Mr Old Man PARTIAL SHIPMENTS UNDER SUB-ARTICLE 31 (B) QUESTION Dear Mr. Old Man, LC does not allow partial shipments. Documents were presented to the issuing bank in two separate covering schedules. The first set reached the issuing bank’s counter on 5 O… Read More
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
D/P AT XXX DAYS AFTER BL DATE 22 Jan 2014 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 …
QUESTIONS REGARDING BPO 18 Jan 2014 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 …
NEGOTIATION WITH OR WITHOUT RECOURSE 30 Dec 2013 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 …
CHANGING PAYMENT TERMS OF THE LC 18 Nov 2013 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, …
AMOUNT OF COVER 13 Nov 2013 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 …
LC WITH SPECIAL PAYMENT CONDITION 7 Nov 2013 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 …
AUTHENTICATION OF CORRECTIONS ON BILL OF LADING AND INVOICE 19 Oct 2013 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 …
LC CONFIRMED BY THE FIRST ADVISING BANK 15 Sep 2013 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 …
CAD 6 Aug 2013 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 …
HOW TO DETERMINE THE PRESENTATION PERIOD WHEN MULTIPLE SETS OF BILLS OF LADING ARE PRESENTED 31 Jul 2013
WHERE DOCUMENTS UNDER D/P ARE NOT PAID 25 Jun 2013 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 …
BILL OF LADING DATED PRIOR TO LC ISSUANCE DATE 15 Jun 2013 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 …
Prepay vs. Purchase – Same Same but Different? 11 Jun 2026 A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why does the definition of negotiation mention only “purchase”? An excellent question. The answer lies not only in the wording of UCP 600 but also in the legal distinction between an accepted draft and …
Hợp đồng kỳ nghỉ: Già đầu mà còn ngờ u? 11 Jun 2026 Sáng ngồi cà phê với ông bạn, nghe kể chuyện những cụ già bị “đào lửa” bằng chiêu bán hợp đồng kỳ nghỉ, Mr. Old Man thấy thương hơn là trách. Người mất ít thì một, hai tỷ. Người mất nhiều thì năm, bảy tỷ. Có cụ mất gần 20 tỷ. Nghe chưa hết câu chuyện, ông bạn đã phán …
24-11 là ngày chi mà được nghỉ? 10 Jun 2026 Nhìn cái mặt Mr. Old Man cười ngoác tới mang tai, chắc nhiều người tưởng vừa trúng Vietlott. Không phải. Lương hưu cũng chưa thấy tăng. Chỉ là sáng nay đọc báo thấy tin có thể sắp có thêm một ngày nghỉ lễ hưởng nguyên lương vào 24-11. Mừng thì có mừng, nhưng điều làm Mr. Old Man thắc mắc …
AVALIZATION UNDER DOCUMENTARY COLLECTIONS 9 Jun 2026 A 16-Year-Old Debate That Remains Relevant Today Mr. Old Man recently revisited an interesting discussion that took place more than 16 years ago on the DCI Discussion Forum regarding avalization under documentary collections. The discussion began with a question raised by Svishu from Kuwait and attracted comments from several respected trade finance practitioners, including Daniel D (Switzerland), Jim Barnes (United …
Liên thông ngược đời? 8 Jun 2026 Người ta thường leo cầu thang từ tầng thấp lên tầng cao. Ít ai nghĩ tới chuyện xây thêm một cái cầu thang để đi từ tầng cao xuống tầng thấp. Ấy vậy mà mới đây Bộ Giáo dục và Đào tạo lại đề xuất cho phép liên thông từ đại học xuống cao đẳng, trung cấp. Nghe thì lạ, …
Tiếc cho chợ Nồi Rang, tiếc cho Hội An – Vẫn còn tiếc 8 Jun 2026 Sáu năm trước, Mr. Old Man từng đạp xe ghé chợ Nồi Rang và viết một bài mà đến giờ vẫn thấy… khá hay về ngôi chợ quê đặc biệt này. Từ đó đến nay, Mr. Old Man cũng có vài lần quay lại. Lần gần nhất hồi tháng Ba, Mr. Old Man còn mang theo một tấm ảnh để …
Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why does the definition of negotiation mention only “purchase”? An excellent question. The answer lies not only in the wording of UCP 600 but also in the legal distinction between an accepted draft and … Read More
Hợp đồng kỳ nghỉ: Già đầu mà còn ngờ u? Sáng ngồi cà phê với ông bạn, nghe kể chuyện những cụ già bị “đào lửa” bằng chiêu bán hợp đồng kỳ nghỉ, Mr. Old Man thấy thương hơn là trách. Người mất ít thì một, hai tỷ. Người mất nhiều thì năm, bảy tỷ. Có cụ mất gần 20 tỷ. Nghe chưa hết câu chuyện, ông bạn đã phán … Read More
24-11 là ngày chi mà được nghỉ? Nhìn cái mặt Mr. Old Man cười ngoác tới mang tai, chắc nhiều người tưởng vừa trúng Vietlott. Không phải. Lương hưu cũng chưa thấy tăng. Chỉ là sáng nay đọc báo thấy tin có thể sắp có thêm một ngày nghỉ lễ hưởng nguyên lương vào 24-11. Mừng thì có mừng, nhưng điều làm Mr. Old Man thắc mắc … Read More
AVALIZATION UNDER DOCUMENTARY COLLECTIONS A 16-Year-Old Debate That Remains Relevant Today Mr. Old Man recently revisited an interesting discussion that took place more than 16 years ago on the DCI Discussion Forum regarding avalization under documentary collections. The discussion began with a question raised by Svishu from Kuwait and attracted comments from several respected trade finance practitioners, including Daniel D (Switzerland), Jim Barnes (United … Read More
Liên thông ngược đời? Người ta thường leo cầu thang từ tầng thấp lên tầng cao. Ít ai nghĩ tới chuyện xây thêm một cái cầu thang để đi từ tầng cao xuống tầng thấp. Ấy vậy mà mới đây Bộ Giáo dục và Đào tạo lại đề xuất cho phép liên thông từ đại học xuống cao đẳng, trung cấp. Nghe thì lạ, … Read More
Tiếc cho chợ Nồi Rang, tiếc cho Hội An – Vẫn còn tiếc Sáu năm trước, Mr. Old Man từng đạp xe ghé chợ Nồi Rang và viết một bài mà đến giờ vẫn thấy… khá hay về ngôi chợ quê đặc biệt này. Từ đó đến nay, Mr. Old Man cũng có vài lần quay lại. Lần gần nhất hồi tháng Ba, Mr. Old Man còn mang theo một tấm ảnh để … Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks? Questions relating to insurance documents continue to generate a surprising number of discrepancies under letters of credit. One area that occasionally causes uncertainty is whether an insurance document must expressly state “All Risks” when the credit requires such coverage. In the following case, the LC called for insurance covering “Institute All Risks”, while the presented insurance document referred to “Institute … Read More
Does an Insurance Document Need to State “Effective Date” Exactly? One of the most common issues in the examination of insurance documents under letters of credit arises when the insurance policy or certificate is issued after the shipment date. ISBP 821 requires the insurance document to evidence that coverage was effective no later than the shipment date. But does the document need to use the exact wording “Effective Date”? What … Read More
From Negotiation to Payment: What’s Behind the Confirming Bank’s Request? Not all L/C amendments are about shipment dates, amounts, or documents. Sometimes, a confirming bank requests changes that appear quite technical, such as changing a credit from “available by negotiation” to “available by payment” or moving the place of expiry from one country to another. Are such amendments merely operational preferences, or do they have legal and risk implications for … Read More
Nomophobia – A New Word, A Familiar Feeling This morning, while enjoying a cup of coffee and scrolling through Facebook, Mr. Old Man came across a word he had never seen before: Nomophobia. The word refers to the fear or anxiety of being without a mobile phone or being unable to use it. When Mr. Old Man was studying English some decades ago, this word did not exist … Read More
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?
Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why does the definition of negotiation mention only “purchase”? An excellent question. The answer lies not only in the wording of UCP 600 but also in the legal distinction between an accepted draft and … Read More
Hợp đồng kỳ nghỉ: Già đầu mà còn ngờ u? Sáng ngồi cà phê với ông bạn, nghe kể chuyện những cụ già bị “đào lửa” bằng chiêu bán hợp đồng kỳ nghỉ, Mr. Old Man thấy thương hơn là trách. Người mất ít thì một, hai tỷ. Người mất nhiều thì năm, bảy tỷ. Có cụ mất gần 20 tỷ. Nghe chưa hết câu chuyện, ông bạn đã phán … Read More
24-11 là ngày chi mà được nghỉ? Nhìn cái mặt Mr. Old Man cười ngoác tới mang tai, chắc nhiều người tưởng vừa trúng Vietlott. Không phải. Lương hưu cũng chưa thấy tăng. Chỉ là sáng nay đọc báo thấy tin có thể sắp có thêm một ngày nghỉ lễ hưởng nguyên lương vào 24-11. Mừng thì có mừng, nhưng điều làm Mr. Old Man thắc mắc … Read More
AVALIZATION UNDER DOCUMENTARY COLLECTIONS A 16-Year-Old Debate That Remains Relevant Today Mr. Old Man recently revisited an interesting discussion that took place more than 16 years ago on the DCI Discussion Forum regarding avalization under documentary collections. The discussion began with a question raised by Svishu from Kuwait and attracted comments from several respected trade finance practitioners, including Daniel D (Switzerland), Jim Barnes (United … Read More
Liên thông ngược đời? Người ta thường leo cầu thang từ tầng thấp lên tầng cao. Ít ai nghĩ tới chuyện xây thêm một cái cầu thang để đi từ tầng cao xuống tầng thấp. Ấy vậy mà mới đây Bộ Giáo dục và Đào tạo lại đề xuất cho phép liên thông từ đại học xuống cao đẳng, trung cấp. Nghe thì lạ, … Read More
Tiếc cho chợ Nồi Rang, tiếc cho Hội An – Vẫn còn tiếc Sáu năm trước, Mr. Old Man từng đạp xe ghé chợ Nồi Rang và viết một bài mà đến giờ vẫn thấy… khá hay về ngôi chợ quê đặc biệt này. Từ đó đến nay, Mr. Old Man cũng có vài lần quay lại. Lần gần nhất hồi tháng Ba, Mr. Old Man còn mang theo một tấm ảnh để … Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks? Questions relating to insurance documents continue to generate a surprising number of discrepancies under letters of credit. One area that occasionally causes uncertainty is whether an insurance document must expressly state “All Risks” when the credit requires such coverage. In the following case, the LC called for insurance covering “Institute All Risks”, while the presented insurance document referred to “Institute … Read More
Does an Insurance Document Need to State “Effective Date” Exactly? One of the most common issues in the examination of insurance documents under letters of credit arises when the insurance policy or certificate is issued after the shipment date. ISBP 821 requires the insurance document to evidence that coverage was effective no later than the shipment date. But does the document need to use the exact wording “Effective Date”? What … Read More
From Negotiation to Payment: What’s Behind the Confirming Bank’s Request? Not all L/C amendments are about shipment dates, amounts, or documents. Sometimes, a confirming bank requests changes that appear quite technical, such as changing a credit from “available by negotiation” to “available by payment” or moving the place of expiry from one country to another. Are such amendments merely operational preferences, or do they have legal and risk implications for … Read More
Nomophobia – A New Word, A Familiar Feeling This morning, while enjoying a cup of coffee and scrolling through Facebook, Mr. Old Man came across a word he had never seen before: Nomophobia. The word refers to the fear or anxiety of being without a mobile phone or being unable to use it. When Mr. Old Man was studying English some decades ago, this word did not exist … Read More
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?
