The bank which ,at the request of the Issuing Bank, adds its confirmation to the Letter of Credit. In doing so, the Confirming Bank undertakes to make payment to the Exporter upon presentation of documents under the Letter of Credit assuming all terms and conditions of the Letter of Credit have been met.
A bank which engages to honor a letter of credit issued by another, or engages that such letter of credit will be honored by the issuer or by a third bank.
Bank that has added its confirmation to a letter of credit. This term is also sometimes used loosely to refer to a bank that has issued a commitment to purchase letter of credit documents without recourse, a practice called "silent confirmation."
a bank, usually in the beneficiary's country which adds its undertaking to pay in addition to that given by the issuing bank
a bank which promises that it will honor a letter of credit issued by another bank, and becomes directly obligated to the beneficiary, as though it had issued the letter of credit itself
banking) In letter of credit transactions, the bank that assumes responsibility to the seller (usually exporter) for payment from the issuing bank (buyer's bank).
In a transaction involving a letter of credit (L/C), the confirming bank is a bank that promises to honour the payment to the beneficiary on behalf of the issuing bank, subject to the terms of the L/C.
The bank that adds its confirmation to another bank's (the issuing bank's) letter of credit and promises to pay the beneficiary upon presentation of documents specified in the letter of credit.
The bank which adds its 'confirmation' (or irrevocable undertaking to pay) to that of the issuing bank. If no confirmation is added then Documentary Credit is unconfirmed.
Bank that adds its payment undertaking to a letter of credit. Also see confirmed letter of credit.
A letter of credit term referring to the bank which has confirmed a letter of credit. See "Confirmed documentary Credit."
A bank which adds its own undertaking to that of the issuing bank. The confirming bank is usually the advising bank.
A bank which adds its Confirmation to a Letter of Credit.
