Confirmation of Transfer LC
Posted: Sun Sep 13, 2009 7:55 pm
Can a bank add confirmation to the transferred DC at the request of 2nd beneficiary when the 1st bene does not insist on confirmation to the transfer DC ?
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My opinion:Where Transferring bank is a confirming bank of a transferred credit:
Despite theoretically , I personally think that it is possible. but it is very tough to materialized because of limited stipulated time frame, upcoming amendment, substitution etc. Hence, I will not go for it.Where confirmation is done by a bank other than transferring bank
therefore any confirmation by the transferring bank, no matter whether the first beneficiary agrees or not, would be outside the scope of this LC and will more closely be related to silent confirmation which purely depend on the banker customer relation.Confirming bank means the bank that adds its confirmation to a credit upon the issuing bank’s authorization or request.