How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37951
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
10097515
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

Our letter of credit has been rejected by the beneficiary bank.

Resolved Question:

Our letter of credit has been rejected by the beneficiary bank. The issuing bank then made amendments and had it confirmed by their USA corespondent. Will the beneficiary bank re evaluate the LC based on new amendments, or since they rejected the LC will the issuer have to open a new LC.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 5 years ago.
The beneficiary bank will reevaluate the new amendments. There is no reason to reinvent the wheel, just because the original LC was rejected.

Hope this helps.

NOTICE: My goal here is to educate others about the law. I am always available to answering your follow-up questions after you click Accept – however, if you do not click Accept, the website gets paid, and I receive nothing. This is true, even if you are on a subscription plan. So please click Accept, so that I will be able to continue to provide this service for others in the future.

socrateaser and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions