Beneficiary First Beneficiary may request the bank authorised to pay incur a

Beneficiary first beneficiary may request the bank

This preview shows page 98 - 102 out of 106 pages.

Beneficiary (First Beneficiary) may request the bank authorised to pay, incur a deferred payment undertaking, accept or negotiate (the "Transferring Bank"), or in the case of a freely negotiable Credit, the bank specifically authorised in the Credit as a Transferring Bank, to make the Credit available in whole or in part to one or more other Beneficiary(ies) (Second Beneficiary(ies)).b.A Credit can be transferred only if it is expressly designated as "transferable" by the Issuing Bank. Terms such as "divisible", "fractionable", "assignable", and "transmissible" do not render the Credit transferable. If such terms are used they shall be disregarded.c.The Transferring Bank shall be under no obligation to effect such transfer except to the extent and in the manner expressly consented to by such bank.
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99UCP 600 – Overview of Article 38UCP 600 Article 38Transferable CreditsArticle 38 (b):Transferable credit means a credit that specifically states it is “transferable”. A transferable credit may be made available in whole or in part to another beneficiary (“second beneficiary”) at the request of the beneficiary (“first beneficiary”). Transferring bank means a nominated bank that transfers the credit or, in a credit available with any bank, a bank that is specifically authorized by the issuing bank to transfer and that transfers the credit. An issuing bank may be a transferring bank. Transferred credit means a credit that has been made available by the transferring bank to a second beneficiary.
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100UCP 600 – Overview of Article 38UCP 600 Article 38Transferable CreditsCovered in Article 38 (e). No longer a requirement for “irrevocable” instructions regarding amendmentsCovered in Article 38 (f)Covered in Article 38 (c)UCP 500 Article 48d.At the time of making a request for transfer and prior to transfer of the Credit, the First Beneficiary must irrevocably instruct the Transferring Bank whether or not he retains the right to refuse to allow the Transferring Bank to advise amendments to the Second Beneficiary(ies). If the Transferring Bank consents to the transfer under these conditions, it must, at the time of transfer, advise the Second Beneficiary(ies) of the First Beneficiary's instructions regarding amendments.e.If a Credit is transferred to more than one Second Beneficiary(ies), refusal of an amendment by one or more Second Beneficiary(ies) does not invalidate the acceptance(s) by the other Second Bene-ficiary(ies) with respect to whom the Credit will be amended accordingly. With respect to the Second Beneficiary(ies) who rejected the amendment, the Credit will remain unamended. f.Transferring Bank charges in respect of transfers including commissions, fees, costs or expenses are payable by the First Beneficiary, unless otherwise agreed. If the Transferring Bank agrees to transfer the Credit it shall be under no obligation to effect the transfer until such charges are paid.
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101UCP 600 – Overview of Article 38UCP 600 Article 38Transferable CreditsArticle 1 exclude or modify
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  • Fall '16
  • Dr Ajape
  • Bill of lading, UCP, Nominated Bank

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