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
THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… 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 …
THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) 21 May 2025 Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người dùng đã ghé thăm website Tổng cộng 79.400 lượt xem Điều thú vị là trang web đã đón nhận bạn đọc từ hàng trăm quốc …
ADVANCE PAYMENT & SBLC 20 May 2025 ANSWER Dear Mr. Old Man, Good day! The seller and the buyer agree to sign a sale contract with the following terms and conditions: The buyer will pay in advance the full contract value. The seller will effect shipment upon receipt of full payment from the buyer. Can the buyer request the seller to provide an SBLC to guarantee advance …
DISCREPANCY ARISING FROM MISMATCH IN PAYMENT TERMS ON INVOICE vs. LC 18 May 2025 Champa Dancing Apsara Relief QUESTION Dear Sir, Sorry to bore you with this irrelevant question but just out of curiosity is there any importance of payment term mentioned in the commercial invoice. Because as per ISBP the invoice must portray the contents mentioned in the field 45a of the L/C. So, if the payment term as per credit is 180 days …
UNDERSTANDING THE ROLE AND OBLIGATIONS OF A NOMINATED BANK UNDER A NEGOTIATION CREDIT 18 May 2025 QUESTION Dear Sir, If I receive a Letter of Credit (LC) advised to me with the clause “Available by negotiation at any bank; At Sight,” is my next step to ask my bank whether it will act as the negotiating bank, and request a written confirmation if it agrees? I understand that a nominated bank has no obligation to negotiate …
THE LOVE STORY OF AN AMERICAN SOLDIER AND A VIETNAMESE GIRL 17 May 2025 A memory kept quiet for half a century, and still echoing through time. Illustration photo A Message Beneath the Photo Last week, I posted a picture from a bike ride over the misty curves of Hải Vân Pass. Beneath it, a quiet comment appeared. It was from R.I., an American who had once crossed that very road—in the 1970s—when he …
RETURNING TO THE OLD BRICK KILN OF DUY VINH 17 May 2025 From Forgotten Landmark to Trending Spot The old brick kiln, long abandoned in the middle of the Duy Vinh rice fields, suddenly shot to fame after young travel enthusiasts discovered it and began sharing photos on Facebook. Recently, a young woman with an eye for quirky business ideas seized the opportunity—not only to earn money but to pursue her passion. …
THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người dùng đã ghé thăm website Tổng cộng 79.400 lượt xem Điều thú vị là trang web đã đón nhận bạn đọc từ hàng trăm quốc … Read More
ADVANCE PAYMENT & SBLC ANSWER Dear Mr. Old Man, Good day! The seller and the buyer agree to sign a sale contract with the following terms and conditions: The buyer will pay in advance the full contract value. The seller will effect shipment upon receipt of full payment from the buyer. Can the buyer request the seller to provide an SBLC to guarantee advance … Read More
DISCREPANCY ARISING FROM MISMATCH IN PAYMENT TERMS ON INVOICE vs. LC Champa Dancing Apsara Relief QUESTION Dear Sir, Sorry to bore you with this irrelevant question but just out of curiosity is there any importance of payment term mentioned in the commercial invoice. Because as per ISBP the invoice must portray the contents mentioned in the field 45a of the L/C. So, if the payment term as per credit is 180 days … Read More
UNDERSTANDING THE ROLE AND OBLIGATIONS OF A NOMINATED BANK UNDER A NEGOTIATION CREDIT QUESTION Dear Sir, If I receive a Letter of Credit (LC) advised to me with the clause “Available by negotiation at any bank; At Sight,” is my next step to ask my bank whether it will act as the negotiating bank, and request a written confirmation if it agrees? I understand that a nominated bank has no obligation to negotiate … Read More
THE LOVE STORY OF AN AMERICAN SOLDIER AND A VIETNAMESE GIRL A memory kept quiet for half a century, and still echoing through time. Illustration photo A Message Beneath the Photo Last week, I posted a picture from a bike ride over the misty curves of Hải Vân Pass. Beneath it, a quiet comment appeared. It was from R.I., an American who had once crossed that very road—in the 1970s—when he … Read More
RETURNING TO THE OLD BRICK KILN OF DUY VINH From Forgotten Landmark to Trending Spot The old brick kiln, long abandoned in the middle of the Duy Vinh rice fields, suddenly shot to fame after young travel enthusiasts discovered it and began sharing photos on Facebook. Recently, a young woman with an eye for quirky business ideas seized the opportunity—not only to earn money but to pursue her passion. … Read More
COC TIEN WATERFALL – THE SLEEPING BEAUTY OF THE FOREST By Mr. Old Man A Farewell Ride Before the Silence This morning, I pedaled out with a few companions for one last ride along the La Son – Tuy Loan expressway before it officially opens to traffic this June. At Km 36, just as the road slips into the emerald realm of Bach Ma National Park, we paused atop the … Read More
