WHAT ARE DISADVANTAGES IF THE BENEFICIARY PRESENTS THE DOCUMENTS TO A BANK OTHER THAN THE NOMINATED BANK QUESTION Dear Mr. Old Man, I have some questions for you as follows: LC is available with Bank Y in Country X by negotiation . However, the beneficiary presents the documents to Bank Z in Country X. My questions: 1/ Can the beneficiary present the documents to Bank Z? 2/ What are disadvantages if the beneficiary does not present the … Read More
WARRANTED NO KNOWN OR REPORTED LOSSES (WNKORL) QUESTION Dear Mr. Old Man, Insurance document indicating Issue Date as 20 NOV 2018 (Issue Date) contains a statement: “Warranted no known or reported losses as at 22 NOV 2018 if the Departure Date is earlier than 22 NOV 2018”. Bill of Lading indicates On Board Date as 20 NOV 2018 Can I raise the discrepancy: Insurance document effective from … Read More
WHERE A BILL IS NOT A BILL OF LADING QUESTION Dear Mr Old Man, Please let me know your view on the following case: Field 47A: Partial shipment effected in two and each bill must be presented separately Quantity of goods: 20,000MT The beneficiary presents under the same cover one set of documents including two separate sets of bills of lading: one BL showing quantity of goods shipped 10,000 … Read More
TRỞ LẠI BÃI CÁT VÀNG Nằm ở rẻo đất hiểm trở dưới chân đèo Hải Vân cách làng phong Hòa Vân – ngôi làng đã mất – một ghềnh đá là bãi biển cát vàng tuyệt đẹp. Cách đây 5 năm mình đã một mình đạp xe đạp, lội bộ băng rừng tìm đường xuống làng phong Hòa Vân dưới chân đèo Hải Vân nhưng … Read More
DU THÁM HẢI ĐĂNG CỔ TIÊN SA Vượt qua những con dốc ngán ngại từ 16 -27% là một thử thách quá khắc nghiệt nhưng cuối cùng anh em cũng đã đến được ngọn hải đăng cổ nằm ở phía bên kia bán đảo Sơn Trà hùng vĩ. Ngay đầu dốc dẫn xuống ngọn hải đăng có tấm bảng gỗ treo lủng lẳng trong gió đề mấy … Read More
“KOREAN – STYLE” CONFIRMED LETTERS OF CREDIT For your information about the practice of adding confirmation to L/Cs at KEB, please find attached below Mr. Old Man’s discussion with Thomas Soong from KEB. Hope it’s informative and useful. ——– Dear Huu Duc, At present, when we confirm an LC, we have a side agreement with the beneficiary to enable us to exercise recourse if payment is not … Read More
QUESTIONS REGARDING SIGNATURE, NUMBER OF ORIGINALS, GEOGRAPHICAL AREA . QUESTION Dear Mr. Old Man, Please help me with the following: 1) LC requires “Signed commercial invoice”, but the invoice presented is signed with a stamp bearing the name of the beneficiary, e.g., ABC Co., Ltd. Can the stamp be treated as a signature? 2) LC does not require insurance policy to indicate number of originals. 2.1 Is it acceptable … Read More
D/P COLLECTION QUESTION Sir, I want to know, if the documents on DP term are sent with clear instruction to release only against Payment. If the collecting bank has released all shipping documents along with endorsed in favor of consignee without collecting payment (good faith), what are the obligations and responsibilities of the collecting bank ? Can the remitting bank claim from … Read More
DOES ACCEPTING DISCREPANT DOCUMENTS MEAN THAT A BANK HAS TO ACCEPT SIMILAR DISCREPANCIES ON FUTURE DRAWINGS QUESTION Dear Mr. Old Man, We need your professional opinion on the following issue: LC issued by our bank stipulates goods are shipped in 2 shipments. The beneficiary effected the 1st shipment and presented the documents to our bank via Bank N for reimbursement. We checked and found the bill of lading to contain the discrepancy “shipped on board notation … Read More