Uncategorized CONFIRMATION FEE 2 By Mr Old Man Posted on March 16, 2010 1 min read 0 0 2,657 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUERY FRO JESSS RConfirmation Fee To all forum members, who usually shoulder the confirmation charge if L/C confirmation is required by beneficiary? is it the Applicant or the Beneficiary? Thanks —————————- COMMENTWho to pay for confirmation fee ? It depends on the negotiating position of the beneficiary and the applicant in the underlying transaction, i.e., who needs who more. But normally confirmation fee is for account of the beneficiary as it is the beneficiary that needs such a confirmation. The credit that requires confirmation to be added by the confirming bank should clearly indicate who will pay for the confirmation fee. Best regards, Nguyen Huu Duc …
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?