show the transferred amount and any unit price therein lower than the original LC. When the second beneficiary presents the documents, the first beneficiary will substitute its own invoice and draft (if any) for those of the second beneficiary for an amount not in excess of that stipulated in the original LC. In my opinion, the transferring bank can accept the first beneficiary’s request. Best regards, Mr. Old Man