QUESTION Good afternoon, Sir. Could you please explain the differences between a Surrendered Bill of Lading, a Telex Release, and an Express Release? Regards, Priya ——- ANSWER Hi Priya, Thanks for your thoughtful question. These terms are often used interchangeably, but they refer to distinct practices in maritime logistics. Here’s a breakdown: Surrendered Bill of Lading A Surrendered Bill of …

QUESTION Hi Sir, Good day. I have read many of your responses that clarify our queries. Thank you so much for sharing your knowledge with us. I request you to clarify the following: 1. The LC states the applicant as ABC Co., Ltd. The invoice is made out to “To the order of ABC Co., Ltd.” Is the above acceptable, …

QUESTION Dear Mr. Old Man, I would like to present an interesting case for your expert opinion: LC requires “Full set of on board Ocean Bills of lading made out to oder and blank endorsed..” B/L were presented comform with L/C requirements, except for the following: “Consignee: To order, European VAT number (Tax ID) NL 12345678” and B/L was endorsed by …

QUESTION Hi, I’d like to seek your advice on the request to “skip document checking” as described below: The LC is available with any bank by negotiation. The beneficiary submitted the documents to Bank A. At the beneficiary’s instruction, Bank A forwarded the documents to the issuing bank, stating in the covering schedule that it had not checked the documents. …

QUESTION Hello Mr Old Man, I hope you are well! I have a question regarding endorsement. LC is available by negotiation, we are the exporting bank, drawee is the issuing bank and the draft is been presented by the beneficiary as to the order of theirselves(to the order of beneficiary). So, is there necessary to endorse the draft to the …

  QUESTION Dear Sir, Good afternoon! I have two questions regarding the Insurance Certificate. Q1. The LC includes the clause: “Insurance Policy or Certificate should be issued to the order of National Bank of XYZ, EGYPT.” The bill of lading contains a similar clause: “Full set of shipped on board B/L issued to the order of National Bank of XYZ, …

QUESTION Dear Mr. Old Man, LC calls for full set of insurance certificates in negotiable form, covering ICC(A) for 110% of invoice value. Beneficiary: ABC Co. Ltd Issuing Bank: HSBC Dubai The presented insurance certificate shows the Assured as ABC Co. Ltd. It is endorsed with a stamp and signature of ABC Co. Ltd, and the endorsement reads: “To the …

  QUESTION Dear Mr. Old Man, I have a question that’s been confusing me: The original L/C issued to the first beneficiary is confirmed. However, when that L/C is transferred to the second beneficiary, the transferred L/C does not include confirmation. Now, UCP 600 sub-article 38(g) clearly states: A transferred credit must accurately reflect the terms and conditions of the …

QUESTION Dear Sir, Just a simple query as it has been kind of confusing for me. Let’s say: When pre-shipment is allowed and the L/C term in field 48 mentions: “21 days from shipment date” (as the latest presentation period), Can we quote a discrepancy on the grounds of late presentation? If pre-shipment is allowed and the documents are presented …

 QUESTION  Dear Sir, I hope this message finds you well. I would like to ask for your opinion on a situation we encountered related to LC document handling, in accordance with our central bank’s regulations. In this case, the applicant had already taken delivery of the goods based on copy documents. Later, when we received the original documents under the …