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 …

Yesterday, in a post about Ottawa City Council moving forward with the process of renaming Trump Avenue to Taco Avenue, Mr. Old Man mentioned the famous Mexican taco. [Read yesterday’s post here: Will Trump Avenue in Ottawa Become Taco Avenue!? – Mr. Old Man]   Then a very practical question came to mind: If I’ve never eaten a taco, how …

A question from Jawad Ahmed, Pakistan, raises two interesting issues in documentary credits: Can an LC requirement be deleted by amendment after documents have already been presented and a discrepancy has been raised? Can the requirement for a draft at sight in Field 42C be removed? Here is my answer. Question Dear Sir, Hope you are doing well. I wanted …

Hôm qua, trong bài viết về chuyện Hội đồng thành phố Ottawa (Canada) đang xúc tiến quy trình đổi tên Trump Avenue thành Taco Avenue, Mr. Old Man có nhắc đến món taco nổi tiếng của Mexico. Xem bài hôm qua đây nè: Đại lộ Trump ở Ottawa sẽ đổi thành Đại lộ TACO!? Rồi có một chuyện rất thực …

Sitting at a coffee shop and browsing the web, Mr. Old Man came across a story saying that Ottawa City Council is considering renaming Trump Avenue. One of the proposed names? Taco Avenue. I couldn’t help laughing. Read the original story here: https://edition.cnn.com/2026/08/27/americas/ottawa-rename-trump-avenue-lake-america-latam-intl About 25 years ago, before he became President of the United States, Trump was a billionaire real-estate …

Ngồi cà phê lướt web, Mr. Old Man thấy tin Hội đồng thành phố Ottawa (Canada) đang cân nhắc đổi tên Trump Avenue, mà trong những cái tên được đề xuất có cả Taco Avenue, không khỏi bật cười. Đọc bài gốc ở đây nè: https://edition.cnn.com/2026/08/27/americas/ottawa-rename-trump-avenue-lake-america-latam-intl Số là khoảng 25 năm trước, khi chưa làm Tổng thống Mỹ, Trump là …

Hôm qua Mr. Old Man lướt Facebook, bắt gặp một cái tút làm mình phải đọc tới hai lần: “CẢI CÁCH CHỮ NÔM.” Đọc xong, câu hỏi đầu tiên nảy ra trong đầu Mr. Old Man không phải là chữ Nôm nên được cải cách như thế nào, mà là: Ủa, sao lại lúc này? Bài viết khá dài, có …