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
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… 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 …
Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! 16 Jul 2026 Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled for the match. And FIFA said yes. That little “good luck charm” probably wasn’t a coincidence. It brought back memories of the 1986 World Cup quarter-final—also against England. On that famous day, Argentina …
Tưởng mỗi Mr. Old Man mê tín… Ai dè Argentina còn “dị đoan” hơn! 16 Jul 2026 Trước trận quyết đấu với Anh, Argentina đã nài nỉ FIFA cho mặc áo xanh sân khách thay vì áo sọc trắng-xanh truyền thống như lịch công bố ban đầu. Và FIFA cũng gật đầu đồng ý. Chiêu “cầu may” này chắc không phải ngẫu nhiên. Nó gợi nhớ đến trận tứ kết World Cup 1986 với chính tuyển Anh. …
Does a Struck-Out Endorsement on a Bill of Lading Require Authentication? 15 Jul 2026 A bill of lading issued “to order” is commonly endorsed by the shipper after issuance to transfer title to the goods. But what happens if an endorsement is mistakenly made by the wrong party, then crossed out and replaced by the correct endorsement? Does such a change constitute a correction to the bill of lading requiring authentication under ISBP 821 …
Who Will Win the 2026 Ballon d’Or? 15 Jul 2026 Last week, Mr. Old Man wrote an article titled “Messi – Mbappé – Haaland: Who Will Win the Ballon d’Or?” and boldly predicted that the award would most likely go to the biggest star of the team that wins the 2026 FIFA World Cup. Well… just a few days later, the picture has changed dramatically. First, England sent Norway and …
Ai sẽ giành Quả bóng Vàng 2026? 15 Jul 2026 Tuần trước, Mr. Old Man có viết bài “Messi – Mbappé – Haaland: Ai sẽ giành Quả bóng Vàng?” và mạnh dạn dự đoán rằng Quả bóng Vàng nhiều khả năng sẽ thuộc về ngôi sao số một của đội tuyển vô địch World Cup 2026. Thế nhưng chỉ trong vài ngày, cục diện đã thay đổi chóng mặt. Đầu …
Place of Expiry in Vietnam vs. Availability with the Issuing Bank 14 Jul 2026 Under UCP 600, the place where a credit is available is normally also the place for presentation. Accordingly, when a credit is available with the issuing bank, the expiry place would ordinarily be the issuing bank’s counter. But what happens when an LC is available with the issuing bank while the place of expiry is stated to be the beneficiary’s …
Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled for the match. And FIFA said yes. That little “good luck charm” probably wasn’t a coincidence. It brought back memories of the 1986 World Cup quarter-final—also against England. On that famous day, Argentina … Read More
Tưởng mỗi Mr. Old Man mê tín… Ai dè Argentina còn “dị đoan” hơn! Trước trận quyết đấu với Anh, Argentina đã nài nỉ FIFA cho mặc áo xanh sân khách thay vì áo sọc trắng-xanh truyền thống như lịch công bố ban đầu. Và FIFA cũng gật đầu đồng ý. Chiêu “cầu may” này chắc không phải ngẫu nhiên. Nó gợi nhớ đến trận tứ kết World Cup 1986 với chính tuyển Anh. … Read More
Does a Struck-Out Endorsement on a Bill of Lading Require Authentication? A bill of lading issued “to order” is commonly endorsed by the shipper after issuance to transfer title to the goods. But what happens if an endorsement is mistakenly made by the wrong party, then crossed out and replaced by the correct endorsement? Does such a change constitute a correction to the bill of lading requiring authentication under ISBP 821 … Read More
Who Will Win the 2026 Ballon d’Or? Last week, Mr. Old Man wrote an article titled “Messi – Mbappé – Haaland: Who Will Win the Ballon d’Or?” and boldly predicted that the award would most likely go to the biggest star of the team that wins the 2026 FIFA World Cup. Well… just a few days later, the picture has changed dramatically. First, England sent Norway and … Read More
Ai sẽ giành Quả bóng Vàng 2026? Tuần trước, Mr. Old Man có viết bài “Messi – Mbappé – Haaland: Ai sẽ giành Quả bóng Vàng?” và mạnh dạn dự đoán rằng Quả bóng Vàng nhiều khả năng sẽ thuộc về ngôi sao số một của đội tuyển vô địch World Cup 2026. Thế nhưng chỉ trong vài ngày, cục diện đã thay đổi chóng mặt. Đầu … Read More
Place of Expiry in Vietnam vs. Availability with the Issuing Bank Under UCP 600, the place where a credit is available is normally also the place for presentation. Accordingly, when a credit is available with the issuing bank, the expiry place would ordinarily be the issuing bank’s counter. But what happens when an LC is available with the issuing bank while the place of expiry is stated to be the beneficiary’s … Read More
