WHETHER THE ISSUING BANK CAN PREPAY OR PURCHASE ITS OWN ACCEPTED DRAFT OR ITS OWN DEFERRED PAYMENT UNDERTAKING QUESTION Dear Mr. Old Man, Hope this mail finds you well. I have a question that needs your expertise clarification: Can the issuing bank prepay or purchase its own accepted draft or its own deferred payment undertaking under UCP 600 sub-article 12(b)? Thank you. Frank —— ANSWER Hi Frank, UCP 600 Article 12(b) permits a nominated bank that has accepted … Read More
THE TERMS PREPAY AND PURCHASE QUERY FROM MEHDIK ON THE TERMS “PREPAY” AND “PURCHASE” Dear all What are differences between prepay and purchase of a accepted draft or a deferred payment undertaking under sub-article 12 b of UCP 600 ? I would be highly appreciated if you give a good example in this regrds.Regards ——————————– ANSWER FROM MR. OLD MAN Prepay and purchase Hi, It … Read More