IS ASSIGNMENT OF PROCEEDS UNDER A DOCUMENTARY CREDIT SUBJECT TO THE EXPIRY DATE? QUESTION Dear friend We hope my email find you well I need your opinion about the assignment of proceeds under the documentary credit is it subject to the expiry date . Thanks for your support Firas Jawad —— ANSWER Hi Firas, Thank you for your question. Article 39 of the UCP deals with the assignment of proceeds, which refers to … Read More
WHERE THE PRESENTING/COLLECTING BANK DOES NOT ACT IN GOOD FAITH OR EXERCISE REASONABLE CARE QUESTION Dear Mr. Old Man, I have a case to seek your advice. Our bank has forwarded 6 sets of D/P(s) for USD525,000 to a bank in Egypt with the instructions “Release Documents against Payment”. After many payment tracers, the collecting bank replied that all sets of D/P have been released against 30 days, 60 days, 120 days…from health approval … Read More
PAYMENT OBLIGATION OF THE TRANSFERRING BANK QUESTION Dear Mr. Old Man, I have two questions regarding transferable LCs: When the second beneficiary presents complying documents to the transferring bank, is that bank obligated to pay the second beneficiary immediately? Or must it wait until the documents are forwarded to the issuing bank and payment is received before settling with the second beneficiary? Are the sets of … Read More
THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… Read More
THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… Read More
THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người dùng đã ghé thăm website Tổng cộng 79.400 lượt xem Điều thú vị là trang web đã đón nhận bạn đọc từ hàng trăm quốc … Read More
ADVANCE PAYMENT & SBLC ANSWER Dear Mr. Old Man, Good day! The seller and the buyer agree to sign a sale contract with the following terms and conditions: The buyer will pay in advance the full contract value. The seller will effect shipment upon receipt of full payment from the buyer. Can the buyer request the seller to provide an SBLC to guarantee advance … Read More
DISCREPANCY ARISING FROM MISMATCH IN PAYMENT TERMS ON INVOICE vs. LC Champa Dancing Apsara Relief QUESTION Dear Sir, Sorry to bore you with this irrelevant question but just out of curiosity is there any importance of payment term mentioned in the commercial invoice. Because as per ISBP the invoice must portray the contents mentioned in the field 45a of the L/C. So, if the payment term as per credit is 180 days … Read More
UNDERSTANDING THE ROLE AND OBLIGATIONS OF A NOMINATED BANK UNDER A NEGOTIATION CREDIT QUESTION Dear Sir, If I receive a Letter of Credit (LC) advised to me with the clause “Available by negotiation at any bank; At Sight,” is my next step to ask my bank whether it will act as the negotiating bank, and request a written confirmation if it agrees? I understand that a nominated bank has no obligation to negotiate … Read More
THE LOVE STORY OF AN AMERICAN SOLDIER AND A VIETNAMESE GIRL A memory kept quiet for half a century, and still echoing through time. Illustration photo A Message Beneath the Photo Last week, I posted a picture from a bike ride over the misty curves of Hải Vân Pass. Beneath it, a quiet comment appeared. It was from R.I., an American who had once crossed that very road—in the 1970s—when he … Read More
RETURNING TO THE OLD BRICK KILN OF DUY VINH From Forgotten Landmark to Trending Spot The old brick kiln, long abandoned in the middle of the Duy Vinh rice fields, suddenly shot to fame after young travel enthusiasts discovered it and began sharing photos on Facebook. Recently, a young woman with an eye for quirky business ideas seized the opportunity—not only to earn money but to pursue her passion. … Read More
COC TIEN WATERFALL – THE SLEEPING BEAUTY OF THE FOREST By Mr. Old Man A Farewell Ride Before the Silence This morning, I pedaled out with a few companions for one last ride along the La Son – Tuy Loan expressway before it officially opens to traffic this June. At Km 36, just as the road slips into the emerald realm of Bach Ma National Park, we paused atop the … Read More
IS ASSIGNMENT OF PROCEEDS UNDER A DOCUMENTARY CREDIT SUBJECT TO THE EXPIRY DATE? QUESTION Dear friend We hope my email find you well I need your opinion about the assignment of proceeds under the documentary credit is it subject to the expiry date . Thanks for your support Firas Jawad —— ANSWER Hi Firas, Thank you for your question. Article 39 of the UCP deals with the assignment of proceeds, which refers to … Read More
WHERE THE PRESENTING/COLLECTING BANK DOES NOT ACT IN GOOD FAITH OR EXERCISE REASONABLE CARE QUESTION Dear Mr. Old Man, I have a case to seek your advice. Our bank has forwarded 6 sets of D/P(s) for USD525,000 to a bank in Egypt with the instructions “Release Documents against Payment”. After many payment tracers, the collecting bank replied that all sets of D/P have been released against 30 days, 60 days, 120 days…from health approval … Read More