How Should a Letter of Credit Financed by the World Bank Be Issued? Letters of credit financed by international development institutions such as the World Bank (WB) are quite different from ordinary commercial LCs. They are often issued as non-operative credits and become operative only after the donor issues a separate payment or reimbursement commitment. The following question discusses one practical example. Question Dear Mr. Old Man, I have a question and would … Read More
Consignee on a Certificate of Origin When the Bill of Lading Is Endorsed to the Issuing Bank One of the less obvious issues under ISBP 821 concerns the consignee shown on a certificate of origin when the letter of credit requires a bill of lading to be issued or endorsed to the order of the issuing bank. Does it matter if the bill of lading is originally issued to the order of the beneficiary and only later … Read More
Đừng để học sinh gánh hậu quả từ sai sót của người lớn Liên quan đến vụ việc hơn 140 bài thi đạt điểm 10 môn Toán tại Tuyên Quang, Sở Giáo dục và Đào tạo tỉnh đã đề xuất tổ chức thi lại môn Toán cho toàn bộ 328 thí sinh tại điểm thi liên quan. Về đề xuất này, Mr. Old Man có một góc nhìn khác. Theo Mr. Old Man, … Read More
Messi – Mbappé – Haaland: Who Will Win the Ballon d’Or? It is probably still too early to say who will win the 2026 Ballon d’Or. But Mr. Old Man has a simple prediction: the Ballon d’Or will most likely go to the biggest star of the team that wins the 2026 FIFA World Cup. Messi and Argentina have survived both Cape Verde and Egypt to reach the quarter-finals, thanks in … Read More
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… Read More
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… Read More
Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled for the match. And FIFA said yes. That little “good luck charm” probably wasn’t a coincidence. It brought back memories of the 1986 World Cup quarter-final—also against England. On that famous day, Argentina … Read More
Tưởng mỗi Mr. Old Man mê tín… Ai dè Argentina còn “dị đoan” hơn! Trước trận quyết đấu với Anh, Argentina đã nài nỉ FIFA cho mặc áo xanh sân khách thay vì áo sọc trắng-xanh truyền thống như lịch công bố ban đầu. Và FIFA cũng gật đầu đồng ý. Chiêu “cầu may” này chắc không phải ngẫu nhiên. Nó gợi nhớ đến trận tứ kết World Cup 1986 với chính tuyển Anh. … Read More
Does a Struck-Out Endorsement on a Bill of Lading Require Authentication? A bill of lading issued “to order” is commonly endorsed by the shipper after issuance to transfer title to the goods. But what happens if an endorsement is mistakenly made by the wrong party, then crossed out and replaced by the correct endorsement? Does such a change constitute a correction to the bill of lading requiring authentication under ISBP 821 … Read More
Who Will Win the 2026 Ballon d’Or? Last week, Mr. Old Man wrote an article titled “Messi – Mbappé – Haaland: Who Will Win the Ballon d’Or?” and boldly predicted that the award would most likely go to the biggest star of the team that wins the 2026 FIFA World Cup. Well… just a few days later, the picture has changed dramatically. First, England sent Norway and … Read More
Ai sẽ giành Quả bóng Vàng 2026? Tuần trước, Mr. Old Man có viết bài “Messi – Mbappé – Haaland: Ai sẽ giành Quả bóng Vàng?” và mạnh dạn dự đoán rằng Quả bóng Vàng nhiều khả năng sẽ thuộc về ngôi sao số một của đội tuyển vô địch World Cup 2026. Thế nhưng chỉ trong vài ngày, cục diện đã thay đổi chóng mặt. Đầu … Read More
Place of Expiry in Vietnam vs. Availability with the Issuing Bank Under UCP 600, the place where a credit is available is normally also the place for presentation. Accordingly, when a credit is available with the issuing bank, the expiry place would ordinarily be the issuing bank’s counter. But what happens when an LC is available with the issuing bank while the place of expiry is stated to be the beneficiary’s … Read More
How Should a Letter of Credit Financed by the World Bank Be Issued? Letters of credit financed by international development institutions such as the World Bank (WB) are quite different from ordinary commercial LCs. They are often issued as non-operative credits and become operative only after the donor issues a separate payment or reimbursement commitment. The following question discusses one practical example. Question Dear Mr. Old Man, I have a question and would … Read More
Consignee on a Certificate of Origin When the Bill of Lading Is Endorsed to the Issuing Bank One of the less obvious issues under ISBP 821 concerns the consignee shown on a certificate of origin when the letter of credit requires a bill of lading to be issued or endorsed to the order of the issuing bank. Does it matter if the bill of lading is originally issued to the order of the beneficiary and only later … Read More
Đừng để học sinh gánh hậu quả từ sai sót của người lớn Liên quan đến vụ việc hơn 140 bài thi đạt điểm 10 môn Toán tại Tuyên Quang, Sở Giáo dục và Đào tạo tỉnh đã đề xuất tổ chức thi lại môn Toán cho toàn bộ 328 thí sinh tại điểm thi liên quan. Về đề xuất này, Mr. Old Man có một góc nhìn khác. Theo Mr. Old Man, … Read More
