Home » Amendment or Cancellation of a Reimbursement Authorization

Amendment or Cancellation of a Reimbursement Authorization

But where the issuing bank has approved or asked for the repaying bank to issue a repayment undertaking as gave in article 9, and the repaying bank has issued a repayment undertaking:

  1. the issuing bank may issue a repayment correction or scratch off a repayment approval whenever after sending notification to that impact to the repaying bank.
  2. the issuing bank must send notice of any correction to a repayment approval that affects the repayment guidelines contained in the credit to the assigned bank or, on account of a uninhibitedly accessible credit, the exhorting bank. If there should be an occurrence of cancelation of the repayment approval before expiry of the credit, the issuing bank must give the selected bank or the prompting manage an account with new repayment directions.
  3. the issuing bank must repay the repaying bank for any repayment claims regarded or draft acknowledged by the repaying bank preceding the receipt by it of a notice of cancelation or repayment change.
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