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 INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… 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 …
INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? 17 Oct 2026 Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC)? The answer is not necessarily. Under UCP 600, we need to distinguish between the acceptability of exclusion clauses and whether the insurance document provides the coverage specifically required by the LC. Let …
Different Reference Format: Is It a Discrepancy? 17 Oct 2026 Intro In documentary credit operations, should a bank raise a discrepancy simply because a document contains a reference in a different format from those seen on previous presentations? Not necessarily! The key is to examine what the LC actually requires, rather than assume that a familiar format has become a mandatory requirement. In this Q&A, Mr. Old Man considers whether …
Can the Shipper on a Bill of Lading Be a Party Other Than the Beneficiary of the L/C? 17 Oct 2026 Introduction In international trade, the beneficiary of a letter of credit (L/C) is not necessarily the party that physically ships the goods. This often happens in transactions involving traders, transferable L/Cs, or back-to-back L/Cs. Sub-article 14(k) of UCP 600 addresses this issue, but does it mean that the shipper must be different from the beneficiary? Mr. Old Man shares his …
CAN A BANK BRANCH ISSUE A GUARANTEE BACKED BY ITS OWN HEAD OFFICE’S COUNTER-GUARANTEE? 17 Oct 2026 An unusual guarantee structure raises an important question: Can a bank obtain legal protection from a counter-guarantee issued by another part of the same bank? Mr. Old Man shares his views on the legal and credit risks involved. Question Dear Mr. Old Man, Our bank is considering a transaction in which our head office would issue a counter-guarantee, while our …
NHỚ NAM YÊN 17 Oct 2026 Nhiều năm trước, tuần nào Mr. Old Man cũng có một, hai lần đạp xe qua cung đường này. Đi nhiều đến mức, tuần nào không đi lại thấy nhớ. Hồi đó, cung đường về Nam Yên, qua các thôn Trường Định và An Định, là một trong những cung đường quyến rũ những người yêu thích đạp xe dã …
Can a Mistyped Covering Schedule Justify a Discrepancy Under UCP 600? 16 Oct 2026 Intro A simple typing error can sometimes lead to an unnecessary dispute in documentary credit operations. But can an incorrectly dated covering schedule justify a late-presentation discrepancy when the documents were actually presented within the stipulated time limit? In this case, the issuing bank refused to withdraw the discrepancy and intended to deduct a discrepancy fee from the proceeds of …
INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC)? The answer is not necessarily. Under UCP 600, we need to distinguish between the acceptability of exclusion clauses and whether the insurance document provides the coverage specifically required by the LC. Let … Read More
Different Reference Format: Is It a Discrepancy? Intro In documentary credit operations, should a bank raise a discrepancy simply because a document contains a reference in a different format from those seen on previous presentations? Not necessarily! The key is to examine what the LC actually requires, rather than assume that a familiar format has become a mandatory requirement. In this Q&A, Mr. Old Man considers whether … Read More
Can the Shipper on a Bill of Lading Be a Party Other Than the Beneficiary of the L/C? Introduction In international trade, the beneficiary of a letter of credit (L/C) is not necessarily the party that physically ships the goods. This often happens in transactions involving traders, transferable L/Cs, or back-to-back L/Cs. Sub-article 14(k) of UCP 600 addresses this issue, but does it mean that the shipper must be different from the beneficiary? Mr. Old Man shares his … Read More