Prepay vs. Purchase – Same Same but Different? 11 Jun 2026 A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why does the definition of negotiation mention only “purchase”? An excellent question. The answer lies not only in the wording of UCP 600 but also in the legal distinction between an accepted draft and …
Hợp đồng kỳ nghỉ: Già đầu mà còn ngờ u? 11 Jun 2026 Sáng ngồi cà phê với ông bạn, nghe kể chuyện những cụ già bị “đào lửa” bằng chiêu bán hợp đồng kỳ nghỉ, Mr. Old Man thấy thương hơn là trách. Người mất ít thì một, hai tỷ. Người mất nhiều thì năm, bảy tỷ. Có cụ mất gần 20 tỷ. Nghe chưa hết câu chuyện, ông bạn đã phán …
24-11 là ngày chi mà được nghỉ? 10 Jun 2026 Nhìn cái mặt Mr. Old Man cười ngoác tới mang tai, chắc nhiều người tưởng vừa trúng Vietlott. Không phải. Lương hưu cũng chưa thấy tăng. Chỉ là sáng nay đọc báo thấy tin có thể sắp có thêm một ngày nghỉ lễ hưởng nguyên lương vào 24-11. Mừng thì có mừng, nhưng điều làm Mr. Old Man thắc mắc …
AVALIZATION UNDER DOCUMENTARY COLLECTIONS 9 Jun 2026 A 16-Year-Old Debate That Remains Relevant Today Mr. Old Man recently revisited an interesting discussion that took place more than 16 years ago on the DCI Discussion Forum regarding avalization under documentary collections. The discussion began with a question raised by Svishu from Kuwait and attracted comments from several respected trade finance practitioners, including Daniel D (Switzerland), Jim Barnes (United …
Liên thông ngược đời? 8 Jun 2026 Người ta thường leo cầu thang từ tầng thấp lên tầng cao. Ít ai nghĩ tới chuyện xây thêm một cái cầu thang để đi từ tầng cao xuống tầng thấp. Ấy vậy mà mới đây Bộ Giáo dục và Đào tạo lại đề xuất cho phép liên thông từ đại học xuống cao đẳng, trung cấp. Nghe thì lạ, …
Tiếc cho chợ Nồi Rang, tiếc cho Hội An – Vẫn còn tiếc 8 Jun 2026 Sáu năm trước, Mr. Old Man từng đạp xe ghé chợ Nồi Rang và viết một bài mà đến giờ vẫn thấy… khá hay về ngôi chợ quê đặc biệt này. Từ đó đến nay, Mr. Old Man cũng có vài lần quay lại. Lần gần nhất hồi tháng Ba, Mr. Old Man còn mang theo một tấm ảnh để …
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks? 7 Jun 2026 Questions relating to insurance documents continue to generate a surprising number of discrepancies under letters of credit. One area that occasionally causes uncertainty is whether an insurance document must expressly state “All Risks” when the credit requires such coverage. In the following case, the LC called for insurance covering “Institute All Risks”, while the presented insurance document referred to “Institute …
Does an Insurance Document Need to State “Effective Date” Exactly? 7 Jun 2026 One of the most common issues in the examination of insurance documents under letters of credit arises when the insurance policy or certificate is issued after the shipment date. ISBP 821 requires the insurance document to evidence that coverage was effective no later than the shipment date. But does the document need to use the exact wording “Effective Date”? What …
From Negotiation to Payment: What’s Behind the Confirming Bank’s Request? 6 Jun 2026 Not all L/C amendments are about shipment dates, amounts, or documents. Sometimes, a confirming bank requests changes that appear quite technical, such as changing a credit from “available by negotiation” to “available by payment” or moving the place of expiry from one country to another. Are such amendments merely operational preferences, or do they have legal and risk implications for …
Nomophobia – A New Word, A Familiar Feeling 5 Jun 2026 This morning, while enjoying a cup of coffee and scrolling through Facebook, Mr. Old Man came across a word he had never seen before: Nomophobia. The word refers to the fear or anxiety of being without a mobile phone or being unable to use it. When Mr. Old Man was studying English some decades ago, this word did not exist …
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?
Mr Old Man Prepay vs. Purchase – Same Same but Different? A reader recently asked Mr. Old Man a deceptively simple question: If “prepay” and “purchase” under UCP 600 Article 12(b) essentially produce the same commercial result, why do… Read More
Institute Cargo Clauses (A) or (Air), as Applicable – Does It Meet an LC Requirement for Institute All Risks?