Messi – Mbappé – Haaland: Who Will Win the Ballon d’Or? It is probably still too early to say who will win the 2026 Ballon d’Or. But Mr. Old Man has a simple prediction: the Ballon d’Or will most likely go to the biggest star of the team that wins the 2026 FIFA World Cup. Messi and Argentina have survived both Cape Verde and Egypt to reach the quarter-finals, thanks in … Read More
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… Read More
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… Read More
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… Read More
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… Read More
Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! 16 Jul 2026 Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled for the match. And FIFA said yes. That little “good luck charm” probably wasn’t a coincidence. It brought back memories of the 1986 World Cup quarter-final—also against England. On that famous day, Argentina …
Tưởng mỗi Mr. Old Man mê tín… Ai dè Argentina còn “dị đoan” hơn! 16 Jul 2026 Trước trận quyết đấu với Anh, Argentina đã nài nỉ FIFA cho mặc áo xanh sân khách thay vì áo sọc trắng-xanh truyền thống như lịch công bố ban đầu. Và FIFA cũng gật đầu đồng ý. Chiêu “cầu may” này chắc không phải ngẫu nhiên. Nó gợi nhớ đến trận tứ kết World Cup 1986 với chính tuyển Anh. …
Does a Struck-Out Endorsement on a Bill of Lading Require Authentication? 15 Jul 2026 A bill of lading issued “to order” is commonly endorsed by the shipper after issuance to transfer title to the goods. But what happens if an endorsement is mistakenly made by the wrong party, then crossed out and replaced by the correct endorsement? Does such a change constitute a correction to the bill of lading requiring authentication under ISBP 821 …
Who Will Win the 2026 Ballon d’Or? 15 Jul 2026 Last week, Mr. Old Man wrote an article titled “Messi – Mbappé – Haaland: Who Will Win the Ballon d’Or?” and boldly predicted that the award would most likely go to the biggest star of the team that wins the 2026 FIFA World Cup. Well… just a few days later, the picture has changed dramatically. First, England sent Norway and …
Ai sẽ giành Quả bóng Vàng 2026? 15 Jul 2026 Tuần trước, Mr. Old Man có viết bài “Messi – Mbappé – Haaland: Ai sẽ giành Quả bóng Vàng?” và mạnh dạn dự đoán rằng Quả bóng Vàng nhiều khả năng sẽ thuộc về ngôi sao số một của đội tuyển vô địch World Cup 2026. Thế nhưng chỉ trong vài ngày, cục diện đã thay đổi chóng mặt. Đầu …
Place of Expiry in Vietnam vs. Availability with the Issuing Bank 14 Jul 2026 Under UCP 600, the place where a credit is available is normally also the place for presentation. Accordingly, when a credit is available with the issuing bank, the expiry place would ordinarily be the issuing bank’s counter. But what happens when an LC is available with the issuing bank while the place of expiry is stated to be the beneficiary’s …
How Should a Letter of Credit Financed by the World Bank Be Issued? 14 Jul 2026 Letters of credit financed by international development institutions such as the World Bank (WB) are quite different from ordinary commercial LCs. They are often issued as non-operative credits and become operative only after the donor issues a separate payment or reimbursement commitment. The following question discusses one practical example. Question Dear Mr. Old Man, I have a question and would …
Consignee on a Certificate of Origin When the Bill of Lading Is Endorsed to the Issuing Bank 12 Jul 2026 One of the less obvious issues under ISBP 821 concerns the consignee shown on a certificate of origin when the letter of credit requires a bill of lading to be issued or endorsed to the order of the issuing bank. Does it matter if the bill of lading is originally issued to the order of the beneficiary and only later …
Đừng để học sinh gánh hậu quả từ sai sót của người lớn 11 Jul 2026 Liên quan đến vụ việc hơn 140 bài thi đạt điểm 10 môn Toán tại Tuyên Quang, Sở Giáo dục và Đào tạo tỉnh đã đề xuất tổ chức thi lại môn Toán cho toàn bộ 328 thí sinh tại điểm thi liên quan. Về đề xuất này, Mr. Old Man có một góc nhìn khác. Theo Mr. Old Man, …
Messi – Mbappé – Haaland: Who Will Win the Ballon d’Or? 10 Jul 2026 It is probably still too early to say who will win the 2026 Ballon d’Or. But Mr. Old Man has a simple prediction: the Ballon d’Or will most likely go to the biggest star of the team that wins the 2026 FIFA World Cup. Messi and Argentina have survived both Cape Verde and Egypt to reach the quarter-finals, thanks in …
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… Read More
Articles Thought Only Mr. Old Man Was Superstitious… Turns Out Argentina Is Even More So! Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled fo… Read More