The 'Internal Amendment' refers to the modifications carried out in the transaction details without impacting the terms and conditions of the Import L/C contract.
Application allows various types of internal amendments to be processed without increasing the amendment number count and the amendment messages creation.
Types of Internal Amendments:
- Amend Loan Term
For the processing of Auto-Extensions, the following amendment types are available:
Auto-Extension automatically extends the contract expiry date by processing of the auto-extension diary entry. This amendment type is not available when the transaction is processed manually. The expiry date will be extended by adding the extension-period to the current expiry date. If a final expiry date exists, and if it is before the calculated date, the final expiry date will be the new expiry date. The expiry date is updated with the new expiry date of the contract.
Stop Auto-Extension - To cancel an existing auto-extension.
Add Auto-Extension - To add an auto-extension schedule.
Amend Loan Term - To modify the Loan term details.
To Create Internal Amendments for an existing Import L/C contract, LITAMC transaction is used.
Select it from the menu item[Import Products -> Import L/C -> Amendment -> Internal Amendment].
When you have made your changes, click on the ( ) Save function to save all the the data entered in the transaction to the database.