BILL OF LADING DATED PRIOR TO LC ISSUANCE DATE QUESTION Dear Mr. Old Man If B/L dated 4 months before LC issuance date, is it acceptable? Do we consider as stale B/L? However, the documents were presented within presentation period as LC called for 21 days from LC issuance date. Special condition also stated that documents issued prior to LC issuance date is acceptable. Can we take the B/L … Read More
AUTHORIZATION FOR DISCOUNT OF DEFERRED PAYMENT UNDERTAKING QUESTION Dear Mr. Old Man, At the request and for account of ABC Co., Ltd (applicant), our bank has issued a deferred payment LC advised through Bank of China. Now at the request of the beneficiary, the applicant asks requests our bank to add the following provision in Field 47A: “WELLS FARGO BANK, N.A IS AUTHORIZED TO DISCOUNT OUR DEFERRED … Read More
SEEKING TO LIFT A COURT ORDER QUESTION Dear Nguyen, We had negotiated documents for USD 100,000 under an LC issued by a bank in Vietnam. It was a usance LC and documents were accepted and maturity date notified to us. A few days before the maturity date, we were informed that the local court had attached USD 30,000 of the above proceeds and thus only USD … Read More
EXAMPLES TO ILLUSTRATE SUB-ARTICLE 30 (b) QUESTION Dear Mr. Old Man, I’ve found your answer concerning sub-article 30 (c) UCP 600 very useful. I urgently need some detailed examples of the same article but for sub-article (b). namely…. provided the credit does not state the quantity in terms of: – a stipulated number of packing units; or – individual items. Pls give some examples (10,000 kg ,100 … Read More
SHIPPING GUARANTEE FOR RELEASE OF CARGOES WITHOUT PRODUCTION OF ORIGINAL BL QUESTION Respected Sir I have a query with regard to release of shipment without BoL , is it possible or what steps do we need to take to facilitate this pl. your thoughts would be much appreciated really . Regards Basskar Verma AISL —————— ANSWER Hi, The carrier would only release the cargoes against a duly endorsed original BL. If … Read More