An irrevocable Letter of Credit can be either confirmed or unconfirmed. In a confirmed Letter of Credit, the issuing bank (representing the buyer) agrees independently to the buyer’s commitments to.
26/05/2019 · Confirmed Letter Of Credit: A confirmed letter of credit is a second guarantee, in addition to a letter of credit, that commits to payment of the letter of credit. A confirmed letter of credit is.
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Although a letter of credit on its face is an irrevocable written obligation from a Bank to fulfil an obligation, it is a misconception to assume that a Bank issuing a Letter of Credit is giving you an ironclad guarantee of payment as although the whole function of a Letter of Credit is to honour an underlying contractual agreement, there are many potential pitfalls for those entering into a.
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Confirmed and Unconfirmed Letter of Credit. Exporter and importer remain in different countries. Exporter may not be aware of the standing of the issuing bank. In such cases, exporter may insist that the local bank should add confirmation to the credit opened. Normally, importer would not be willing to add confirmation to the credit as it involves additional commission of the confirming bank.