QUERY LC requires a certificate of vessel’s tank cleanliness. Beneficiary presents a document with exactly the same title, showing content as follow: Quote Method of Cleaning : No tanks cleaning was carried out. Unquote Is this document complying? Noting sub-article 14(f), the question is whether its content appears to fulfill the function of the required document. Can I have your …

QUESTION Dear Mr. Old Man, Please help me solve the following issue: With regard to sub article 7c in UCP 600, “An issuing bank’s undertaking to reimburse a nominated bank is independent of the issuing bank’s undertaking to the beneficiary”, the statement does not clarify which “independent” is. Question 7.7 in FAQ under UCP 600 explained this statement as suggested …

QUESTION Dear Mr. Old Man, I understand that sub-article 6 (a) UCP 600 allows the beneficiary to present the documents directly to the issuing bank. However, I want to know how the issuing bank give the notice of refusal to the beneficiary in case the presented documents contain discrepancies. Thank you for your advice Best regards, L.L —– ANSWER Hi, …

Dear Mr. Old Man, Could you give me your opinions about controversy issues that I meet during processing documents? COLLECTION:   We have received under a D/A collection a set of documents including drafts at 60 DAYS AFTER SIGHT.   Do we calculate the maturity date from the day we receive the above documents for collection or from the day …

QUESTION Dear Mr Old Man, I am Dang from Vietnam Prosperity bank. I know that you usually give valuable oppion for difficult cases from bank in Vietnam. Today, our bank faces with a difficult case and I would like to seek your valuable idea: L/C required: Latest date of shipment: 10 Aug 20… Period for presentation: After 21days from the …

QUESTION Hi Mr. Old Man, We’ve received D/A documents at 30 days sight. How to calculate the due date in this case? 30 days from the document arrival date or 30 days from the drawee’s acceptance date? Our practice is that when the D/A documents arrive at our bank, we send the drawee the notice of document arrival at once …

QUESTION Dear Mr. Old Man, We need your comment on the following case: A credit issued by our bank states in Field 47A as follows: “Late shipment is acceptable but subject to a penalty of 2.5% for every 7 days (odd days less than seven days is considered as seven days). The total amount of penalty shall not exceed 10% …

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  PAYMENT CLAUSE IN TRANSFERRED LETTERS OF CREDIT 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 …

  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 …