Intro: In practice, there have been cases where LCs available by negotiation with confirming banks state that drafts be drawn on the confirming bank. This does not comply with Article 2 of UCP 600. Where an LC contains such a term, should the draft be drawn on the confirming bank or the issuing bank? ______ QUESTION Dear Sir, Can …

Hôm trước đang thong dong đạp xe dọc đường Bạch Đằng Mr. Old Man tình cờ gặp lại khách hàng ngày xưa – vừa rất cũ và cũng vừa rất già. Nói vậy,  bởi khi Mr. Old Man mới chân ướt chân ráo vào Vietcombank Đà Nẵng đã gọi vị khách hàng này bằng chú rồi, giờ Mr. Old Man …

Intro: A recent LC case raised a dispute over alleged “conflicting information” between the consignee stated in a Certificate of Inspection and that shown in the bill of lading. The issuing bank cited UCP 600 Article 14(d) to justify refusal, while the beneficiary argued that ISBP 821 allows such differences under specific circumstances. Here’s Mr. Old Man’s take on whether …

Intro: Applicable where the final unit price is to be determined based on London Metal Exchange (LME) quotations around the shipment date. The following clause ensures price calculation is objective, documentary evidence is provided, and the maximum price cap is observed. QUESTION Dear Mr. Old Man, Hope you are doing well. Need your guidance in regard to LC Issuance for …

By Nguyen Huu Duc (Mr. Old Man) Recently, the author has received numerous questions from colleagues at banks and from exporters regarding letters of credit (LCs) issued by non-bank issuers via SWIFT message MT 710. In many cases, not only the exporter but also the bank has ended up “tasting the bitter fruit” from dealing with such LCs. This article …

Sáng nào Mr. Old Man cũng ra biển Thanh Khê bơi vài trăm mét rồi về. Biển này nằm trong vịnh Đà Nẵng nên gần như chẳng bao giờ có sóng, nước phẳng lì như mặt hồ — bơi phê lắm. Bãi này không có cứu hộ, thế là Ban Quản lý dựng ngay một tấm biển đỏ chót “CẤM …

In the world of documentary credits, the terms of availability play a critical role in determining which banks are authorized to act under the credit. A common point of confusion arises when a beneficiary chooses to present documents to a bank that is not nominated in the LC — raising the question: Can that bank negotiate the documents? And if …

In the fast-paced world of documentary credits, a single SWIFT message sent in error can expose an issuing bank to serious risks—especially when it concerns acceptance of discrepant documents. One such query came from Suraj, raising an important issue: What happens when a bank mistakenly sends an acceptance message without first securing a waiver from the applicant—and then tries to …

How a rookie banker, a stone carver, and an American tourist stumbled into a payment method none of them could name… yet. Back in the mid-1990s, Vietnam was just beginning to open up to the world. Foreigners were trickling in — carrying hard currency, curiosity, and occasionally, some very strange business proposals. I had just started my banking career at …

Hồi đó, khoảng giữa thập niên 90, Việt Nam mới mở cửa được vài năm. Người nước ngoài bắt đầu ghé thăm nhiều hơn, mang theo ngoại tệ, sự tò mò… và cả những phi vụ mua bán “lạ đời”. Còn Mr. Old Man thì mới chân ướt chân ráo vào Vietcombank Đà Nẵng, được phân về Phòng Tín dụng …