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 …

Tomorrow morning at 2:00 a.m. (Vietnam time), Spain and Argentina will meet in the 2026 FIFA World Cup final. It will also be a symbolic showdown between Messi and Yamal. Nineteen years ago, Messi—a 20-year-old Barcelona youngster at the time—held and bathed Yamal, who was just five months old, during a charity photo shoot. Today, 19-year-old Yamal has become an …

Sáng mai, vào lúc 2:00, trận chung kết World Cup 2026 giữa Tây Ban Nha và Argentina sẽ diễn ra. Đây cũng là cuộc đối đầu đầy duyên nợ giữa Messi và Yamal. Mười chín năm trước, Messi – khi ấy là chàng trai 20 tuổi của Barcelona – đã bế và tắm cho cậu bé Yamal mới khoảng 5 …

Hôm nay lướt Facebook, tình cờ bắt gặp Sếp cũ đăng tút về Lễ kỷ niệm 100 năm ngày sinh kẻ sĩ Nam Bộ Trần Bạch Đằng – một chính khách, nhà nghiên cứu, nhà văn, nhà báo kỳ cựu của Việt Nam. Ông còn được biết đến với bút danh Nguyễn Trương Thiên Lý, tác giả kịch bản Ván …

Introduction A reader asked whether an issuing bank may agree to amend a letter of credit by removing the phrase “irrespective of percentage” from the insurance requirement. Would such an amendment create any risk for the bank, particularly where the insurance policy or certificate is required to be endorsed in favour of the issuing bank? The answer lies in understanding …

Introduction With the increasing use of slot charter arrangements in container shipping, bills of lading often contain references to both a slot carrier and an actual (operating) carrier, together with different bill of lading numbers. This can create uncertainty for document examiners. In this Q&A, Mr. Old Man explains what a slot carrier is and whether a difference between the …

Introduction Under UCP 600, banks examine whether the documents presented comply with the terms and conditions of the letter of credit. A common question is whether an insurance document is acceptable when it provides broader insurance coverage than that stipulated in the credit. In this Q&A, Mr. Old Man explains why an insurance document evidencing Institute Cargo Clauses (A) (ICC …