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 Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… 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 …
Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs 20 Jan 2026 Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means in practice, how it works, and the benefits and risks involved for each party when discrepant documents are presented. QUESTION Dear Mr. Old Man, My name is HY. I …
Mê tín chút cũng được, miễn là… ngủ dậy có tin vui! 20 Jan 2026 Tối nay lúc 10:30 sẽ diễn ra trận bán kết AFC U23 Asian Cup 2026 giữa Việt Nam và Trung Quốc. Giờ này thì xem bóng đá khá thoải mái, vì thú thật là ngày thường Mr. Old Man cũng… lên giường rất trễ. Nhưng giống ba trận trước, Mr. Old Man vẫn trung thành với “chiến thuật mê tín”: …
Does an Inter – Bank Courier Clause Override the LC Presentation Period? 19 Jan 2026 Intro Letters of Credit sometimes contain additional conditions that blur the line between presentation by the beneficiary and document handling between banks. When such clauses are poorly drafted, the question inevitably arises: can an issuing bank turn an internal routing instruction into a discrepancy? The following Q&A addresses one such situation involving Fields 47A and 48. QUESTION Dear Sir, LC …
WHEN WORDS AND FIGURES DON’T AGREE: Is It a Discrepancy under UCP 600? 17 Jan 2026 Intro Differences between the amount in words and the amount in figures are among the most common issues encountered in document examination under letters of credit. At first glance, such inconsistencies appear to be straightforward discrepancies. However, practice shows that the answer is not always the same, particularly when a bill of exchange (draft) is involved. While UCP 600 establishes …
RETIREMENT AND PLANS THAT NEVER REALLY RETIRE 17 Jan 2026 A Korean friend of mine — a senior legal expert at a major bank — recently sent me a long email, sharing all sorts of life stories. But in the end, everything came down to one simple point: his contract has just been extended for another year. What happens after that is uncertain, because he has already turned 66 — …
NGHỈ HƯU VÀ NHỮNG CÁI PLAN… KHÔNG NGHỈ 16 Jan 2026 Anh bạn người Hàn Quốc – chuyên gia pháp lý cao cấp tại một ngân hàng lớn – mới gửi cho Mr. Old Man một email dài, tâm sự đủ chuyện. Nhưng tựu trung lại chỉ xoay quanh một việc: anh vừa được ngân hàng gia hạn hợp đồng thêm một năm, còn năm sau thì chưa chắc, vì anh …
Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means in practice, how it works, and the benefits and risks involved for each party when discrepant documents are presented. QUESTION Dear Mr. Old Man, My name is HY. I … Read More
Mê tín chút cũng được, miễn là… ngủ dậy có tin vui! Tối nay lúc 10:30 sẽ diễn ra trận bán kết AFC U23 Asian Cup 2026 giữa Việt Nam và Trung Quốc. Giờ này thì xem bóng đá khá thoải mái, vì thú thật là ngày thường Mr. Old Man cũng… lên giường rất trễ. Nhưng giống ba trận trước, Mr. Old Man vẫn trung thành với “chiến thuật mê tín”: … Read More
Does an Inter – Bank Courier Clause Override the LC Presentation Period? Intro Letters of Credit sometimes contain additional conditions that blur the line between presentation by the beneficiary and document handling between banks. When such clauses are poorly drafted, the question inevitably arises: can an issuing bank turn an internal routing instruction into a discrepancy? The following Q&A addresses one such situation involving Fields 47A and 48. QUESTION Dear Sir, LC … Read More
WHEN WORDS AND FIGURES DON’T AGREE: Is It a Discrepancy under UCP 600? Intro Differences between the amount in words and the amount in figures are among the most common issues encountered in document examination under letters of credit. At first glance, such inconsistencies appear to be straightforward discrepancies. However, practice shows that the answer is not always the same, particularly when a bill of exchange (draft) is involved. While UCP 600 establishes … Read More
RETIREMENT AND PLANS THAT NEVER REALLY RETIRE A Korean friend of mine — a senior legal expert at a major bank — recently sent me a long email, sharing all sorts of life stories. But in the end, everything came down to one simple point: his contract has just been extended for another year. What happens after that is uncertain, because he has already turned 66 — … Read More
NGHỈ HƯU VÀ NHỮNG CÁI PLAN… KHÔNG NGHỈ Anh bạn người Hàn Quốc – chuyên gia pháp lý cao cấp tại một ngân hàng lớn – mới gửi cho Mr. Old Man một email dài, tâm sự đủ chuyện. Nhưng tựu trung lại chỉ xoay quanh một việc: anh vừa được ngân hàng gia hạn hợp đồng thêm một năm, còn năm sau thì chưa chắc, vì anh … Read More
CAN A BANK ISSUE A PHYSICAL BANK GUARANTEE WITHOUT LOCAL PRESENCE? INTRO In practice, bank guarantees are often treated as if they must be issued or advised through a local bank in the beneficiary’s country. This assumption frequently leads to confusion between legal possibility and market or tender requirements, especially when physical bank guarantees are involved. The following question raises a simple but important issue: Can a bank issue a physical … Read More
