ORIGINAL BILLS OF LADING MUST INDICATE NUMBER OF ORIGINALS ISSUED QUESTION Dear Mr. Old Man, The beneficiary provides a draft bill of lading to his bank for checking before the shipping line issues the original bill of lading. The draft bill of lading shows “No of Copies: THREE (3)” (see attachment). The bank notes that the words “No of Copies” should be changed to “Number of Originals”. Do you think … Read More
LETTERS OF CREDIT V. CONTRACTS QUESTION Dear Sir, As always, your help is really appreciated. Need your expert opinion on the scenario below: There is a change in the unit price of a product in the presented original documents which is more/less than the actual price mentioned in the Letter of credit. However, the Proforma invoice indicates that the rate could change on the basis … Read More
MONKEY MOUNTAIN CHALLENGE 2025 UPDATE: THE EXCITING “UNDERGROUND BATTLE” CẬP NHẬT MONKEY MOUNTAIN CHALLENGE 2025: CUỘC CHIẾN NGẦM HẤP DẪN Có ít nhất 3 cua rơ đang chinh phục thách thức Monkey Mountain Challenge 2025 (*) với mục tiêu phá sâu kỷ lục 300 lượt của Nga Nguyen vừa mới thiết lập năm 2024. Theo ghi nhận của Strava, có 2 cua rơ (một nam và một nữ) đặt … Read More
INSURANCE CERTIFICATE COVERING ALL RISKS AND WAR RISK CONTAINS INSTITUTE WAR CANCELLATION CLAUSE Special Q&A with comments from TSU editors who are international experts on letters of credit. It may be published in the next issue of LC Monitor/Trade Services Update. QUESTION Dear Mr. Old Man, This is Phoebe. I’ve been your follower since 2021 when I started to work in the import-export industry, and firstly I’d like to say thank you for … Read More
WHEN DOES A CONFIRMING BANK INSIST ON INCLUDING A REIMBURSING BANK IN AN LC? Intro From time to time, confirming banks request that an LC be amended to nominate a reimbursing bank, or even to obtain a reimbursement undertaking. A reader recently asked whether this practice is supported by ICC rules, or whether it is simply a matter of banking practice and risk management. It is a good question, because many practitioners assume that … Read More
WHEN DOCUMENTS ARE PRESENTED AFTER THE LC EXPIRY DATE QUESTION Dear Mr. Old Man, I have a question as follows: Is there any ICC opinion on the situation where the issuing bank can return the documents on the grounds that the documents are presented after the LC expiry date? If the Applicant has received the goods, is the issuing bank obliged to pay the documents? Is there a case … Read More
CAN AN LC AVAILABLE BY NEGOTIATION BE ISSUED WITHOUT REQUIRING PRESENTATION OF DRAFTS? QUESTION Dear Sir, This is Jawad from Askari Bank Pakistan. Please answer my question below: We issued LC available by negotiation and we did not include “All drafts” clause in 47A. Applicant has requested for Amendment in LC today and wants to add Clause in field 47 as below: ‘Drafts / bill of exchange not required.’ Please suggest if we … Read More
IS IT A DISCREPANCY IF ICE NUMBER NOT REQUIRED BY THE LC IS ADDED TO THE ADDRESS AND CONTACT DETAILS OF THE NOTIFY PARTY ON THE BILL OF LADING? QUESTION Dear Sir We have an LC showing Applicant Name and Address without the ICE NUMBER: 001343300000073. The BL shows this ICE Number: 001343300000073 in Notify Party. Will this be a Discrepancy? Also, if this is not a discrepancy, can you quote the Clause from ISBP proving this. Regards C.R. Nishanth —- ANSWER Hi, According to UCP 600 sub-article 14 (j), … Read More
MUST THE STATEMENT OF DEFAULT BE PRESENTED WITHIN THE VALIDITY OF THE SBLC? QUESTION Dear Mr. Old Man, At the beginning of the lunar new year, we wish you and your family good health, peace and prosperity. We would like to ask you to advise me on the following case: At the request of our customer (Applicant), our bank issued an MT 760 SBLC in favor of ABC Company (Beneficiary). The SBLC contains … Read More
MONKEY MOUNTAIN CHALLENGE 2025: CAO THỦ LỘ DIỆN Đó là Trần Mai. Nữ cua rơ xinh đẹp này đã chịu lộ diện sau khi lặng lẽ hoàn thành 42 lượt leo Khỉ Già trong tháng 1/2025 trước khi nghỉ Tết Âm lịch. Không tiết lộ con số cụ thể nhưng dường như bà mẹ hai con này rất quyết tâm và thừa sức để hoàn thành thách thức … Read More