Uncategorized CORRECTION AUTHENTICATION By Mr Old Man Posted on June 18, 2014 2 min read 0 0 2,221 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUESTION Dear Mr. Old Man, I would like to hear your explanation of paragraph A7(a)(ii), which says “…Such authentication is to indicate the name of the entity authenticating the correction either by use of a stamp incorporating its name, or by the addition of the name of the authenticating entity accompanied by its signature or initials”. I wonder whether only a stamp incorporating the name of the authenticating entity is OK or whether in addition to the stamp incorporating its name, the authenticating entity must write its name and sign or initial. Thank you in advance. Best regards, Mr. Old Man ————- ANSWER Hi, The correlative conjunction “either … or” is used to offer a choice between two options. So, paragraph A7(a)(ii) allows the correction authenticating entity to choose one of the two options of authentication as follows: 1) to indicate its name by using a stamp incorporating its name. OR 2) to indicate its name by writing its name accompanied its signature or initials. It should also be acceptable if the authenticating entity uses both options of authentication in paragraph A7(a)(ii). Kind regards, Mr. Old Man
WHETHER THE ISSUING BANK CAN PREPAY OR PURCHASE ITS OWN ACCEPTED DRAFT OR ITS OWN DEFERRED PAYMENT UNDERTAKING
WHETHER THE ISSUING BANK CAN PREPAY OR PURCHASE ITS OWN ACCEPTED DRAFT OR ITS OWN DEFERRED PAYMENT UNDERTAKING