This business sector is used to advise the beneficiary of the L/C (with and without confirmation) that the L/C has been received. If the L/C is confirmed, or a promise to pay has been issued, this represents an autonomous obligation on the part of the confirming bank. Correspondingly, it is necessary for the bank to have sufficient limits in place. Opening a counter L/C (requiring the Import L/C business sector to be installed) represents a further autonomous obligation (this time on the part of the opening bank) initiated by the beneficiary of the Export L/C which forms the basis for the counter L/C.
The MyModelbank contains several contracts at various stages of processing which provide examples of the contingent variations. The relevant transactions have then been processed in full to illustrate the methods of working with the application. The list of contracts and processed transactions can be found in the chapter 'Contracts and Transactions'. These examples have been written with the standard version of the application. Due to the fact that customer-specific adjustments may have been carried out, real results can vary from those provided by the MyModelbank.
The different ways of working with the individual transactions are described in the user documentation of the application.