CAN A BANK BRANCH ISSUE A GUARANTEE BACKED BY ITS OWN HEAD OFFICE’S COUNTER-GUARANTEE? An unusual guarantee structure raises an important question: Can a bank obtain legal protection from a counter-guarantee issued by another part of the same bank? Mr. Old Man shares his views on the legal and credit risks involved. Question Dear Mr. Old Man, Our bank is considering a transaction in which our head office would issue a counter-guarantee, while our … Read More
NHỚ NAM YÊN Nhiều năm trước, tuần nào Mr. Old Man cũng có một, hai lần đạp xe qua cung đường này. Đi nhiều đến mức, tuần nào không đi lại thấy nhớ. Hồi đó, cung đường về Nam Yên, qua các thôn Trường Định và An Định, là một trong những cung đường quyến rũ những người yêu thích đạp xe dã … Read More
Can a Mistyped Covering Schedule Justify a Discrepancy Under UCP 600? Intro A simple typing error can sometimes lead to an unnecessary dispute in documentary credit operations. But can an incorrectly dated covering schedule justify a late-presentation discrepancy when the documents were actually presented within the stipulated time limit? In this case, the issuing bank refused to withdraw the discrepancy and intended to deduct a discrepancy fee from the proceeds of … Read More
CHƠI FACEBOOK 18 NĂM, MỘT PHEN HÚ HỒN! Mr. Old Man chơi Facebook cũng ngót nghét 17–18 năm rồi. Tưởng chừng đã quen thuộc với mọi ngóc ngách của cái mạng xã hội này. Ai dè, chỉ vì tò mò một chức năng mới mà được phen hú vía! Chuyện là Facebook có chức năng Subscription, cho phép người đọc đăng ký trả phí hằng tháng để theo … Read More
DOANH NHÂN – ĐÂU CHỈ MỖI ANH MẶC VESTON! Năm ngoái, Mr. Old Man từng chia sẻ một bài viết có tựa đề “Doanh nhân – đâu chỉ mỗi anh mặc veston”, để tôn vinh dàn “CEO thế giới ngầm” ngay trong con hẻm gần nhà: từ chị bán xôi, cô bán mì Quảng, bà bán bún bò, chị gái bán bánh bèo cho đến anh trai bán cà … Read More
NHỚ THÁC CỐC TIÊN -NGƯỜI ĐẸP NGỦ TRONG RỪNG Còn nhớ một ngày đẹp trời vào tháng Tư năm 2021 Mr. Old Man cũng vài người bạn đã có chuyến đạp xe khám phá cao tốc La Sơn – Túy Loan lần cuối trước khi nó chính thức được thông xe dự kiến vào tháng 6 năm đó. Dừng lại check-in bên cây cầu vượt dài và đẹp nhất … Read More
An Unaccepted L/C Amendment: Can the Bank Refuse the Documents? A Question Worth Discussing An amendment changes the applicant’s address, but the bill of lading still shows the original address as required by the original L/C. The confirming bank refuses the documents, citing UCP 600 sub-article 14(j). Is the bank right, or has it overlooked a fundamental principle governing the acceptance of amendments? Arun Ambar raises an interesting question about … Read More
Mr Old Man INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… Read More
Mr Old Man INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… Read More
INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC)? The answer is not necessarily. Under UCP 600, we need to distinguish between the acceptability of exclusion clauses and whether the insurance document provides the coverage specifically required by the LC. Let … Read More
Different Reference Format: Is It a Discrepancy? Intro In documentary credit operations, should a bank raise a discrepancy simply because a document contains a reference in a different format from those seen on previous presentations? Not necessarily! The key is to examine what the LC actually requires, rather than assume that a familiar format has become a mandatory requirement. In this Q&A, Mr. Old Man considers whether … Read More
