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To Amend a Letter of Credit

Click on the + sign to get more information about amending Letter of Credits.

The following list describes the L/C fields for existing L/C deals:

· Reference Number - a unique deal number specified at issuance (Establish New L/C). The reference number and deal number are specified at issuance and, therefore, cannot be modified at this stage.

· Amount - the value of the goods.

· Currency - the currency in which the L/C amount is expressed.

· Deal Number - a unique deal number specified by your bank. This field cannot be modified in the Amend stage of the application.

· Send L/C By - Specifies by which mode of transmission the L/C is to be sent to the advising bank. Methods are set by the Bank. Methods may include: airmail, courier, mail, SWIFT, telex etc. This field is protected and cannot be amended.

· Receive Documents By - Specifies by which mode the relevant documents are to be sent to the issuing bank by the negotiating bank. Select a mode of transmission for documents receipt from the drop-down list and enter it into the General Information section of the application. This field is protected and cannot be modified in the Amend stage.

· L/C Type - Specifies the type of L/C. This field is also protected and cannot be modified in the Amend stage. Deal types include

· Back to Back L/C - A secondary letter of credit issued to a beneficiary on the strength of a primary credit.

· Transferable L/C - A Letter of Credit that can be transferred to a secondary beneficiary.

· Normal Import L/C - A Regular L/C

· Standby L/C - A L/C that acts as a guarantee and may not ever be utelized. If the applicant purchases items on clean payment and defaults, the beneficiary may then receive payment.

· Amount Terms - Specifies whether the terms of payment must be exact or can vary. Valid payment terms include:

· About - Documents presented may vary from the L/C amount by a deviation of plus or minus 10% (UCP 500, Article 39a).

· Exactly - The value of the documents must conform exactly to the amount of the L/C.

· Not Exceeding - The value of the documents may not exceed the L/C amount. However, the value can be up to 5% less than the amount, unless the credit states the quantity in terms of a stated number of packing units or individual items (UCP 500, Article 39b).

· Vary Amount/Percentage - Vary the payment terms according to the upper and lower percentages specified in the Varied Amount % fields or the varied amount sum stated in the Varied Amount Sum field.

· Up To - Permits any value up to and including the amount listed.

· Maximum - Limits the amount to one value. This is the maximum amount allowed, but the amount must be used in its entirety.

· Varied Amount Sum - The amount by which the documents may vary from the L/C amount (when the terms are varied).

· Varied Amount % - The percentage variation by which the documents may vary from the L/C amount (in the situation that the terms are varied). For example, +12% or -7%.

· Varied Quantity % - A percentage variance in respect of the goods to be shipped (if relevant).

Select the amount terms from the drop-down list and enter this choice in the application form. If the terms are varied, enter the Varied Amount Sum, or Varied Amount Percentage. If relevant, enter the Varied Quantity Percentage.

· Expiry Date - Specifies the date the L/C expires. Once the date has passed, no additional documents may be presented by the beneficiary. Enter the L/C Expiry Date to which the expiry date applies to the L/C application form.

· Country - The country in which the L/C expires is important to the beneficiary since this will effect the time available to present the required documents for payment.

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