“KOREAN – STYLE” CONFIRMED LETTERS OF CREDIT For your information about the practice of adding confirmation to L/Cs at KEB, please find attached below Mr. Old Man’s discussion with Thomas Soong from KEB. Hope it’s informative and useful. ——– Dear Huu Duc, At present, when we confirm an LC, we have a side agreement with the beneficiary to enable us to exercise recourse if payment is not … Read More
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?