Home » Issuance and Receipt of a Reimbursement Authorization or Reimbursement Amendment

Issuance and Receipt of a Reimbursement Authorization or Reimbursement Amendment

  1. All repayment approvals and repayment revisions must be issued as a validated teletransmission or a marked letter. At the point when a credit or alteration thereto which affects the repayment

approval is issued by teletransmission, the issuing bank ought to prompt its repayment approval or repayment correction to the repaying bank by confirmed teletransmission. The teletransmission will be considered the agent repayment approval or repayment correction, and any ensuing mail affirmation might be slighted.

  1. An issuing bank must not send to a repaying bank:
  2. a duplicate of the credit or any part thereof, or a duplicate of a revision to the credit set up of or notwithstanding the repayment approval or repayment change. In the event that such duplicates are gotten by the repaying bank, they should be slighted.
  3. different repayment approvals under one teletransmission or letter, unless explicitly consented to by the repaying bank.
  4. An issuing bank might not require a declaration of consistence with the terms and states of the credit in the repayment approval.
  5. A repayment approval must (notwithstanding the necessity of article

1 for joining of reference to these standards) express the accompanying:

  1. credit number;
  2. money and sum;

iii. extra sums payable and resistance, assuming any;

  1. asserting bank or, on account of an unreservedly accessible credit, that cases can be made by any bank. Without any such sign, the repaying bank is approved to pay any asserting bank;
  2. parties in charge of charges (asserting bank’s and repaying bank’s charges) as per article 16 of these tenets.

A repayment revision must state just the relative changes to the above and the credit number.

  1. In the event that the repaying bank is asked for to acknowledge and pay a period draft, the repayment approval must show the accompanying, notwithstanding the data indicated in (d) above:
  2. tenor of draft to be drawn;
  3. cabinet;

iii. party in charge of acknowledgment and rebate charges, assuming any. A repayment revision must express the relative changes to the above. An issuing bank ought not require a sight draft to be drawn on the repaying bank.

  1. Any necessity for:
  2. pre-warning of a repayment claim to the issuing bank must be incorporated into the credit and not in the repayment approval.
  3. pre-charge warning to the issuing bank must be shown in the credit.
  4. In the event that the repaying bank isn’t set up to represent any reason at all under the repayment approval or repayment change, it should so illuminate the issuing bank immediately.
  5. Notwithstanding the arrangements of articles 3 and 4, the repaying bank isn’t in charge of the outcomes coming about because of non-repayment or postponement in repayment of repayment claims when any arrangement contained in this article isn’t trailed by the issuing bank or asserting bank.
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