Mr. Old Man For those who eat, sleep and breathe Letters of Credit & Cycling

QUESTION Dear Mr. Old Man, As far as I know there are only two types of collection: D/P (Documents Against Payment) and D/A (Documents Against Acceptance). However, I’ve just heard about a strange collection: D/P at xxx days after BL date. Please let me know if there is such a strange collection. If there is, what is the difference between …

QUESTION Kính gửi anh Old Man, Hiện nay em cũng đang nghiên cứu về sản phẩm BPO, tuy nhiên còn khá mới mẻ tại Việt Nam. Anh có thể chia sẻ với em một chút kiến thức về sản phẩm này không ạ (phương thức giao dịch, …). Em cảm ơn a nhiều ———— ANSWER Hi, Cung cấp cho bạn …

QUESTION In response to a query at http://letterofcreditforum.com/content/i-need-some-clarification-regards-lc, you wrote: “Different from LC available by payment, LC available by negotiation allows the beneficiary to receive the payment by negotiating the sight drafts and documents at a nominated negotiating bank which is normally located in his country. The negotiation may be effected on a with or without recourse basis”. I do …

QUESTION Dear Sir. Need a clarification on transferable LC regarding clause 42C. – If the original LC mentions LC at sight, can the 1st beneficiary change this to LC 30 days usance when transferring this LC to the 2nd beneficiary ( if the 2nd beneficiary agrees to LC 30 days). If a sight LC is transferred as a sight LC, …

QUESTION The LC was issued for $8,000 showing as follows: – Field 45: Commodity: Fabrics Total amount: $10,000 TT advance $ 2,000 – Field 46: Insurance cert cover for 110% invoice value Documents presented: – Invoice shows: Commodity: Fabrics Actual shipped goods amount: $10,000 TT advance $ 2,000 Invoice amount: $8,8000 – Insurance Certificate shows: Sum insured: $8800. Is the …

QUESTION Our company is specialized in importing P-phones. Our policy is that the quality, quantity and condition of the goods must be checked at our end. If the goods are satisfactory we will sign Hand Over Certificate which is the key document to trigger the payment. According to the contract we have to open a letter of credit in favour …

QUESTION LC states: – Special condition: Documents showing anycorrections without authentication by the issuer are not acceptable. – Invoice must be certified by Chamber of Commerce – Trade terms: CFR ADEN SEAPORT YEMEN The presented BL shows the letterhead of PIL Pte Ltd andis signed by PIL Vietnam Co., Ltd as Agent for the Carrier:PIL Pte Ltd. The presented invoice …

QUESTION Dear Mr. Old Man, I follow up your blog and see it very helpful. I have a question for you. Bank B sent Bank C an MT 710 showing some details as follows: Field 40B (Form of Documentary Credit): IRREVOCABLE ADDING OUR CONFIRMATION Field 52A (ISSUING BANK): BANK A Field 41A: (Available with … by): BANK B BY NEGOTIATION …

QUESTION Dear Mr. Old Man, Mr. Old Man cho em hỏi nghiệp vụ CAD xuất khẩu và nhập khẩu được thực hiện theo trình tự như thế nào?  Em làm TTQT nhưng chưa thực hiện nghiệp vụ này bao giờ mà chỉ được nghe qua thôi nên không hiểu rõ lắm. Mr. Old Man có thể giúp em hiểu về …

QUESTION Dear Mr. Old Man, I have the following case that needs your advice: A seller signed a contract to sell sea products to a buyer in Italy. After the shipment was made, the seller presented the documents under D/P terms to his bank (remitting bank) and asked for discounting. The remitting bank discounted the documents on a with recourse …

QUESTION Dear Mr. Old Man If B/L dated 4 months before LC issuance date, is it acceptable? Do we consider as stale B/L? However, the documents were presented within presentation period as LC called for 21 days from LC issuance date. Special condition also stated that documents issued prior to LC issuance date is acceptable. Can we take the B/L …

This morning, I set out on a cycling trip to Tien Sa Port, intending just to ride around before heading back. However, I suddenly recalled a unique historical site nearby and decided to make a stop—the Franco – Spanish Cemetery, which rests against the slopes of Son Tra Mountain, overlooking Da Nang Bay, near the entrance to Tien Sa Port. …

Hay stack bunker Ky Anh Tunnels, formerly part of Ky Anh Commune (now Tam Thang Commune), is located 7 km northeast of Tam Ky City and 75 km from Da Nang along the coastal road. It is a nationally recognized historical site and one of Vietnam’s three largest tunnels, following Cu Chi Tunnels in Ho Chi Minh City and Vinh …

Photo: Internet Lập An Lagoon, located in Lăng Cô Town, 40 km from Đà Nẵng and 70 km from Huế, has become a must-visit check-in spot in recent years. It attracts many travelers, especially young adventurers who love to explore. Travel magazines have described Lâp An Lagoon as the “treasure” of Lăng Cô, a poetic paradise in the dreamy land …

For a cyclist, finding the perfect saddle is like finding a lifelong companion—it harmonizes everything, causing no pain or discomfort even on long journeys. Some are lucky or knowledgeable enough to find the right one quickly, while others have to go through several saddles before discovering the perfect fit. Get comfortable with the right MTB saddle Choosing the Right Saddle …

Since my first cycling trip exploring Hòa Bắc over seven years ago, I have ridden past the villages of An Định, Hội Yên, Nam Yên, Lộc Mỹ, Nam Mỹ, and Phò Nam hundreds of times, continuing all the way up to Tà Lang – Giàn Bí. I have taken thousands of photos and written dozens of articles about the roads …

Once the capital of the Kingdom of a Million Elephants, Luang Prabang was designated a UNESCO World Heritage Site in 1995. Today, it has become an irresistible destination for backpackers eager to explore new lands with unique cultures. Those who have visited Luang Prabang once often long for the day they can return to this ancient capital along the Mekong …