Lesson check0 / 2 answered · 0 correct
Check 1
Does "may add" mean confirmation is already added?
Check 2
Is assignment of proceeds the same as transferring drawing rights?
Confirmation, Transfer, Assignment and Amendments
Keep four commonly mixed ideas separate.
Confirmation
Confirmation is an additional undertaking added by a confirming bank when properly added.
Field 49 can contain confirmation instructions and field 58a can identify a requested confirmation party.
Transferability
Field 48D can indicate that the undertaking is transferable.
Field 39E can provide additional transfer conditions.
Transferability affects drawing rights and should not be assumed from informal marketing language.
Assignment of proceeds
Assignment of proceeds is different from transferring the right to draw under the standby.
A learner should not use the words transfer and assignment as if they were identical.
Amendments
MT767 is the structured SWIFT message used for guarantee / standby amendments.
Changes to expiry, amount, beneficiary, claim wording or other terms must be handled through the proper amendment process.
Delivery of the original
Fields 24E and 24G can deal with delivery or collection of the original undertaking.
Operational delivery is not the same question as who has drawing rights.
Remember thisConfirmation, transfer, assignment and amendment are four different ideas.
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