PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling” Năm 2017, Mr. Old Man chính thức xây dựng trang web www.mroldman.net dựa trên nền tảng của website cùng tên trên WordPress và blog từ thời Yahoo 360. Ban đầu, trang web chủ yếu đăng các bài viết và Q&A tư vấn về nghiệp vụ thanh toán quốc tế và tài trợ thương mại. Sau này, khi bắt đầu đam mê xe … Read More
Endorse First, Cancel Later — Can the Beneficiary Still Win? Intro: Sometimes in trade finance, a small action like endorsing a bill of lading too soon can create a big legal headache. What happens if a bank endorses the BL, then cancels that endorsement and returns the documents due to discrepancies? Here’s Mr. Old Man’s take — plus practical tips for both the beneficiary and the issuing bank on how … Read More
Drafts under Negotiation LCs Restricted to the Confirming Bank – Who Should They Be Drawn On? Intro: In practice, there have been cases where LCs available by negotiation with confirming banks state that drafts be drawn on the confirming bank. This does not comply with Article 2 of UCP 600. Where an LC contains such a term, should the draft be drawn on the confirming bank or the issuing bank? ______ QUESTION Dear Sir, Can … Read More
Consignee Mismatch? When the Certificate of Inspection and Bill of Lading Don’t Have to Match Intro: A recent LC case raised a dispute over alleged “conflicting information” between the consignee stated in a Certificate of Inspection and that shown in the bill of lading. The issuing bank cited UCP 600 Article 14(d) to justify refusal, while the beneficiary argued that ISBP 821 allows such differences under specific circumstances. Here’s Mr. Old Man’s take on whether … Read More
Variable Pricing Clause – Aluminum Linked to LME Intro: Applicable where the final unit price is to be determined based on London Metal Exchange (LME) quotations around the shipment date. The following clause ensures price calculation is objective, documentary evidence is provided, and the maximum price cap is observed. QUESTION Dear Mr. Old Man, Hope you are doing well. Need your guidance in regard to LC Issuance for … Read More
LETTERS OF CREDIT ISSUED BY NON-BANK ISSUERS: RISKS AND SOLUTIONS By Nguyen Huu Duc (Mr. Old Man) Recently, the author has received numerous questions from colleagues at banks and from exporters regarding letters of credit (LCs) issued by non-bank issuers via SWIFT message MT 710. In many cases, not only the exporter but also the bank has ended up “tasting the bitter fruit” from dealing with such LCs. This article … Read More
When Can a Non-Nominated Bank Negotiate? Risks and Realities for Bank B in Documentary Credit Transactions In the world of documentary credits, the terms of availability play a critical role in determining which banks are authorized to act under the credit. A common point of confusion arises when a beneficiary chooses to present documents to a bank that is not nominated in the LC — raising the question: Can that bank negotiate the documents? And if … Read More
Can an Issuing Bank Rescind an Accidental Acceptance? Legal and Practical Insights In the fast-paced world of documentary credits, a single SWIFT message sent in error can expose an issuing bank to serious risks—especially when it concerns acceptance of discrepant documents. One such query came from Suraj, raising an important issue: What happens when a bank mistakenly sends an acceptance message without first securing a waiver from the applicant—and then tries to … Read More
THE CAD CONNECTION – A STORY FROM OVER 30 YEARS AGO How a rookie banker, a stone carver, and an American tourist stumbled into a payment method none of them could name… yet. Back in the mid-1990s, Vietnam was just beginning to open up to the world. Foreigners were trickling in — carrying hard currency, curiosity, and occasionally, some very strange business proposals. I had just started my banking career at … Read More
CÁI DUYÊN CAD – CHUYỆN HƠN 30 NĂM VỀ TRƯỚC Sáng nay Zalo bỗng hiện tin nhắn của Nguyễn Hùng – ông chủ một cơ sở điêu khắc đá nổi tiếng ở Ngũ Hành Sơn. Nghĩ cũng lạ, dễ phải gần chục năm rồi Mr. Old Man với anh bạn này chẳng liên hệ gì. Không phải gì xa cách, chỉ là mỗi người một việc, đời cứ thế cuốn … Read More