QUESTION Dear Mr. Old Man, We are arguing about consignee in Surrendered Bill of Lading and need your expert opinion. The case is as follows: L/C issued on 15 August, 2017  required Bill of Lading made out to the order of issuing bank. Amendment  issued on 20 August, 2017 states “Surrendered Bill of Lading acceptable” The beneficiary presented  Surrendered Bill …

My dear friends, I regret to inform that I am unable to answer your questions in time as I got a bike accident  when riding down Hai Van Pass (Danang, Vietnam) yesterday morning. Four broken ribs may keep me in bed at least 2 or 3 weeks. It is very painful! I’ll be back when possible. Very sorry! Mr. Old …

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 Can you please explain me meaning of below: Bill of  Lading indicating that it is subject to charter party is not acceptable. Sam ——— ANSWER Hi, The Bill of Lading  that contains an indication “issued pursuant to charter party dated…”,  “freight payable as per charter party” or  “issued subject to charter party” or  bears a title “Charter Party Bill …

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. …