It is not uncommon for an insurance policy or certificate to be purchased by a freight forwarder or another intermediary for the account of the beneficiary. Does this affect who must endorse the insurance document when the L/C requires an endorsement by the assured? Let’s look at the following question. Question Dear Mr. Old Man, Greetings for the day. I …

Under a domestic letter of credit subject to UCP 600, can an issuing bank refuse a presentation simply because the VAT invoice was issued after the shipment date, even though this appears to be inconsistent with Vietnamese tax regulations? This question highlights the distinction between documentary examination under UCP 600 and compliance with domestic law. Question Dear Mr. Old Man, …

Letters of credit frequently require a bill of lading (B/L) consigned “To order” and blank endorsed. But what happens if, after the shipper has blank endorsed the B/L, the presenting bank subsequently endorses it “To order of DEF Bank”? Is such an endorsement legally valid? More importantly, does the document still comply with the LC requirement? The following question explores …

A negotiation credit is normally expected to expire in the beneficiary’s country, where the nominated bank is located. But what happens when an L/C is available by negotiation with any bank in the beneficiary’s country while the place of expiry is stated in the issuing bank’s country? This question highlights an unusual drafting issue that could expose the beneficiary to …

Xem một phim ngắn của Tàu, Mr. Old Man nghe ông chồng nhận xét về vợ mà thấy buồn cười: “Cô ấy 58 tuổi rồi nhưng được bảo dưỡng khá tốt.” “Bảo dưỡng” vốn là từ thường dùng cho xe cộ, máy móc, thiết bị… chứ ai lại dùng cho người. Chắc cô ấy là vợ robot, hoặc là Mr. …

Introduction With the increasing use of slot charter arrangements in container shipping, bills of lading often contain references to both a slot carrier and an actual (operating) carrier, together with different bill of lading numbers. This can create uncertainty for document examiners. In this Q&A, Mr. Old Man explains what a slot carrier is and whether a difference between the …

Every day, Mr. Old Man receives questions on International Trade Finance and Documentary Credits from readers around the world. For more than 20 years, these questions have been one of the main reasons why www.mroldman.net has continued to grow into a valuable source of practical knowledge for trade finance professionals. Mr. Old Man sincerely appreciates every question he receives. In …

Mr. Old Man rất vui vì mỗi ngày đều nhận được các câu hỏi về Thanh toán quốc tế và Tài trợ thương mại từ bạn đọc trong và ngoài nước. Mr. Old Man chân thành cảm ơn vì suốt hơn 20 năm qua, chính những câu hỏi của các bạn đã góp phần làm cho website www.mroldman.net ngày càng …

A branch of a foreign bank in Ho Chi Minh City recently invited Mr. Old Man to join them as a Trade Finance consultant. However, like several previous invitations, he regretfully had to decline this valuable opportunity, primarily due to health reasons.It seems that even after retirement, Mr. Old Man continues to receive opportunities to do what he loves most. …

Anh bạn hàng xóm vốn là nhà báo vừa đăng một cái tút với tiêu đề gây sốc: “Ừ thì ngu như bò!” Trong bài viết, anh hài hước chỉ ra sự nghịch lý trong cách con người so sánh sự ngu ngốc. Miệng thì chê ai đó “ngu như bò”, nhưng lại cho con mình uống sữa bò để …