IS IT POSSIBLE TO ISSUE A BILL OF LADING OR AN AIRWAY BILL CONSIGNED TO TWO BANKS? QUESTION Mr. Old man, Is it possible to issue BL or AWL consigned to two banks? Mirza —- ANSWER Hi Mirza, I must admit that I have never come across a bill of lading or an airway bill consigned to two banks. However, it is quite possible. If the LC requires a bill of lading or an airway bill consigned … Read More
Q&A REGARDING PRESENTATION PERIOD AND 1/3 ORIGINAL BL SENT DIRECTLY TO THE APPLICANT QUESTION Hi Mr. Old Man, 1/ I’ve studied some LCs from the Internet and found out that most of the presentation period is within 10-15 days. Is it enough time considering it may take longer to send the documents overseas? Not to mention that the courier may have some difficulties that may delay the shipment of the docs. 2/ LC … Read More
WHETHER THERE ARE CASES WHERE THE ISSUING BANK HAS ACTED IN A MANNER THAT FAVOURS THE APPLICANT AND HARMS THE BENEFICIARY QUESTION Hi Mr. Old Man, Thank you for the prompt response. I’ve spent few hours browsing the Internet before writing this email but still have questions that I can’t find the answers for. If you click this link, the article says: “The applicant has not provided its waiver of discrepancies within the time allowed by the UCP 600 (which can be no … Read More
WHERE THE DOCUMENTS CONTAIN DISCREPANCIES NOT WAIVED BY THE APPLICANT QUESTION Hi Mr. Old Man, I hope you are doing fine. I have some follow-up questions again. 1/ What happens to an LC if it is discrepant and the buyer refuses to waive the discrepancies? a. Does the buyer typically let the LC expire? If so, are there any fees charged to the seller? b. I assume the seller would … Read More
WHERE THE INSURANCE CERTIFICATE SHOWS THE ISSUING BANK AS THE ASSURED PARTY QUESTION Dear Mr. Old Man, Following insurance clause in the LC, full set insurance certificate for 110pct of invoice value in favour of Bank of India, Mumbai covering All risks and war risks. Presented certificate states: Insured – Bank of India, Mumbai My view in this case Insured being the said Bank meets the LC requirement of insurance certificate in … Read More
MT 799 – PROOF OF FUNDS QUESTION Dear Duc Nguyen Huu Sincere greetings! How are you Bank Master? There is currently a new seller who requires the buyer to provide proof of any bank-to-bank funds. The buyer said that due to MT799/199, the entire payment needs to be deposited in the bank. Large companies have no problem due to their strong funds, but small and medium-sized … Read More
SƠN TRÀ hay SƠN CHÀ MỚI ĐÚNG? Biết Mr. Old Man từng đạp xe khám phá và có nhiều bài viết về bán đảo Sơn Trà, một anh bạn trẻ đạp xe khám phá bán đảo Sơn Trà nhắn tin hỏi: “Sơn Trà trước đây có tên là Sơn Chà đúng không?” Mr. Old Man trả lời ngay và luôn: “Đúng rồi. Trước giải phóng 1975, dân … Read More
WHETHER THE LC CAN BE AMENDED AFTER THE DOCUMENTS HAVE BEEN PRESENTED TO THE ISSUING BANK QUESTION Hi sir, This is Jawad Ahmed from Askari Bank ltd. Pakistan. Hope this email finds you well. I have a question regarding Letter of Credit amendment. I have been seeking an amendment in Letter of credit where at the time of LC opening the unit price was USD 570 and partial documents were presented against this LC with the same … Read More
CAN MT 799 BE USED TO ISSUE A SBLC? QUESTION Dear Mr. Old Man, Good Day. We have received MT 799 under field 20 & field 21 indicated the same reference number. Followed by field 79 only and indicated irrevocable standby letter of credit no…… for USD1,000,000.00. We hereby authorize you to draw on Bank of Singapore …. upon your demand by authenticated swift…this SBLC expire on 1/3/2026. Charges … Read More
TƯỢNG KHỈ GIÀ TRÊN ĐỈNH SƠN TRÀ CẦN ĐƯỢC THAY MỚI Bán đảo Sơn Trà được biết đến là nơi sinh sống của nhiều loài khỉ, thậm chí nó còn được lính Mỹ đồn trú trên bán đảo những năm 1960 gọi là Núi Khỉ (Monkey Mountain), các tài liệu và bản đồ quân sự Mỹ vẫn ghi là Monkey Mountain thay vì Sơn Chà (tên gọi trước 1975 của bán … Read More