QUESTION  Dear Sir I have one small doubt about Description of Goods in BL. The L/C shows Description of Goods as below. +MEDICAL EQUIPMENTS MODEL: CX200NFJ +AS PER P/I NO. 565221 DATED 15-12-2024 H.S CODE 9004100 +CIF ALEXANDRIA SEAPORT, EGYPT +INCOTERMS 2020 The Liner has come back to us stating that they cannot mention “CIF ALEXANDRIA SEAPORT, EGYPT  INCOTERMS 2020” …

 QUESTION Dear Mr. Old Man, I hope you are doing well. I seek your insights on two points: Regarding back-to-back Letters of Credit, I’ve understood that banks typically require collateral beyond the master LC itself, as it might not be a sufficient guarantee. However, reputable banks like UOB, DBS, and BCP Bank (Mauritius) state on their websites that the master LC can indeed …

 QUESTION  Dear Mr. Old Man, I have a scenario that I’d appreciate your thoughts on: The issuing bank is located in Singapore. The advising/confirming bank is in Trieste, Italy. In the original LC, Field 31D (Date and Place of Expiry) is: 18 June 2025 – Singapore. Field 41A (Available With… By) is: Available with the confirming bank by NEGOTIATION. The …

QUESTION Dear Mr. Old Man, I have a question that needs your help. An LC issued by AGRIBANK requires the bill of lading to be “made out to order of AGRIBANK.” However, the presented bill of lading is made out to the order of BNP Paribas (Suisse) SA, and is endorsed in succession as follows: • BNP Paribas (Suisse) SA …

Subject: LC issued by K. BANK – Refusal to Confirm and Subsequent Presentation From: Mr. Old Man Date: 4 June 2025 Background Bank N received a letter of credit (LC) from K. BANK with the following terms: 41A: Available With Bank N By Negotiation 42A: Drawee: Bank N 42C: Draft: At Sight 47A: T/T Reimbursement is Not Allowed 49: Confirmation …

QUESTION Dear my expert friend “Old Man”, I have the following question: A beneficiary received a confirmed Letter of Credit issued by Bank A. The beneficiary assigned the proceeds to Bank B and subsequently requested Bank B to issue another Letter of Credit.   Is Bank B entitled to require the beneficiary to waive their right to accept or reject …

QUESTION Dear Old Man, Please guide: Scenario: – LC issued MT-700 by MCBLMUMUXXX MAURITIUS – LC received and transmitted by BOMLAEADFTC UAE to BAFL-India via MT-710 – LC requested and confirmed by BOMLAEADFTC UAE – All charges outside (ALL LOCAL AND FOREIGN WHETHER WITHIN OR OUTSIDE IS ACCOUNT OF APPLICANT) – Available by BOMLAEADFTC UAE Payment – 1st confirming bank: …

QUESTION Hi Mr. Old Man, I have a few questions I’d like to ask: As I understand it, the expiry date = latest shipment date + period for presentation, which is typically 21 days. In the example I mentioned, the expiry date is 30 days, and the credit does not specify a presentation period. My first question: for the bill …

This Q&A is a continuation of the Q&A regarding Hong Kong being a Chinese port ⸻ QUESTION Dear Mr. Old Man, I’ve heard that if an L/C stipulates the port of loading as “Any port in China” or “Any Chinese port,” then a bill of lading showing Hong Kong as the port of loading is acceptable. Could you confirm if …

QUESTION Dear Mr. Old Man, Your opinion on the following matter would be much appreciated: An LC specifies the following conditions: Port of loading : Any Chinese port Delivery terms: FOB any Chinese port However, the documents presented show: Bill of Lading: Shipped on board at Hong Kong Commercial Invoice: Delivery terms stated as FOB Hong Kong I understand that …