QUESTION Dear Mr. Old Man, We hope my email finds you well. I need your assistance. If the issuing bank closed for the causes mentioned in article 36 but LC was available and expired at the counter of the beneficiary’s bank’s country, and that bank honored or negotiated complying documents, can the issuing bank honor these documents irrespective of that …

QUESTION Dear Mr. Old Man Ngày 12/02/20xx, theo lệnh của Tech Co., Ltd, ngân hàng chúng tôi có chuyển số tiền GBP51,500 cho người hưởng là Wang Co., Ltd có tài khoản tại Natwest. Ngày 21/02/20xx theo yêu cầu của Tech Co., Ltd, ngân hàng chúng tôi điện cho Natwest đề nghị thực hiện hoàn trả lại số tiền nói …

QUESTION Dear Mr. Old Man, I have a question as below: The transferable LC stipulates: 41a: Available with Bank A, London by negotiation. Transfer Application form requires: Instruction to expire the transferred portion of the LC in Germany The first beneficiary order number must be indicated on invoice. Is it reasonable? In my opinion, As per UCP 600, Article 38 …

QUESTION Dear Mr. Old Man, My 3rd question at noon. Sorry for taking your time but your reply makes me broaden my horizons a lot. L/C required: F41A: Available with VBAAVNVX by payment. Upon receipt at our counters in Vietnam of documents complying with LC terms and conditions, we shall pay you accordingly to your instructions. In my opinion, it is …

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 a question and would appreciate your explanation. It is difficult for me to distinguish between a multimodal transport document and a bill of lading. In this case, the LC requires shipment from port of loading: Shanghai to port of discharge: Dubai. However, the transport document presented shows place of …

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 …