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Silent confirmation

English translation: Confidential Confirmation

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Silent Confirmation
Selected answer:Confidential Confirmation
Entered by: Oscar Rompis

22:24 Jul 17, 2002
English language (monolingual) [PRO]
Bus/Financial - Finance (general) / Banking
English term or phrase: Silent confirmation
Current possibility: L/C at sight / Silent confirmation from HSBC Bank in Hongkong covering 100% of supply / transferable.
"Silent confirmation" what is this stand for? First time I heard, thks.
Oscar Rompis
United States
Local time: 16:52
silent [or, secret, or unofficial] confirmation
Explanation:
Here is a banking term website that explains the term:

http://www.londontrade.co.uk/terms/s.shtml

SILENT CONFIRMATION OF LETTERS OF CREDIT
A bank or other party which it is not a party to an L/C confirms to the Beneficiary of that L/C that it will pay if conforming documents are presented to the bank issuing the L/C. The Issuing Bank will not be aware of this arrangement.

Luck!
terry
Selected response from:

Terry Burgess
Mexico
Local time: 17:52
Grading comment
Thank you so much, Terry.
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
4 +2confidential confirmation
Chinoise
5silent [or, secret, or unofficial] confirmation
Terry Burgess
4See explanation
Kim Metzger


  

Answers


2 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
confidential confirmation


Explanation:
confidential confirmation

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Note added at 2002-07-17 22:46:29 (GMT)
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I am saying so because in Chinese(same as Canatonese in the written form), there is a word \"mo4ren4\", which literally is equal to \"silent+confirmation\". So, it is inferred that this could be the orgin of the expression \"Silent confirmation\" used here. If you can find it out that the author of this document is a non-native English speaker, but a native speaker of Chinese, I will be more confident to say \"Silent confirmation\" here means \"acquiescence\", which in Chinese means \"silent confirmation(\"ĬÈÏmo4ren4\").

Actually, I am already 100% confident, since I had been living in China for 30 years and teaching ESL there for 7 years.I know what a typical \"Chingnish(Chinese English)\" example is!

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Note added at 2002-07-17 23:00:25 (GMT)
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Moreover, \"Ĭmo4\" in Chinese literally means \"silent\", but its implied meaning is \"confidential, secret, etc\". That\'s why I put \"confidential\" here.\"ÈÏren4\" means, of course, \"confirmation\".

Chinoise
Local time: 20:52
Works in field
Native speaker of: Native in ChineseChinese

Peer comments on this answer (and responses from the answerer)
agree  Terry Burgess: I like "confidential". Confidentially, I never thought of that one:-)))
10 mins
  -> Interesting, isn't it? My former students always said it in that way.
neutral  cheungmo: Would this be "confirmation in confidence", i.e. "without telling anyone"?
35 mins
  -> No, "confidence" is totally different from "being confidential". Precisely, this expression means "confirmation in secret and silence".See above.
agree  Enza Longo
58 mins
  -> Thanks a lot!
Login to enter a peer comment (or grade)

3 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
See explanation


Explanation:
Silent Confirmation
In a silent confirmation of a letter of credit, the opening bank has no knowledge of the confirmation, which is not subject to the terms of UCP. The \"confirming\" bank agrees to pay if the opening bank does not pay within a specified period from due date. This is appropriate for sight or tenor letter of credit


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Note added at 2002-07-17 22:30:15 (GMT)
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Another definition:
Confirmations cannot originate as special or side agreements between the LC beneficiary and the advising bank. Although attempts are sometimes made to do the latter (frequently known as Silent Confirmations), such arrangements are not true confirmations since they have not been effected under the authority of the issuing bank.



    Reference: http://www.aon.com/uk/en/busi/export_advice/glossary.jsp
Kim Metzger
Mexico
Local time: 17:52
Native speaker of: Native in EnglishEnglish
PRO pts in category: 16
Login to enter a peer comment (or grade)

9 mins   confidence: Answerer confidence 5/5
silent [or, secret, or unofficial] confirmation


Explanation:
Here is a banking term website that explains the term:

http://www.londontrade.co.uk/terms/s.shtml

SILENT CONFIRMATION OF LETTERS OF CREDIT
A bank or other party which it is not a party to an L/C confirms to the Beneficiary of that L/C that it will pay if conforming documents are presented to the bank issuing the L/C. The Issuing Bank will not be aware of this arrangement.

Luck!
terry



    Above
Terry Burgess
Mexico
Local time: 17:52
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 12
Grading comment
Thank you so much, Terry.
Login to enter a peer comment (or grade)



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