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02:38 Dec 14, 2010
English to Malay translations [PRO] Bus/Financial - Law: Contract(s) / Letter of credit agreement
English term or phrase:Silent confirmation
Regarding an agreement for letter of credit negotiation. The full term is 'Master Agreement for Negotiation Without Recourse And Silent Confirmation'. Silent confirmation can be simplified as 'When beneficiary needs LC to be confirmed and his bank is unable to confirm an LC since LC does not allow for confirmation (In MT700 tag 49 Confirmation Instruction is marked as ‘WITHOUT’) but beneficiary still insist for confirmation then his bank may add Silent confirmation'