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 …

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 …

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 …

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 …

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 …

QUESTION Dear Mr. Old Man, LC requests for 1 original commercial invoice. LC value USD 30,000 Amount tolerance: 10/10 Bene:  XYZ LTD, Melbourne, Australia Applicant: ABC, Melbourne, Australia Goods description: 560kgs of xxx as per PI no 123 and other details as per Purchase contract 678. DDP Melbourne, Australia Presented Commercial invoice Reflects the goods description as per LC and …

QUESTION Mr. Old man, Is it possible to issue BL or AWL consigned to two banks? Mirza  —- ANSWER Hi Mirza, I must admit that I have never come across a bill of lading or an airway bill consigned to two banks. However, it is quite possible. If the LC requires a bill of lading or an airway bill consigned …

QUESTION Hi Mr. Old Man, 1/ I’ve studied some LCs from the Internet and found out that most of the presentation period is within 10-15 days. Is it enough time considering it may take longer to send the documents overseas? Not to mention that the courier may have some difficulties that may delay the shipment of the docs. 2/ LC …

Intro In documentary credit practice, many disputes do not arise from complex legal theory, but from misunderstandings of timing, procedure, and the roles of banks versus applicants.  Questions about waiver of discrepancies, the meaning of an LC’s expiry date, and whether an issuing bank can act in a way that favours the applicant are not new. Yet they continue to …

QUESTION Hi Mr. Old Man, I hope you are doing fine. I have some follow-up questions again. 1/ What happens to an LC if it is discrepant and the buyer refuses to waive the discrepancies? a. Does the buyer typically let the LC expire? If so, are there any fees charged to the seller? b. I assume the seller would …