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 …

Có một điều Mr. Old Man muốn thú thật với bạn đọc. Có những hôm mở email ra, thấy một bạn gửi một lúc… 5 câu hỏi dài thượt. Đọc xong, Mr. Old Man chỉ muốn đứng dậy pha một ly cà phê rồi mới mở lại. Có bạn hỏi một câu. Có bạn hỏi ba câu. Có bạn hỏi …

A reader raised an interesting follow-up question after my previous Q&A on contact names and addresses in letters of credit. If a document shows an address or contact name that differs from the credit, can it simply be regarded as additional information? Or does it become conflicting data that gives rise to a discrepancy? The distinction is subtle but important. …

During a world geography class, the teacher asked: “Which continent is France in?” A tenth-grade student quickly answered: “Africa, sir!” The teacher looked surprised. “Are you sure?” “Absolutely! I watched the France–Paraguay World Cup match this morning, and almost the entire French starting lineup was made up of Black players.” The student then rattled off a long list of names: …

Trong giờ địa lý thế giới, thầy giáo hỏi: – Nước Pháp thuộc châu lục nào? Một học sinh nhanh nhảu đáp ngay: – Thưa thầy, nước Pháp thuộc châu Phi ạ! Thầy giáo ngạc nhiên: – Em chắc không? – Chắc chứ ạ. Sáng nay xem trận World Cup giữa Pháp và Paraguay, em thấy đội hình tuyển Pháp …

Before the 2026 FIFA World Cup, chances are that 99% of us had never even heard of Cabo Verde. It is a small island nation in the Atlantic Ocean with a population of just over half a million people. In the football world, it was almost an unknown name. But that is one of the beauties of the World Cup. …

Trước World Cup 2026, có lẽ đến 99% chúng ta chưa từng nghe đến cái tên Cabo Verde. Đó là một quốc đảo nhỏ giữa Đại Tây Dương, dân số chỉ khoảng nửa triệu người. Trong thế giới bóng đá, họ gần như là một “người vô danh”. Nhưng World Cup luôn có một điều kỳ diệu. Chỉ cần 90 …