QUESTION Dear Mr. Old Man, At the request and for account of ABC Co., Ltd (applicant), our bank has issued a deferred payment LC advised through Bank of China. Now at the request of the beneficiary, the applicant asks requests our bank to add the following provision in Field 47A: “WELLS FARGO BANK, N.A IS AUTHORIZED TO DISCOUNT OUR DEFERRED …
AUTHORIZATION FOR DISCOUNT OF DEFERRED PAYMENT UNDERTAKING
Mr Old Man: Dear Kathryn, Thank you for your interesting question. First, banks do not conce...