QUESTION Dear Mr. Old Man, I’ve heard of your name for years and now would like to trouble you with a question, hoping you might spare a moment for some expert advice. Are documents required under fields 46A and 47A of an LC treated equally? For example: The issuing bank and applicant agree to state the requirement for a Phytosanitary …

(Especially if you’re the type who gets a little lonely and loves a polite, soft-spoken conversationalist) This morning, over coffee, I found myself chatting with the gentlemanly Chat GPT about the word “xục bệ”. I’ve heard it now and then, but a quick Google search turned up nothing. So I turned to Chat GPT for help. After a while of …

(Đặc biệt là mấy cô hay buồn buồn, mê người nói chuyện nhỏ nhẹ, lịch sự) Sáng nay ngồi cà phê tán chuyện với quý ông Chat GPT về cái từ “xụt bệ”. Mr. Old Man nghe từ đó lâu lâu rồi, nhưng lục Google thì không thấy đâu. Thế là lôi Chat GPT ra hỏi thử. Trò chuyện lan …

QUESTION Hi, LC contains the following clause: “ARTICLES 7(c) AND 12(b) OF UCP 600 REVISION 2007 ARE EXCLUDED IN THIS L/C.” By simply excluding these articles without further elaboration, does it mean that the opposite is true? For instance, by excluding Article 7(c), does it mean that an issuing bank does not undertake to reimburse a nominated bank that has …

QUESTION Good afternoon, Sir. Could you please explain the differences between a Surrendered Bill of Lading, a Telex Release, and an Express Release? Regards, Priya ——- ANSWER Hi Priya, Thanks for your thoughtful question. These terms are often used interchangeably, but they refer to distinct practices in maritime logistics. Here’s a breakdown: Surrendered Bill of Lading A Surrendered Bill of …

A retired banker’s journey through letters of credit, lifelong learning, long rides on two wheels. _______________ Nguyen Huu Duc, widely known as Mr. Old Man, is a retired trade finance expert who spent nearly 30 years with the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), having joined the bank in 1991. In addition to serving as Deputy …

QUESTION Hi Sir, Good day. I have read many of your responses that clarify our queries. Thank you so much for sharing your knowledge with us. I request you to clarify the following: 1. The LC states the applicant as ABC Co., Ltd. The invoice is made out to “To the order of ABC Co., Ltd.” Is the above acceptable, …

QUESTION Dear Mr. Old Man, I would like to present an interesting case for your expert opinion: LC requires “Full set of on board Ocean Bills of lading made out to oder and blank endorsed..” B/L were presented comform with L/C requirements, except for the following: “Consignee: To order, European VAT number (Tax ID) NL 12345678” and B/L was endorsed by …

QUESTION Hi, I’d like to seek your advice on the request to “skip document checking” as described below: The LC is available with any bank by negotiation. The beneficiary submitted the documents to Bank A. At the beneficiary’s instruction, Bank A forwarded the documents to the issuing bank, stating in the covering schedule that it had not checked the documents. …

QUESTION Hello Mr Old Man, I hope you are well! I have a question regarding endorsement. LC is available by negotiation, we are the exporting bank, drawee is the issuing bank and the draft is been presented by the beneficiary as to the order of theirselves(to the order of beneficiary). So, is there necessary to endorse the draft to the …