QUESTION Dear Mr. Old Man, May I ask a few questions. 1) Why do issuing banks allow TT reimbursement? because I know China banks do not. 2) Where TT reimbursement is allowed and a reimbursing bank is nominated in LC, I understand it’s not common for the nominated bank to be informed upon LC issuance, am I right? In any …

QUESTION Credit stated that the “Insurance Policy endorsed in blank, for full CIF value plus at least 10% stipulating Claims payable at destination covering ……” . Note : Port of discharge : X port, India. My questions: 1) Does it mean that Insurance documents need to state “with claims payable at destination…….” ? 2) How about If the insurance documents …

QUESTION Dear Mr. Old Man, I have a case that needs your professional advice: LC required, among other documents, Commercial Invoice in 4 copies. The presenter made presentation with the covering schedule indicating 4 copies of Commercial Invoice presented. However, when checking the documents the issuing bank found only 3 copies presented and raised the discrepancy “3 copies of invoice …

QUESTION I have come accross this statement. “Under UCP600, the DPU remains undefined and still a bit of a mystery as to whether/how its incurrence may/must be evidenced.” Could you please comment further? Best regards, G. —- ANSWER Hi, You may have learnt about Banco Santander case in connection with discounting one’s own deferred payment undertaking (DPU). The main details …

Đạp xe đạp có gì hay mà sao nhiều người nghiện đến nổi sáng nào cũng dậy sớm từ 4 giờ để chuẩn bị lên đường bất kể hôm đó trời mưa lâm thâm và trở lạnh, bất kể vợ cằn nhằn can ngăn. Nhiều tay rủ nhau chạy cent tới 160 km, thậm chí còn làm cú đúp 320 …

Bán đảo Sơn Trà sở hữu nhiều cung đường tuyệt đẹp, ngoạn mục và hấp dẫn nhưng cũng đầy thách thức đối với anh em mê đạp xe đạp. Rất nhiều người đã đạp xe tới Khỉ Con, leo lên Đỉnh Khỉ Già, chinh phục Đỉnh Bàn Cờ… nhưng không có nhiều người từng trải nghiệm thách thức khắc nghiệt …

QUESTION L/C allows shipment from USA to India. In the B/L, both the place of receipt and port of loading indicate “New Jersey” and port of discharge and place of destination as name of Indian port. B/L only states a vessel name of xxxx. No indication that any transhipment has been made. No mention of any second vessel name in …

FROM NGUYEN HUU DUC Dear members, As a frequent writer for banking magazines in Vietnam, I sometimes receive from local banks queries on international payment operations. Here below is one of the queries and my opinion that I wish to share with you and look forward to receiving your comments. At the request and for account of XYZ Company (Applicant) …

QUESTION Dear Sir, Sometimes the beneficiary presents the discrepant documents and requests my bank to negotiate the documents. In this case we would forward the documents to the issuing bank stating the discrepancies and ask for the issuing bank’s authorization or approval for us to negotiate the documents. Sometimes the issuing bank gives us its authorization to negotiate such documents. …

by Nguyen Huu Duc A member of letterofcreditforum.com raised on the same forum a question regarding the right to recourse in case the documents honoured or negotiated are found to be discrepant or forged and rejected by the issuing bank or applicant. The question is not new. Still, it has remained to be one of the focuses of attention of …