CAN THE ISSUING BANK AUTHORIZE THE REIMBURSING BANK TO REIMBURSE DIRECTLY TO THE BENEFICIARY’S ACCOUNT? QUESTION Dear Mr. Old Man, I ‘d like to ask you about rules or practice related to settlement process to beneficiary as follow: Related parties in the LC: Bank A: as issuing bank Bank B: as presenting bank Beneficiary C in the LC Can bank A remit directly to beneficiary C‘s account rather than transfer to bank B’s account indicating … Read More
MONKEY MOUNTAIN CHALLENGE 2025: LET’S GO! Sau kỷ lục 300 lượt đạp xe leo đỉnh Khỉ Già do Nga Nguyen thiết lập 2024, nhiều anh chi em chơi xe đạp Đà Nẵng cũng đã thử sức chinh phục Monkey Moutain Challenge 2025 với mục tiêu phá kỷ lục của Nga Nguyen. Đây là tín hiệu vui cho phong trào xe đạp Đà Nẵng. Một nam cua … Read More
CAN AN AIR WAYBILL BE ISSUED TO ORDER BLANK ENDORSED? QUESTION Dear Mr. Old Man, I hope you can help me answer this question: The L/C requires the beneficiary (exporter) to present 3/3 original air waybill issued “to order and blank endorsed”. Is this requirement correct? Why? Thank you TT —— ANSWER Hi, An air waybill is usually issued in 8 copies. The first 3 copies are the original, the … Read More
WEBSITE REVIEW: WWW.MROLDMAN.NET Dear Readers, First of all, I would like to thank you for your interest in and following my website www.mr.oldman.net (Mr. Old Man – For Those Who Eat, Sleep and Breathe Letters of Credit) and hope to continue receiving your interest. I created this website in 2018 based on my WordPress website of the same name www.nhducdng.wordpress.com created in 2010. … Read More
WHETHER A DUPLICATE INSURANCE DOCUMENT IS TREATED AS AN ORIGINAL QUESTION Dear Mr. Old Man, So sorry to keep asking your opinion of these matters sir but can you please give me any suggestions when an applicant requests a duplicate insurance policy in the LC itself. So my question is: Is duplicate insurance policy even valid and can be used to make claims if need be? What about the original … Read More
NỮ CUA RƠ PHONG TRÀO THIẾT LẬP KỶ LỤC ĐẠP XE LEO ĐỈNH KHỈ GIÀ NHIỀU NHẤT Sáng Chủ nhật ngày 29/12, trong tiết trời se lạnh, mờ sương và mưa phùn, Nga Nguyen—nữ cua-rơ phong trào đến từ Đà Nẵng—đã hoàn thành chặng đạp xe cuối cùng của năm 2024. Đây cũng là cột mốc khép lại hành trình bền bỉ chinh phục Monkey Mountain Challenge 2024, chính thức thiết lập kỷ lục vô tiền khoáng … Read More
BANK GUARANTEE: THE STATEMENT MAY BE IN THE DEMAND OR IN A SEPARATE DOCUMENT ACCOMPANYING THE DEMAND QUESTION Hi Mr. Old Man. A guarantee stipulates following conditions(part): The guarantor will pay beneficiary on receipt of XXX’s written demands made to the Bank stating that in XXX’s opinion the Vendor (a) fails to observe, perform or discharge any of its obligations under the Order or (b) becomes insolvent, bankrupt or go into liquidation or otherwise put in a … Read More
CAN THE FIRST BENEFICIARY REQUEST TO TRANSFER THE LC FOR AN AMOUNT LOWER THE ORIGINAL AMOUNT? QUESTION Hi Mr. Old Man. I would like to seek your professional opinion. Master LC amount USD770,000 47a show invoice amount USD1,070,000，USD770,000 paid by LC，USD300,000 prepayment. First beneficiary request transfer LC, transferred LC amount USD720,000 47a show invoice USD800,000，USD720,000 paid by LC，USD80,000 prepayment. Can the advising bank accept the first beneficiary ‘s request? Thanks!! Kevin — ANSWER Hi, According to … Read More
CAN AN SBLC BE ISUED IN FAVOUR OF MORE THAN ONE BENEFICIARIES? QUESTION Dear Mr. Old Man, Our customer (ABC, Singapore) has a draft SBLC to be issued in their favour and the applicant’s name is XYZ, Taiwan. No other special instruction stated in the SBLC. In the event of default of payment by applicant, the beneficiary will activate this SBLC to claim on the issuing Bank. Our customer is asking if … Read More
WHETHER AN INSURANCE DOCUMENT CAN INDICATE THAT COVER IS SUBJECT TO A DEDUCTIBLE CLAUSE QUESTION Dear Mr. Old Man, LC requires: FULL SET OF ORIGINAL INSURANCE POLICY/CERTIFICATE IN ASSIGNABLE FORM AND ENDORSED IN BLANK FOR 110PCT SHIPMENT VALUE, COVERING ALL RISKS, SHOWING CLAIM PAYABLE IN VIETNAM IN INVOICE CURRENCY AND SHOWING TOTAL NUMBER OF ORIGINALS ISSUED. The presented insurance policy shows: DEDUCTIBLE: 0.3% OF THE SUM INSURED OF THE WHOLE CONSIGNMENT. Can we raise … Read More