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 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 …

  Letter Of Credit Scam In The Form Of MT710 By Huu Duc Nguyen (https://www.tradeservicesupdate.com/editor?editor=editor_duc) The letter of credit (L/C) is widely used in international trade as a mean of payment and financing. Although considered a secure payment method as the exporter will be paid upon presentation of documents complying with the terms and conditions of the L/C, it is …

QUESTION Dear Mr. Old Man, Another disagreement that I have on a on board notation. LC 44E: Dalian, port to port BL requested. BL indicates: Precarriage by: Vessel X Place of receipt: Dalian Ocean vessel: Vessel Y Port of loading: Dalian No other transshipment information available on BL What should the onboard notation indicate other than the date? My view …

QUESTION Dear Mr. Old Man, Another disagreement that I have on a on board notation. LC 44E: Dalian, port to port BL requested. BL indicates: Pre carriage by: Vessel X Place of receipt: Dalian Ocean vessel: Vessel Y Port of loading: Dalian No other transshipment information available on BL What should the onboard notation indicate other than the date? My …

Ngày này năm trước Mr. Old Man hoàn thành thách thức đạp xe ảo 7 ngày của nhóm Đạp Xe Chill Phết và về Nhì với 957 km, trung bình mỗi ngày Mr. Old Man đạp 136,7 km. Năm 2021 trong bối cảnh Covid 19, VN Express kết hợp với V-Race tổ chức thành công cuộc thi đạp xe ảo …

Started cycling in May 2021 with the aim of losing weight after giving birth, but Katie Bardsley (Katie Bui), now living and working in Hoi An, has quickly become a great female cyclist when consecutively winning high rankings in cycling races in Da Nang. The first race Katie participated and finished in the second place (relay team) was IRONMAN 70.3 …

Bắt đầu chơi xe đạp từ tháng 5/2021 với mục đích giảm cân sau sinh nhưng Katie Bardsley (Katie Bùi), hiện đang sống và làm việc tại Hội An, đã nhanh chóng trở thành cua rơ nữ cự phách khi liên tiếp giành được thứ hạng cao các giải đua xe đạp tại Đà Nẵng. Giải đầu tiên Katie tham …