QUESTION Dear Mr Old Man, Please help me to clarify my confusions about the paragraph of article 35 UCP 600, which says “If a nominated bank determines that a presentation is complying and forwards the documents to the issuing bank or confirming bank, whether or not the nominated bank has honoured or negotiated, an issuing bank or confirming bank must …

QUESTION Dear Mr Old Man, Please help me to solve the following problem: L/C requires Insurance Certificate  to be endorsed in blank. The Insurance Certificate presented shows: * This Insurance in event of assignment requires endorsement by the Insured/ Cover Holder (Party A) * Not Transferable unless countersigned by the Insured Party A countersigned, but it did not endorse. So is …

QUESTION A credit requires the presentation of ‘3 / 3’ (that is, three of three) original multimodal transport documents. The presented document indicates that four originals have been issued. The beneficiary has presented three originals. The nominated bank has refused the documents for the absence of one original multimodal transport document. The beneficiary is arguing that the credit required only …

QUESTION Dear Mr. Old Man, I would be grateful if you could give me advice in this case: The C/O presented under Import LC is not signed but refer to clause: “For certifying authority use only VERIFY URL:HTTP://WWW.CO-CCPIT.ORG” So this clause satisfy the requirement of signature or not? I look forward to hearing from you soon, Ha Thu Hang ———– …

QUESTION Dear Mr. Old Man, Can the confirming bank negotiate the documents in the event of Draft drawn on them? My understanding is if the draft is drawn on a bank, it can only honour the payment. However, one of my colleagues told me that it is possible for the confirming bank to negotiate the documents as per the UCP …

This place is called God’s Well. I came here with some of my biking friends with our bikes on the shoulders. Dare not come back here again! QUESTION Dear Mr Old Man, We  received an L/C with the details as follows: Sender: ABC Bank Singapore Receiver: XYZ Bank Vietnam Expiry date: 1/1/2017 in Vietnam Available with ABC Bank Singapore by negotiation. …

South Hai Van Pass QUESTION Usance bill payment falls on 13th December i.e. Tuesday and it is a holiday for the country of making the payment, but not a holiday for the currency of payment (Ex: Currency of payment is USD and that day is not a New york holiday). When we should pay?  Is it on 12th or 14th? …

QUESTION Hi Sir, Can 1st advising bank contact the beneficiary and negotiate documents directly even there is a 2nd advising bank indicated in the LC? Regards, dotcom ———– ANSWER Hi, Where the L/C is available with any bank by negotiation, the beneficiary may present the documents to any bank including the first advising bank for negotiation. Where the L/C is …

QUESTION Dear all, Is the payment clause that we shall pay only when we receive funds from issuing bank under original L/C, usual in transferred letters of credit and the banks are always using such structure of payment clause when transferring L/C or is it something which some banks are using but it is not proper? Thanks Snježana ———- ANSWER …

QUESTION Dear Mr. Old Man! Our company is going to open an LC but the exporter requires the LC to allow T.T.R. Though we have done some business with this exporter at FOB terms, we fear that with this clause the negotiating bank may collude with the exporter to claim reimbursement by swift message before shipment is made. Though the …