AUTHORIZATION FOR DISCOUNT OF DEFERRED PAYMENT UNDERTAKING QUESTION Dear Mr. Old Man, At the request and for account of ABC Co., Ltd (applicant), our bank has issued a deferred payment LC advised through Bank of China. Now at the request of the beneficiary, the applicant asks requests our bank to add the following provision in Field 47A: “WELLS FARGO BANK, N.A IS AUTHORIZED TO DISCOUNT OUR DEFERRED … Read More
SEEKING TO LIFT A COURT ORDER QUESTION Dear Nguyen, We had negotiated documents for USD 100,000 under an LC issued by a bank in Vietnam. It was a usance LC and documents were accepted and maturity date notified to us. A few days before the maturity date, we were informed that the local court had attached USD 30,000 of the above proceeds and thus only USD … Read More
Understanding Quantity Tolerance under UCP 600 Article 30(b): Practical Examples Intro Questions about quantity tolerance appear frequently in practice, especially when credits state quantities in different ways — by number, by packing units, or by weight and volume. Sub-article 30(b) of UCP 600 is straightforward in principle, but its application becomes clearer when seen through practical examples. ⸻ ✅ QUESTION Dear Mr. Old Man, I’ve found your answer concerning sub-article … Read More
SHIPPING GUARANTEE FOR RELEASE OF CARGOES WITHOUT PRODUCTION OF ORIGINAL BL QUESTION Respected Sir I have a query with regard to release of shipment without BoL , is it possible or what steps do we need to take to facilitate this pl. your thoughts would be much appreciated really . Regards Basskar Verma AISL —————— ANSWER Hi, The carrier would only release the cargoes against a duly endorsed original BL. If … Read More
BEWARE OF LOAN ORIGINATION FEE SCAM QUESTION Dear Mr. Old Man Bên em có một trường hợp khách hàng vay tiền của tổ chức nước ngoài, số tiền 4.000.000USD có Agreement kèm theo. Khách hàng yêu cầu chuyển 1% của 4.000.000USD cho đối tác. Số tiền này được gọi là Loan Origination Fee. Phí này chỉ thỏa thuận trên Email chứ không phải qui định trong … Read More
NGÁN NGẠI HÀ NỘI QUÁN Bài viết này sẽ rất “cô đơn” vì nó “lạc lõng” giữa hàng trăm bài nghiệp vụ trên blog của Mr. Old Man chẳng liên quan gì đến chủ đề ẩm thực. Chê ai đó hay biểu lộ không hài lòng điều gì đó thường không phải là thói quen của Mr. Old Man. Mr. Old Man bất chợt viết … Read More
INCOTERMS IN THE INVOICE QUESTION Dear Mr. Old Man, I appreciate your answer to the following: Situation: L/C stipulates trade term in Field 45A as FOB any Chinese port. B/L presented indicates Port of Loading as Shanghai Port, China. Invoice presented shows FOB any Chinese Port. Question: Is the invoice discrepant? Must it show FOB Shanghai Port to comply with B/L? Thank you. M. … Read More