As discussions continue around whether UCP 600 should be revised, some suggestions focus not on rewriting the rules entirely, but on simplifying specific provisions. One such suggestion is to remove availability by acceptance under Article 6(b), on the basis that drafts are no longer necessary in modern practice. At first glance, this seems reasonable. But as often in trade finance, …

Over the past few days, many of us in trade finance have probably come across the latest ICC note on the application of its rules in light of the ongoing Middle East tensions. Reading it, Mr. Old Man had a familiar feeling. Nothing dramatic. No sweeping changes. And yet, very much worth a careful read. Because in times when the …

Mấy ngày gần đây, anh em trong nghề trade finance chắc cũng đã đọc qua tài liệu mới của ICC liên quan đến việc áp dụng các quy tắc tài trợ thương mại trong bối cảnh xung đột Trung Đông. Đọc xong, Mr. Old Man có cảm giác khá quen thuộc – không có gì “giật gân”, không có thay …

Người làm nghề tín dụng chứng từ vốn đã quen với một “chu kỳ ngầm”: cứ khoảng 10 năm, lại có một phiên bản UCP mới ra đời. Từ những ngày đầu cho đến UCP 600, các lần sửa đổi thường diễn ra theo một nhịp khá đều. Nhưng lần này thì khác. Đã gần 20 năm trôi qua — …

For those working in documentary credits, there has always been an unspoken rhythm: roughly every decade, a new version of UCP comes along. From its early days to UCP 600, revisions have followed a fairly regular cycle. But this time feels different. Nearly 20 years have passed — and UCP 600 remains untouched. No draft revision. No clear signal of …

This article is inspired by “Documentary credits and the illusion of certainty – resolving the real problem” by David Meynell. □ We tend to think of letters of credit as a “safe” method of payment. As long as documents comply with the terms of the credit and UCP 600, payment should follow. Banks examine documents, not goods. They do not …

Bài này được viết lại lấy cảm hứng từ bài viết “Documentary credits and the illusion of certainty – resolving the real problem” của Dave Meynell – chuyên gia ICC. Ai muốn đọc bản gốc tiếng Anh thì xem ở đây: https://www.tradefinance.training/blog/articles/documentary-credits-and-the-illusion-of-certainty–resolving-the-real-problem/ Còn muốn dễ tiêu hóa thì đọc bản tiếng Việt này nhé. Tín dụng chứng từ: Tưởng chắc …

Every trade finance practitioner has seen this moment—or at least worried about it. A nominated bank gives its word. It incurs a deferred payment undertaking, or accepts a draft. Then maturity arrives… and nothing happens. No payment. No honour. So the uncomfortable question arises: Is the beneficiary now exposed? The Rule Is Clear—Even If Reality Isn’t Under UCP 600 sub-articles …

A familiar situation in documentary credits: a few kilograms short, a few dollars less—and suddenly, Article 30(b) becomes the center of discussion. Does tolerance quietly apply, or does the LC still demand strict compliance? QUESTION Dear Mr. Old Man, Hope you are doing well. Request you to clarify below queries: Case Details: 1 LC allows 5/5 tolerance in LC Value. …

Introduction Most documentary collections behave themselves. Roles are clear, risks are understood, and the collecting bank stays where it belongs—in the middle, passing documents, not carrying obligations. But occasionally, a small detail slips through. A draft is drawn on the wrong party. Nothing looks dramatic, yet the legal position changes completely. And just like that, the collecting bank may find …