Can the Shipper on a Bill of Lading Be a Party Other Than the Beneficiary of the L/C? Introduction In international trade, the beneficiary of a letter of credit (L/C) is not necessarily the party that physically ships the goods. This often happens in transactions involving traders, transferable L/Cs, or back-to-back L/Cs. Sub-article 14(k) of UCP 600 addresses this issue, but does it mean that the shipper must be different from the beneficiary? Mr. Old Man shares his … Read More
CAN A BANK BRANCH ISSUE A GUARANTEE BACKED BY ITS OWN HEAD OFFICE’S COUNTER-GUARANTEE? An unusual guarantee structure raises an important question: Can a bank obtain legal protection from a counter-guarantee issued by another part of the same bank? Mr. Old Man shares his views on the legal and credit risks involved. Question Dear Mr. Old Man, Our bank is considering a transaction in which our head office would issue a counter-guarantee, while our … Read More
NHỚ NAM YÊN Nhiều năm trước, tuần nào Mr. Old Man cũng có một, hai lần đạp xe qua cung đường này. Đi nhiều đến mức, tuần nào không đi lại thấy nhớ. Hồi đó, cung đường về Nam Yên, qua các thôn Trường Định và An Định, là một trong những cung đường quyến rũ những người yêu thích đạp xe dã … Read More
Can a Mistyped Covering Schedule Justify a Discrepancy Under UCP 600? Intro A simple typing error can sometimes lead to an unnecessary dispute in documentary credit operations. But can an incorrectly dated covering schedule justify a late-presentation discrepancy when the documents were actually presented within the stipulated time limit? In this case, the issuing bank refused to withdraw the discrepancy and intended to deduct a discrepancy fee from the proceeds of … Read More
CHƠI FACEBOOK 18 NĂM, MỘT PHEN HÚ HỒN! Mr. Old Man chơi Facebook cũng ngót nghét 17–18 năm rồi. Tưởng chừng đã quen thuộc với mọi ngóc ngách của cái mạng xã hội này. Ai dè, chỉ vì tò mò một chức năng mới mà được phen hú vía! Chuyện là Facebook có chức năng Subscription, cho phép người đọc đăng ký trả phí hằng tháng để theo … Read More
DOANH NHÂN – ĐÂU CHỈ MỖI ANH MẶC VESTON! Năm ngoái, Mr. Old Man từng chia sẻ một bài viết có tựa đề “Doanh nhân – đâu chỉ mỗi anh mặc veston”, để tôn vinh dàn “CEO thế giới ngầm” ngay trong con hẻm gần nhà: từ chị bán xôi, cô bán mì Quảng, bà bán bún bò, chị gái bán bánh bèo cho đến anh trai bán cà … Read More
NHỚ THÁC CỐC TIÊN -NGƯỜI ĐẸP NGỦ TRONG RỪNG Còn nhớ một ngày đẹp trời vào tháng Tư năm 2021 Mr. Old Man cũng vài người bạn đã có chuyến đạp xe khám phá cao tốc La Sơn – Túy Loan lần cuối trước khi nó chính thức được thông xe dự kiến vào tháng 6 năm đó. Dừng lại check-in bên cây cầu vượt dài và đẹp nhất … Read More
An Unaccepted L/C Amendment: Can the Bank Refuse the Documents? A Question Worth Discussing An amendment changes the applicant’s address, but the bill of lading still shows the original address as required by the original L/C. The confirming bank refuses the documents, citing UCP 600 sub-article 14(j). Is the bank right, or has it overlooked a fundamental principle governing the acceptance of amendments? Arun Ambar raises an interesting question about … Read More
Mr Old Man INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… Read More
Mr Old Man INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… Read More
Mr Old Man INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… Read More
Mr Old Man INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… Read More
INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? 17 Oct 2026 Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC)? The answer is not necessarily. Under UCP 600, we need to distinguish between the acceptability of exclusion clauses and whether the insurance document provides the coverage specifically required by the LC. Let …
