Silent confirmation

Silent confirmation,

Definition of Silent confirmation:

  1. Arrangement between the beneficiary of a letter of credit (L/C) and the negotiating bank whereby the latter commits to negotiate the L/C on its due date. The L/C must be negotiable or payable by itself so that the negotiating bank (like a confirming bank) may acquire the holder-in-due-course rights. It is not a true confirmation and does not use the word confirmation..

Meaning of Silent confirmation & Silent confirmation Definition