FULL SET LESS ONE ORIGINAL BL; CLAIMING DISSCREPANCY FEES AFTER REIMBURSEMENT QUESTION Dear Mr Old Man, We would appreciate your comment to the following questions: Question 1: LC requires in F 46A: Full set less one original of bill of lading… Does it comply with the LC requirement if the beneficiary presents two original bills of lading? Question 2: LC issued by Bank I states in Field 78 that the negotiating … Read More
WHERE CORRECTIONS ON A BILL OF LADING ARE AUTHENTICATED BY A SEPARATE STATEMENT QUESTION Dear Mr. Old Man, We presented documents under six separate L/Cs covering a commingled shipment carried on the same vessel. Each bill of lading contained the usual commingling clause stating: “This shipment was loaded aboard the vessel as part of one original lot of 4000.153 kilos with no segregation…” However, the total quantity stated in the commingling clause was … Read More
QUESTIONS REGARDING BPO QUESTION Kính gửi anh Old Man, Hiện nay em cũng đang nghiên cứu về sản phẩm BPO, tuy nhiên còn khá mới mẻ tại Việt Nam. Anh có thể chia sẻ với em một chút kiến thức về sản phẩm này không ạ (phương thức giao dịch, …). Em cảm ơn a nhiều ———— ANSWER Hi, Cung cấp cho bạn … Read More
NEGOTIATION WITH OR WITHOUT RECOURSE QUESTION In response to a query at http://letterofcreditforum.com/content/i-need-some-clarification-regards-lc, you wrote: “Different from LC available by payment, LC available by negotiation allows the beneficiary to receive the payment by negotiating the sight drafts and documents at a nominated negotiating bank which is normally located in his country. The negotiation may be effected on a with or without recourse basis”. I do … Read More
LC CONFIRMED BY THE FIRST ADVISING BANK QUESTION Dear Mr. Old Man, I follow up your blog and see it very helpful. I have a question for you. Bank B sent Bank C an MT 710 showing some details as follows: Field 40B (Form of Documentary Credit): IRREVOCABLE ADDING OUR CONFIRMATION Field 52A (ISSUING BANK): BANK A Field 41A: (Available with … by): BANK B BY NEGOTIATION … Read More
Understanding Quantity Tolerance under UCP 600 Article 30(b): Practical Examples Intro Questions about quantity tolerance appear frequently in practice, especially when credits state quantities in different ways — by number, by packing units, or by weight and volume. Sub-article 30(b) of UCP 600 is straightforward in principle, but its application becomes clearer when seen through practical examples. ⸻ ✅ QUESTION Dear Mr. Old Man, I’ve found your answer concerning sub-article … Read More
INCOTERMS IN THE INVOICE QUESTION Dear Mr. Old Man, I appreciate your answer to the following: Situation: L/C stipulates trade term in Field 45A as FOB any Chinese port. B/L presented indicates Port of Loading as Shanghai Port, China. Invoice presented shows FOB any Chinese Port. Question: Is the invoice discrepant? Must it show FOB Shanghai Port to comply with B/L? Thank you. M. … Read More
FREIGHT PREPAID vs. FREIGHT PAYABLE AT PORT KELANG QUESTION Dear Nguyen, Have you ever received B/L which claimed “freight prepaid” while with evidence showing freight not yet paid? (See the attachment) This B/L was presented under our issued LC (the LC, under CIF basis, requires ocean B/L marking “freight prepaid”; the shipping route stipulated in the LC: port of loading – Laem Chabang, Thailand, port of discharge – … Read More
ARTICLE 19 OR ARTICLE 20? (Updated) Ocean Bill of Lading with Inland Final Destination — Article 19 or Article 20? Intro One of the most common — and persistent — areas of confusion in document examination arises when a credit requires an ocean bill of lading, but the routing information in the L/C or the transport document refers to an inland final destination. Does this automatically … Read More