Transaction LETRAM

 

This transaction is used to request any type of amendment of an export L/C from the issuing bank. 

In “Requesting an Amendment of an Export L/C” the contract data are not stored in the system, this is only possible in the amendment transaction Advise an Amendment (LETAME). The transaction is used to forward a detrimental amendment to the beneficiary. “Detrimental” are all amendments, that change a contract to the disadvantage of the beneficiary (e.g. reduction of the amount, shortening the maturity, etc.).

 

In all amendment requesting transactions an auto registration takes place for each respective amendment transaction. After receiving the approval from the beneficiary the registered process can be taken up and the actual change can be done in the amendment transaction “Amending an Export L/C”. At the same time in the amendment transaction all fields are loaded, that have been entered in this transaction, so that the data don't have to be entered again On approval, the bank of the beneficiary informs the bank abroad about their approval and updates the contract, i.e. in the amendment transaction the data will be stored permanently.

 

The rejection of a request of amendment is done via sending a common messages (LETFRE). It is only possible to delete the auto registration manually. This deletion has to be done, because otherwise the redundant data would remain within the system.

 

As long as there is an auto registration of the contract for the transaction available, the application generates a warning on each start of an associated contract/subcontract, that there are still pending requests of amendment that have not been accepted yet.

 

An existing Export L/C contract which is advised and not closed is required to do Export Request of Amendment.

 

Request of amendment can be created via Incoming MT707 message or it can be created Manually.