FULL SET LESS ONE ORIGINAL BL; CLAIMING DISSCREPANCY FEES AFTER REIMBURSEMENT QUESTION Dear Mr Old Man, We would appreciate your comment to the following questions: Question 1: LC requires in F 46A: Full set less one original of bill of lading… Does it comply with the LC requirement if the beneficiary presents two original bills of lading? Question 2: LC issued by Bank I states in Field 78 that the negotiating … Read More
WHERE CORRECTIONS ON A BILL OF LADING ARE AUTHENTICATED BY A SEPARATE STATEMENT QUESTION Dear Mr. Old Man, We presented documents under six separate L/Cs covering a commingled shipment carried on the same vessel. Each bill of lading contained the usual commingling clause stating: “This shipment was loaded aboard the vessel as part of one original lot of 4000.153 kilos with no segregation…” However, the total quantity stated in the commingling clause was … Read More
D/P AT XXX DAYS AFTER BL DATE QUESTION Dear Mr. Old Man, As far as I know there are only two types of collection: D/P (Documents Against Payment) and D/A (Documents Against Acceptance). However, I’ve just heard about a strange collection: D/P at xxx days after BL date. Please let me know if there is such a strange collection. If there is, what is the difference between … Read More
QUESTIONS REGARDING BPO QUESTION Kính gửi anh Old Man, Hiện nay em cũng đang nghiên cứu về sản phẩm BPO, tuy nhiên còn khá mới mẻ tại Việt Nam. Anh có thể chia sẻ với em một chút kiến thức về sản phẩm này không ạ (phương thức giao dịch, …). Em cảm ơn a nhiều ———— ANSWER Hi, Cung cấp cho bạn … Read More
NEGOTIATION WITH OR WITHOUT RECOURSE QUESTION In response to a query at http://letterofcreditforum.com/content/i-need-some-clarification-regards-lc, you wrote: “Different from LC available by payment, LC available by negotiation allows the beneficiary to receive the payment by negotiating the sight drafts and documents at a nominated negotiating bank which is normally located in his country. The negotiation may be effected on a with or without recourse basis”. I do … Read More
CHANGING PAYMENT TERMS OF THE LC QUESTION Dear Sir. Need a clarification on transferable LC regarding clause 42C. – If the original LC mentions LC at sight, can the 1st beneficiary change this to LC 30 days usance when transferring this LC to the 2nd beneficiary ( if the 2nd beneficiary agrees to LC 30 days). If a sight LC is transferred as a sight LC, … Read More
AMOUNT OF COVER QUESTION The LC was issued for $8,000 showing as follows: – Field 45: Commodity: Fabrics Total amount: $10,000 TT advance $ 2,000 – Field 46: Insurance cert cover for 110% invoice value Documents presented: – Invoice shows: Commodity: Fabrics Actual shipped goods amount: $10,000 TT advance $ 2,000 Invoice amount: $8,8000 – Insurance Certificate shows: Sum insured: $8800. Is the … Read More