WHICH PARTY WILL PAY CONFIRMATION FEES? QUESTION Dear Old Man, Please guide: Scenario: – LC issued MT-700 by MCBLMUMUXXX MAURITIUS – LC received and transmitted by BOMLAEADFTC UAE to BAFL-India MT-710 – LC requested and confirmed by BOMLAEADFTC UAE – All charges outside (ALL LOCAL AND FOREIGN WHETHER WITHIN OR OUTSIDE IS ACCOUNT OF APPLICANT) – Available by BOMLAEADFTC UAE Payment – 1st confirming bank BOMLAEADFTC … Read More
CONFIRMATION FEE QUERY FROM ELIE Claiming confirmation fee from issuing bank An issuing bank authorizing the advising / negotiating bank to add its confirmation on an L/C, refuses to honor the confirmation fee when requested by the advising bank upon notifying the L/C to the beneficiary. The L/C terms stipulate that confirmation fee is on applicant's account. The issuing bank’s reason for … Read More