Urgently required
Posted: Tue Jun 30, 2009 8:59 pm
Dear All,
I have received an advance payment bank guarantee from one of my supplier, however, it is a condition for that APBG to come into force that the corresponding value must be received by supplier.
In order to protect myself I put a condition in the L/C that the dawon payment is payable against presentation of an invoice and a confirmation notice from xxx bank (the guantor) stating that the APBG no.xxxx is into force.
I received a message from the issuing bank that the dawon payment was effected by the confirming bank against presentaion of an invoice and a copy from the same bank guarantee that is in my hand.
Please, help did the confirming bank act according to the LC terms?
Regards,
Ghubshawi
I have received an advance payment bank guarantee from one of my supplier, however, it is a condition for that APBG to come into force that the corresponding value must be received by supplier.
In order to protect myself I put a condition in the L/C that the dawon payment is payable against presentation of an invoice and a confirmation notice from xxx bank (the guantor) stating that the APBG no.xxxx is into force.
I received a message from the issuing bank that the dawon payment was effected by the confirming bank against presentaion of an invoice and a copy from the same bank guarantee that is in my hand.
Please, help did the confirming bank act according to the LC terms?
Regards,
Ghubshawi