Amendment
Applying for an amendment
Co-drafting
Either the applicant or the beneficiary can initiate an amendment to the DC. Both parties may exchange the draft amendment to each other for as many revisions as needed.
Only the Applicant can submit the amendment request to the Issuing bank.
The Amendment status shows 'Amendment requested'
Issuing a DC amendment
The issuing bank reviews the request once it is submitted by the applicant. All modifications are indicated within the form for easy reference.
Issuing bank may choose to return the request for further review, or proceed to issue the amendment. This will notify all parties in the amended DC form, and forward the amendment to the confirming party.
Issuing an amendment on Contour is comparable to sending an MT707/708 SWIFT message.
Confirmation
If confirmation facility is being added during amendment then the amended DC is sent to the confirming bank. The confirming bank may advise the amended version with or without adding it's confirmation.
In case the applicant has changed a previously existing confirming party - the old confirming party can only advise or reject the amendment. They can no longer add confirmation. - the new confirming party can reject, or advise with/without confirmation.
Advising the Amendment
After the amended DC is issued and optionally confirmed by the confirming bank, the nominated and advising bank may advise or reject the amended DC.
Beneficiary Acceptance
The beneficiary can accept or reject an amendment after it has been advised or rejected by the advising bank. Note that the amended version is visible to the beneficiary as soon as it is submitted to the issuing bank.
Once it is accepted, the DC is updated with the new values. If it is not accepted, then the DC will still carry the old values.
Multiple amendments
Once an amendment has been issued, the applicant may ask for another amendment on the DC. There may be multiple amendments in progress for a DC at any time.
The amendment request is always on the latest version that was accepted by the beneficiary. If the beneficiary has stayed silent on a previous amendment, then the new amendment will not carry the previous changes on the DC.
The below shows different statuses of amendment in the overview page.