Different Reference Format: Is It a Discrepancy? 17 Oct 2026 Intro In documentary credit operations, should a bank raise a discrepancy simply because a document contains a reference in a different format from those seen on previous presentations? Not necessarily! The key is to examine what the LC actually requires, rather than assume that a familiar format has become a mandatory requirement. In this Q&A, Mr. Old Man considers whether …
Can the Shipper on a Bill of Lading Be a Party Other Than the Beneficiary of the L/C? 17 Oct 2026 Introduction In international trade, the beneficiary of a letter of credit (L/C) is not necessarily the party that physically ships the goods. This often happens in transactions involving traders, transferable L/Cs, or back-to-back L/Cs. Sub-article 14(k) of UCP 600 addresses this issue, but does it mean that the shipper must be different from the beneficiary? Mr. Old Man shares his …
CAN A BANK BRANCH ISSUE A GUARANTEE BACKED BY ITS OWN HEAD OFFICE’S COUNTER-GUARANTEE? 17 Oct 2026 An unusual guarantee structure raises an important question: Can a bank obtain legal protection from a counter-guarantee issued by another part of the same bank? Mr. Old Man shares his views on the legal and credit risks involved. Question Dear Mr. Old Man, Our bank is considering a transaction in which our head office would issue a counter-guarantee, while our …
NHỚ NAM YÊN 17 Oct 2026 Nhiều năm trước, tuần nào Mr. Old Man cũng có một, hai lần đạp xe qua cung đường này. Đi nhiều đến mức, tuần nào không đi lại thấy nhớ. Hồi đó, cung đường về Nam Yên, qua các thôn Trường Định và An Định, là một trong những cung đường quyến rũ những người yêu thích đạp xe dã …
Can a Mistyped Covering Schedule Justify a Discrepancy Under UCP 600? 16 Oct 2026 Intro A simple typing error can sometimes lead to an unnecessary dispute in documentary credit operations. But can an incorrectly dated covering schedule justify a late-presentation discrepancy when the documents were actually presented within the stipulated time limit? In this case, the issuing bank refused to withdraw the discrepancy and intended to deduct a discrepancy fee from the proceeds of …
CHƠI FACEBOOK 18 NĂM, MỘT PHEN HÚ HỒN! 14 Oct 2026 Mr. Old Man chơi Facebook cũng ngót nghét 17–18 năm rồi. Tưởng chừng đã quen thuộc với mọi ngóc ngách của cái mạng xã hội này. Ai dè, chỉ vì tò mò một chức năng mới mà được phen hú vía! Chuyện là Facebook có chức năng Subscription, cho phép người đọc đăng ký trả phí hằng tháng để theo …
DOANH NHÂN – ĐÂU CHỈ MỖI ANH MẶC VESTON! 13 Oct 2026 Năm ngoái, Mr. Old Man từng chia sẻ một bài viết có tựa đề “Doanh nhân – đâu chỉ mỗi anh mặc veston”, để tôn vinh dàn “CEO thế giới ngầm” ngay trong con hẻm gần nhà: từ chị bán xôi, cô bán mì Quảng, bà bán bún bò, chị gái bán bánh bèo cho đến anh trai bán cà …
NHỚ THÁC CỐC TIÊN -NGƯỜI ĐẸP NGỦ TRONG RỪNG 11 Oct 2026 Còn nhớ một ngày đẹp trời vào tháng Tư năm 2021 Mr. Old Man cũng vài người bạn đã có chuyến đạp xe khám phá cao tốc La Sơn – Túy Loan lần cuối trước khi nó chính thức được thông xe dự kiến vào tháng 6 năm đó. Dừng lại check-in bên cây cầu vượt dài và đẹp nhất …
An Unaccepted L/C Amendment: Can the Bank Refuse the Documents? 11 Oct 2026 A Question Worth Discussing An amendment changes the applicant’s address, but the bill of lading still shows the original address as required by the original L/C. The confirming bank refuses the documents, citing UCP 600 sub-article 14(j). Is the bank right, or has it overlooked a fundamental principle governing the acceptance of amendments? Arun Ambar raises an interesting question about …
Mr Old Man INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… Read More
Mr Old Man INSURANCE EXCLUSIONS: A DISCREPANCY UNDER UCP 600? Introduction An insurance policy may contain several exclusion clauses. But does the presence of additional exclusions automatically make the insurance document discrepant under a Letter of Credit (LC… Read More