PAYMENT OBLIGATION OF THE TRANSFERRING BANK QUESTION Dear Mr. Old Man, I have two questions regarding transferable LCs: When the second beneficiary presents complying documents to the transferring bank, is that bank obligated to pay the second beneficiary immediately? Or must it wait until the documents are forwarded to the issuing bank and payment is received before settling with the second beneficiary? Are the sets of … Read More
Articles THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… Read More
Articles THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… Read More
Articles THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… Read More
Articles THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… Read More
THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) 21 May 2025 Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người dùng đã ghé thăm website Tổng cộng 79.400 lượt xem Điều thú vị là trang web đã đón nhận bạn đọc từ hàng trăm quốc …
ADVANCE PAYMENT & SBLC 20 May 2025 ANSWER Dear Mr. Old Man, Good day! The seller and the buyer agree to sign a sale contract with the following terms and conditions: The buyer will pay in advance the full contract value. The seller will effect shipment upon receipt of full payment from the buyer. Can the buyer request the seller to provide an SBLC to guarantee advance …
DISCREPANCY ARISING FROM MISMATCH IN PAYMENT TERMS ON INVOICE vs. LC 18 May 2025 Champa Dancing Apsara Relief QUESTION Dear Sir, Sorry to bore you with this irrelevant question but just out of curiosity is there any importance of payment term mentioned in the commercial invoice. Because as per ISBP the invoice must portray the contents mentioned in the field 45a of the L/C. So, if the payment term as per credit is 180 days …
UNDERSTANDING THE ROLE AND OBLIGATIONS OF A NOMINATED BANK UNDER A NEGOTIATION CREDIT 18 May 2025 QUESTION Dear Sir, If I receive a Letter of Credit (LC) advised to me with the clause “Available by negotiation at any bank; At Sight,” is my next step to ask my bank whether it will act as the negotiating bank, and request a written confirmation if it agrees? I understand that a nominated bank has no obligation to negotiate …
THE LOVE STORY OF AN AMERICAN SOLDIER AND A VIETNAMESE GIRL 17 May 2025 A memory kept quiet for half a century, and still echoing through time. Illustration photo A Message Beneath the Photo Last week, I posted a picture from a bike ride over the misty curves of Hải Vân Pass. Beneath it, a quiet comment appeared. It was from R.I., an American who had once crossed that very road—in the 1970s—when he …
RETURNING TO THE OLD BRICK KILN OF DUY VINH 17 May 2025 From Forgotten Landmark to Trending Spot The old brick kiln, long abandoned in the middle of the Duy Vinh rice fields, suddenly shot to fame after young travel enthusiasts discovered it and began sharing photos on Facebook. Recently, a young woman with an eye for quirky business ideas seized the opportunity—not only to earn money but to pursue her passion. …
COC TIEN WATERFALL – THE SLEEPING BEAUTY OF THE FOREST 16 May 2025 By Mr. Old Man A Farewell Ride Before the Silence This morning, I pedaled out with a few companions for one last ride along the La Son – Tuy Loan expressway before it officially opens to traffic this June. At Km 36, just as the road slips into the emerald realm of Bach Ma National Park, we paused atop the …
IS ASSIGNMENT OF PROCEEDS UNDER A DOCUMENTARY CREDIT SUBJECT TO THE EXPIRY DATE? 16 May 2025 QUESTION Dear friend We hope my email find you well I need your opinion about the assignment of proceeds under the documentary credit is it subject to the expiry date . Thanks for your support Firas Jawad —— ANSWER Hi Firas, Thank you for your question. Article 39 of the UCP deals with the assignment of proceeds, which refers to …
WHERE THE PRESENTING/COLLECTING BANK DOES NOT ACT IN GOOD FAITH OR EXERCISE REASONABLE CARE 15 May 2025 QUESTION Dear Mr. Old Man, I have a case to seek your advice. Our bank has forwarded 6 sets of D/P(s) for USD525,000 to a bank in Egypt with the instructions “Release Documents against Payment”. After many payment tracers, the collecting bank replied that all sets of D/P have been released against 30 days, 60 days, 120 days…from health approval …
PAYMENT OBLIGATION OF THE TRANSFERRING BANK 14 May 2025 QUESTION Dear Mr. Old Man, I have two questions regarding transferable LCs: When the second beneficiary presents complying documents to the transferring bank, is that bank obligated to pay the second beneficiary immediately? Or must it wait until the documents are forwarded to the issuing bank and payment is received before settling with the second beneficiary? Are the sets of …
Articles THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… Read More
Articles THỐNG KÊ TRUY CẬP TRANG WEB WWW.MROLDMAN.NET (21/4 – 21/5) Hôm nay, tình cờ ghé vào mục Statistics, Mr. Old Man thật sự ngạc nhiên khi thấy số lượng bạn đọc truy cập trang web www.mroldman.net trong vòng 30 ngày qua (từ 21/4 đến 21/5): 7.480 người d… Read More