Raama (Director) 05 June 2011
A> BUYER / B > IST BENEFICIARY / C > 2ND BENEFICIARY
A hv rcvd an Irrevocable , Transfer L/c at sight from my priicipal from France.and hv transferred to another supplier B in Bangladesh . Now the Supplier is asking for some amendments which are not possible or difficult. My delivery schdeule is getting eaffected. Can I revoke thos trasfer and retransfer to another vendor C who is ready to make the goods and ship immediately????
pls explain
sanjay kumar (BE/ LLM in Corporate Laws) 06 June 2011
Question is tricky and only the Bank which has issued the LC can reply it properly.
LCs are both revocable and irrevocable. An Irrevocable LC cannot be revoked by the Purchaser, however amendments can be carried out if the seller desires some amendments. If the LC transferred by you was irrevocable, then you cant revoke the LC but amendments can be carried out. But if the LC was revocable, then you can refuse the amendments and transfer the LC to other beneficiary.
But better consult your Bank before you do it.
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