Beneficiary's Acceptance/rejection to Original Credit

[mijanlt23004]

As per article 10 of UCP 600 Beneficiary's acceptance to amendment required to bind the beneficiary to that amendment (whether it is by the notification or by presentation of documents as accordingly to the amendment.)
Now consider Article -1 ...........binding in all parties there to............. as the beneficiary a party of the credit. When he bind to act as beneficiary? Any notification is required or not? If the Beneficiary does not reject the credit nor accept the same after advising how he bind to that credit?
Please comments on it.

[picant]

Hi Pal,

beneficiary will bind by the conditions of the l/c if it will decide to avail it.
The advising bank will terminate its duty in informing the beneficiary, this one had already signed a contract that states
its duties, but this issue is outside the l/c.
Other comments appreciated
Ciao

[harlanadinata]

Dear Picant,
.
As described in UCP 600 art 10 c, a presentation that complies with the credit and to any not yet accepted amendment will be deemed to be notification of acceptance by the beneficiary of such amendment..
.
Therefore, the beneficiary may not give any sign of acceptance about the amendment, and the issuing bank/nominated bank simply determine from the presented documents, whether as per original lc terms, or as per amended lc terms.
.
Hope this will help.

[mano]

hello

the main issue is that if the bene. accepted the credit eveny by starting an action like shipping, benef. must follow and comoply with its terms, henve the term of binding.

you can notice that benef. can select not to act and let the credit elapse without any obligation

when the credit amended and benef. accepted it by any means it became an integral part of the credit and binding if the benef. decided to act according credit

Regards
A.rabie