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 …

A small wording difference between article 20 and article 23 of UCP 600 often raises an interesting technical question among trade finance practitioners. For bills of lading, UCP 600 does not expressly require the document to indicate a date of issuance. However, article 23 clearly states that an air transport document must indicate the date of issuance. Why the difference? …

Hosting the full-distance IRONMAN for the first time, Da Nang welcomed more than 4,700 athletes from 91 countries and territories, further strengthening its reputation as one of Asia’s leading sports and tourism destinations. The event also marked Da Nang as the 32nd location in the world to host this prestigious race. Throughout the weekend, the city’s coastal area was filled …

(English version below) Lần đầu tiên đăng cai giải IRONMAN cự ly full-distance, Đà Nẵng đã thu hút hơn 4.700 VĐV đến từ 91 quốc gia và vùng lãnh thổ, tiếp tục khẳng định vị thế là một trong những điểm đến thể thao và du lịch hàng đầu châu Á. Đây cũng là địa điểm thứ 32 trên thế …

This morning, Quoc Tran proudly showed off what he called his “once-in-a-lifetime” photo In the picture, American athlete Hope Hoffman — the female champion of IM 140.6 Da Nang — was running while turning back and smiling at Quoc Tran, saying: “Who are you? Why are you following me? Huh?” The problem was… poor Quoc Tran doesn’t speak English So …

Quốc Trần sáng nay khoe tấm ảnh “để đời” Trong ảnh là nữ VĐV người Mỹ Hope Hoffman — nhà vô địch nữ IM 140.6 Đà Nẵng — đang vừa chạy vừa quay lại cười nói với Quốc Trần: “Who are you? Why are you following me? Huh?” Khổ nỗi Quốc Trần đâu có biết tiếng Anh Chỉ cười trừ …

Đọc bài “1000 USD để tự hành xác cũng đáng mà ” của Mr. Old Man, có anh bạn để lại comment: “Thiệt buồn ghê. Giải tổ chức hoành tráng nhưng có VĐV phải DNF* vì bị xe máy tông phải vô nhà thương. Vụ này chắc cũng để lại ấn tượng xấu. Biết kiện ai bây giờ?”. Lại có …