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Introduction
By adding confirmation to an export documentary credit, our bank is undertaking to effect payment to the exporter (beneficiary) should the issuing bank fails to pay, provided compliance documents are presented by the exporter.
There are two types of confirmation: open confirmation (at the request of the issuing bank) or silent confirmation (at the request of the beneficiary but without the knowledge of the issuing bank).
Benefits to exporter
1) Mitigate issuing bank’s credit risk and associated country risk.
2) Payment guarantee from both the issuing bank and the confirming bank.
Application Requirements
1) Exporter (beneficiary) must maintain a banking account with us.
2) Exporter has a good track record in the related business or trade covered under the documentary credit.
3) LC issuing bank is a reputable international bank with bank line available from our Head Office.
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