WHERE THE DOCUMENTS WERE DESTROYED QUESTION Dear Mr. Old Man, I have a question for you. Let’s assume that the nominated bank received a presentation from the beneficiary and determined that the documents were complying with the terms and conditions of the LC. However, the documents were destroyed by accident while waiting for DHL to pick up. Can the nominated bank claim reimbursement from the … Read More
NEGOTIATION WITH RECOURSE AND NEGOTIATION WITHOUT RECOURSE QUESTION Kính gửi Mr. Old Man: Tôi muốn biết Lãi suất và Phí, Tỷ lệ và Thời hạn chiết khấu hố phiếu/chứng từ xuất trình kèm theo theo LC và chứng từ nhờ thu theo 2 hình thức CÓ TRUY ĐÒI VÀ MIỄN TRUY ĐÒI thông thường có khác nhau không và lý do dẫn đến sự khác nhau đó. … Read More
WHETHER THE ON BOARD NOTATION MUST ALWAYS INDICATE THE NAME OF THE VESSEL AND THE PORT OF LADING QUESTION Dear Mr. Old Man, The following LC clause: 44E: Any Australia port 44F: Laem Chabang/Bangkok port Thailand 44B: Bangkok, Thailand 46A: Full set ocean BL consigned to order blank endorsed, marked freight prepaid. If multimodal BL is presented, the on board notation needs to indicate the port of loading and name of the vessel. The BL presented indicates: Pre-carriage … Read More
WHERE THE DOCUMENTS ARE PRESENTED UNDER THE EXPIRED LC QUESTION Hello Mr.Old Man: Here is my case. I hope you have time to review and share with me your opinion. The beneficiary presented the documents to the confirming bank after expiry of the LC, the confirming bank sent the presenting bank a swift refusing to honour or negotiate the documents stating the following discrepancies: LC expired. Late remittance And asked … Read More
WHETHER THE BENEFICIARY CAN NEGOTIATE THE DOCUMENTS WITH THE 1ST ADVISING BANK QUESTION Hi Sir, Can the 1st advising bank contact the beneficiary and negotiate documents directly even there is a 2nd advising bank indicated in the LC? Regards, DC ———– ANSWER Hi, Where the L/C is available with any bank by negotiation, the beneficiary may present the documents to any bank including the first advising bank for negotiation, that is to … Read More
WHETHER THE ISSUING BANK CAN REFUSE THE DOCUMENTS BASED ON A DISCREPANCY IN THE DRAFT WHETHER THE ISSUING BANK CAN REFUSE THE DOCUMENTS BASED ON A DISCREPANCY IN THE DRAFT QUESTION Kính gửi: Mr. Old Man LC có kỳ hạn quy định thanh toán tại ngân hàng phát hành bằng hình thức chấp nhận hối phiếu kỳ hạn 30 ngày kể từ ngày vận đơn. Ngân hàng được chỉ định xuất trình bộ chứng từ … Read More
DOCUMENTS LOST IN TRANSIT: ARTICLE 35 UCP 600 DOES NOT APPLY TO THE L/C AVAILABLE WITH THE ISSUING BANK BY PAYMENT, BY DEFERRED PAYMENT OR BY ACCEPTANCE QUESTION Kính gửi: Mr. Old Man Bên em có case đang tranh cãi với trường hợp LC hết hạn ở Việt Nam một số bạn có ý kiến cho rằng đã hết hạn ở Việt Nam thì sẽ ngoại trừ điều khoản 35 UCP600, nghĩa là bộ chứng từ phải xuất trình gốc tại issuing bank mới được thanh toán … Read More
WHERE THE INSTRUCTING PARTY IS NOT THE APPLICANT IN THE STANDBY LC OR A BANK GUARANTEE QUESTION Hi anh, Em muốn hỏi anh một câu về Standby LC. Bên em muốn Standby LC tuân thủ theo URDG 758. Nội dung của LC này có bắt buộc phải theo quy định của Thông tư 11/2022/TT-NHNN về bảo lãnh ngân hàng hay không? Ví dụ cụ thể như sau: Công ty A là công ty mẹ, Công ty B. … Read More
DRAFTS UNDER LETTERS OF CREDIT, CONFIRMATION, PART PAYMENTS UNDER DOCUMENTARY COLLECTIONS QUESTION Hi Your blog is super helpful for a beginner like me. I have some doubt about drafts and confirmation on LC and collections. Could you please brief about Field 41a. There are 5 types of payment terms, how drafts are to be prepared, and the drawbacks and drawbacks of each payment term? BY ACCEPTANCE BY DEF PAYMENT BY MIXED PYMT … Read More
QUESTIONS ABOUT PRESENTATION OF DOCUMENTS UNDER THE LC ISSUED BY A PAKISTAN BANK QUESTION Hi there Mr. Old Man, I was very interested to read your site and see your passion in this area. It could be just what I need for helping with the following question. Right now I have a set of documents ready for bill of lading, invoice, cert of origin etc. The opening bank is in Pakistan (call it … Read More