Về già nên ở phố hay ở quê? Lướt Facebook dạo này, thỉnh thoảng Mr. Old Man lại thấy nhiều bạn trung niên chia sẻ hình ảnh một ngôi nhà gỗ xinh xinh trên đồi, lối đi hai bên là hàng hồng nở rộ. Hoặc một khu vườn ngập nắng, gọn gàng, có rau, có hoa, có ao cá, có… đủ thứ nhìn rất đáng ước mơ. Không … Read More
How to Calculate “Within 21 Days of Shipment” under ISBP 821 Intro Time calculations under Letters of Credit often look simple, yet the word “within” continues to cause confusion — especially when readers focus on the example given in ISBP 821 paragraph A14(b)(i) and wonder whether the permitted period should extend both before and after the shipment date. The following Q&A addresses a very practical question: When an LC requires documents … Read More
“Discrepancy Traps” in Letters of Credit: Should Beneficiaries Hold Their Ground? Intro From time to time, beneficiaries find themselves facing draft Letters of Credit containing conditions that appear unnecessary, impractical, or even deliberately risky. Are these merely poor drafting practices, or are they “discrepancy traps” waiting to happen? In the following exchange, Mr. Old Man shares his views on how sellers should respond when confronted with such LCs — and why … Read More
Mr Old Man Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… Read More
Mr Old Man Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… Read More
Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means in practice, how it works, and the benefits and risks involved for each party when discrepant documents are presented. QUESTION Dear Mr. Old Man, My name is HY. I … Read More
Mê tín chút cũng được, miễn là… ngủ dậy có tin vui! Tối nay lúc 10:30 sẽ diễn ra trận bán kết AFC U23 Asian Cup 2026 giữa Việt Nam và Trung Quốc. Giờ này thì xem bóng đá khá thoải mái, vì thú thật là ngày thường Mr. Old Man cũng… lên giường rất trễ. Nhưng giống ba trận trước, Mr. Old Man vẫn trung thành với “chiến thuật mê tín”: … Read More
Does an Inter – Bank Courier Clause Override the LC Presentation Period? Intro Letters of Credit sometimes contain additional conditions that blur the line between presentation by the beneficiary and document handling between banks. When such clauses are poorly drafted, the question inevitably arises: can an issuing bank turn an internal routing instruction into a discrepancy? The following Q&A addresses one such situation involving Fields 47A and 48. QUESTION Dear Sir, LC … Read More
WHEN WORDS AND FIGURES DON’T AGREE: Is It a Discrepancy under UCP 600? Intro Differences between the amount in words and the amount in figures are among the most common issues encountered in document examination under letters of credit. At first glance, such inconsistencies appear to be straightforward discrepancies. However, practice shows that the answer is not always the same, particularly when a bill of exchange (draft) is involved. While UCP 600 establishes … Read More
RETIREMENT AND PLANS THAT NEVER REALLY RETIRE A Korean friend of mine — a senior legal expert at a major bank — recently sent me a long email, sharing all sorts of life stories. But in the end, everything came down to one simple point: his contract has just been extended for another year. What happens after that is uncertain, because he has already turned 66 — … Read More
NGHỈ HƯU VÀ NHỮNG CÁI PLAN… KHÔNG NGHỈ Anh bạn người Hàn Quốc – chuyên gia pháp lý cao cấp tại một ngân hàng lớn – mới gửi cho Mr. Old Man một email dài, tâm sự đủ chuyện. Nhưng tựu trung lại chỉ xoay quanh một việc: anh vừa được ngân hàng gia hạn hợp đồng thêm một năm, còn năm sau thì chưa chắc, vì anh … Read More
CAN A BANK ISSUE A PHYSICAL BANK GUARANTEE WITHOUT LOCAL PRESENCE? INTRO In practice, bank guarantees are often treated as if they must be issued or advised through a local bank in the beneficiary’s country. This assumption frequently leads to confusion between legal possibility and market or tender requirements, especially when physical bank guarantees are involved. The following question raises a simple but important issue: Can a bank issue a physical … Read More
Về già nên ở phố hay ở quê? Lướt Facebook dạo này, thỉnh thoảng Mr. Old Man lại thấy nhiều bạn trung niên chia sẻ hình ảnh một ngôi nhà gỗ xinh xinh trên đồi, lối đi hai bên là hàng hồng nở rộ. Hoặc một khu vườn ngập nắng, gọn gàng, có rau, có hoa, có ao cá, có… đủ thứ nhìn rất đáng ước mơ. Không … Read More
How to Calculate “Within 21 Days of Shipment” under ISBP 821 Intro Time calculations under Letters of Credit often look simple, yet the word “within” continues to cause confusion — especially when readers focus on the example given in ISBP 821 paragraph A14(b)(i) and wonder whether the permitted period should extend both before and after the shipment date. The following Q&A addresses a very practical question: When an LC requires documents … Read More
