AboutRichard Barr Expertise My professional expertise is International Banking, concentrating on the areas of Money Transfers/Payment Systems and Int`l Trade Finance. Due to the high amount of travel my job requires, I am competent to give information concerning "Business Travel" as well.
Experience I have over 18 years of combined Banking/Trade Finance experience. Spreading over 4 continents. Having spent 5 years at Wells Fargo Bank provided me with a solid background in banking. After that, I moved to Israel and worked in Import/Export for 3 Years. Followed by another year as the resident expert in trade finance for the Jerusalem region of a medium sized bank. Capitalizing on my proficiency, I moved into the high-tech world where I remain today as a Business Analyst/Project Manager/Consultant for Payment Systems and Operations Risk.
Education/Credentials Certificate in Speech Communications, AA in General Business. Both from Mission College, Santa Clara - California. BS in Int''l Business/Bus. Admin. From San Jose State University, San Jose - California
I have a client who is in process of opening L/C for 2 used Cranes. It is now 2 months he said L/C is just going to ready but unfortunately I don't have one of crane, and sold it since I need money. I have offered an other similar crane but bit more which client accepted. Client also asked to supply small cranes, so total now 3 cranes. I asked client to send him new Proforma invoice, he said don't do it as it will take again one month to get approve from his finance so lets wait for opening L/C on old proforma invoice and he is ready to include ammendment in L/C that part shipment and part payment allowed. I don't know how this could be possible as only 1 crane would match old proforma invoice while 2 are new. Is this possible that L/C opened on old proforma invoice which has 2 cranes and different value, and then client amend the proforma invoice stating 1 old and 2 other cranes with new value? Remember both qty and value changed. Please advice me what condition I ask my client to put in L/C to avoid restarting the L/C process (like getting new approvals etc.). Thanks in advance for your detail explanation.
Answer Yes, an amendment to the "old" L/C could be done but he'd have to amend the L/C for the complete changes in product being delivered. A mere change of payment terms would be insufficient in my opinion. I'd want a new L/C to protect myself as much as possible. Of course I'm not relying on the crane sales for my income but you are so also speak to your bank about this.
