confirming bank

Definition of "confirming bank"
  1. A bank that approves another bank's letter of credit, assuring to pay the beneficiary when specified documents are presented
How to use "confirming bank" in a sentence
  1. The role of the confirming bank is to ensure the payment to the beneficiary.
  2. He chose his trusted local institution as the confirming bank for his international transaction.
  3. The confirming bank added a layer of security to the business deal.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z