“Discrepancy Traps” in Letters of Credit: Should Beneficiaries Hold Their Ground? Intro From time to time, beneficiaries find themselves facing draft Letters of Credit containing conditions that appear unnecessary, impractical, or even deliberately risky. Are these merely poor drafting practices, or are they “discrepancy traps” waiting to happen? In the following exchange, Mr. Old Man shares his views on how sellers should respond when confronted with such LCs — and why … Read More
Mr Old Man Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… Read More
Mr Old Man Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… Read More
Mr Old Man Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… Read More
Mr Old Man Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… Read More
Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs 20 Jan 2026 Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means in practice, how it works, and the benefits and risks involved for each party when discrepant documents are presented. QUESTION Dear Mr. Old Man, My name is HY. I …
Mê tín chút cũng được, miễn là… ngủ dậy có tin vui! 20 Jan 2026 Tối nay lúc 10:30 sẽ diễn ra trận bán kết AFC U23 Asian Cup 2026 giữa Việt Nam và Trung Quốc. Giờ này thì xem bóng đá khá thoải mái, vì thú thật là ngày thường Mr. Old Man cũng… lên giường rất trễ. Nhưng giống ba trận trước, Mr. Old Man vẫn trung thành với “chiến thuật mê tín”: …
Does an Inter – Bank Courier Clause Override the LC Presentation Period? 19 Jan 2026 Intro Letters of Credit sometimes contain additional conditions that blur the line between presentation by the beneficiary and document handling between banks. When such clauses are poorly drafted, the question inevitably arises: can an issuing bank turn an internal routing instruction into a discrepancy? The following Q&A addresses one such situation involving Fields 47A and 48. QUESTION Dear Sir, LC …
WHEN WORDS AND FIGURES DON’T AGREE: Is It a Discrepancy under UCP 600? 17 Jan 2026 Intro Differences between the amount in words and the amount in figures are among the most common issues encountered in document examination under letters of credit. At first glance, such inconsistencies appear to be straightforward discrepancies. However, practice shows that the answer is not always the same, particularly when a bill of exchange (draft) is involved. While UCP 600 establishes …
RETIREMENT AND PLANS THAT NEVER REALLY RETIRE 17 Jan 2026 A Korean friend of mine — a senior legal expert at a major bank — recently sent me a long email, sharing all sorts of life stories. But in the end, everything came down to one simple point: his contract has just been extended for another year. What happens after that is uncertain, because he has already turned 66 — …
NGHỈ HƯU VÀ NHỮNG CÁI PLAN… KHÔNG NGHỈ 16 Jan 2026 Anh bạn người Hàn Quốc – chuyên gia pháp lý cao cấp tại một ngân hàng lớn – mới gửi cho Mr. Old Man một email dài, tâm sự đủ chuyện. Nhưng tựu trung lại chỉ xoay quanh một việc: anh vừa được ngân hàng gia hạn hợp đồng thêm một năm, còn năm sau thì chưa chắc, vì anh …
CAN A BANK ISSUE A PHYSICAL BANK GUARANTEE WITHOUT LOCAL PRESENCE? 16 Jan 2026 INTRO In practice, bank guarantees are often treated as if they must be issued or advised through a local bank in the beneficiary’s country. This assumption frequently leads to confusion between legal possibility and market or tender requirements, especially when physical bank guarantees are involved. The following question raises a simple but important issue: Can a bank issue a physical …
Về già nên ở phố hay ở quê? 15 Jan 2026 Lướt Facebook dạo này, thỉnh thoảng Mr. Old Man lại thấy nhiều bạn trung niên chia sẻ hình ảnh một ngôi nhà gỗ xinh xinh trên đồi, lối đi hai bên là hàng hồng nở rộ. Hoặc một khu vườn ngập nắng, gọn gàng, có rau, có hoa, có ao cá, có… đủ thứ nhìn rất đáng ước mơ. Không …
How to Calculate “Within 21 Days of Shipment” under ISBP 821 14 Jan 2026 Intro Time calculations under Letters of Credit often look simple, yet the word “within” continues to cause confusion — especially when readers focus on the example given in ISBP 821 paragraph A14(b)(i) and wonder whether the permitted period should extend both before and after the shipment date. The following Q&A addresses a very practical question: When an LC requires documents …
“Discrepancy Traps” in Letters of Credit: Should Beneficiaries Hold Their Ground? 14 Jan 2026 Intro From time to time, beneficiaries find themselves facing draft Letters of Credit containing conditions that appear unnecessary, impractical, or even deliberately risky. Are these merely poor drafting practices, or are they “discrepancy traps” waiting to happen? In the following exchange, Mr. Old Man shares his views on how sellers should respond when confronted with such LCs — and why …
Mr Old Man Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… Read More
Mr Old Man Cable Negotiation Explained: Benefits, Risks, and Practical Reality under LCs Intro In LC practice, the term “cable negotiation” is sometimes mentioned by beneficiaries and banks, even though it does not appear in UCP 600. This Q&A clarifies what “cable negotiation” means i… Read More