QUESTION Hi If date and place of expiry in letter of credit says 21st Nov 2023 Singapore. However, the documents were presented in a bank located at China. Does this constitute a discrepancy? I did not find anything in this regard in UCP or ISBP. As always thank you for your cooperation. Regards, Siddhartha — ANSWER Hi, You did not tell me which …

 QUESTION Dear Mr. Old Man, Have a good day. I have one question need your explanation as below: It is hard for me to distinguish between Multimodal transport and B/L. LC required port of loading Shanghai to port of discharge DUBAI. Transport document presented place of receipt: Hangzhou. Whether it is multimodal transport when only field 44A required, but no …

QUESTION Dear Mr. Old Man, Thanks for your guidance regarding my previous query of late presentation pointed out by confirming bank i.e. ICICI Bank SG. Need your expertise advice for following queries: 1) We, ABC Bank SG has checked a set of LC documents and certify clean and sent to IB in India. LC indicated upon receipt of compliance documents …

QUESTION Good morning, Mr. Old Man Actually, I felt rather awkward calling you “Mr. Old Man” when you look so young in the picture! I have one question need your expert opinion: My customer (applicant) would like to open an L/C to a Singapore bank. Beneficiary showing Hong Kong address. Applicant requested the place of expiry to show “Singapore or …

QUESTION Hi, Mr. Old Man! I have a question to discuss. I found an insurance policy that indicates the assured to be ABC CO. LTD. on behalf of XYZ CO. LTD How to endorse the insurance policy? Thanks for your attention. Kevin —— ANSWER Hi In my humble opinion: ABC Co., Ltd is eligible to endorse the insurance policy as …

QUESTION Dear Mr. Old Man, Please give your comments for the below case: At the request and for account of the applicant, we issued an LC for an amount not exceeding USD 500,000. As the cargo had arrived before the documents were presented to our bank, at the request of the applicant we issued a shipping guarantee in favour of …

QUESTION Dear sir, Please provide your opinion on the matter below. We have issued a back-to-back LC against a master LC.  The beneficiary’s bank made the presentation under the back-to-back LC but unfortunately documents have been lost in transit. Now what steps can we take to make presentation under the master LC to receive payment and settle the back-to-back LC …

QUESTION Dear Mr. Old Man, I have below doubts. Applicant: X Beneficiary: Y Shipper: Z Issuing Bank: Sun Bank Case 1: – Can the invoice indicate Z as Consignor and X as Consignee? – Can the BL indicate Z as Consignor and X as Consignee? – Can the C/O indicate X as Consignee? Case 2: If the LC requires BL …

QUESTION Good morning, Sir 1/ LC requires Port of Loading as Any safe port of Iraq. What is basic guidance or ICC opinion for on safe port? 2/ If the presentation period is 21 days or within the LC validity and shipment and expiry date differ 30days in LC, when will be “late presentation” ? Obidur —- ANSWER Hi, 1/ …

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