NEXT TIME DON’T BOMBARD MR. OLD MAN WITH TOO MANY QUESTIONS AT ONCE QUESTION Hi Mr. Old Man, It’s me again. Sorry for reaching out over the weekend. I have some more complex questions this time, so please feel free to respond whenever it’s convenient for you. When issuing a usance LC, does the issuer need to maintain 100% of the purchase value in their bank account for the entire duration of the … Read More
CẢNH GIÁC VỚI TRÒ LỪA ĐẢO PHÍ KHỞI TẠO KHOẢN CHO VAY BEWARE OF LOAN ORIGINATION FEE SCAM QUESTION Dear Mr. Old Man Bên em có một trường hợp khách hàng vay tiền của tổ chức nước ngoài, số tiền 4.000.000USD (xem Agreement kèm theo). Khách hàng yêu cầu chuyển 1% của 4.000.000USD cho đối tác. Số tiền này được gọi là Loan Origination Fee. Phí này chỉ thỏa thuận trên Email … Read More
HOW LONG DOES THE SECOND BENEFICIARY USUALLY WAIT TO RECEIVE PAYMENT? QUESTION Hi Mr. Old Man, Thank you for the prompt reply. Based on your experience, how long does the second beneficiary usually have to wait to get the money after the first beneficiary has been paid? Thank you. Genevieve —— ANSWER Hi, How long the second beneficiary usually waits to receive payment depends upon whether the transferring bank is the second the … Read More
TÊN NGƯỜI THỤ HƯỞNG TRONG THƯ ĐÒI TIỀN KHÁC VỚI TÊN NGƯỜI THỤ HƯỞNG TRONG THƯ BẢO LÃNH QUESTION Bank A phát hành Performance Bond và thông báo cho Người hưởng tại Malaysia thông qua Ngân hàng thông báo là Maybank. Bảo lãnh hết hạn vào ngày 31/08/2024. Bảo lãnh cho nghĩa vụ của KH v/v cung cấp dịch vụ cho tàu và lai dắt ra ngoài khơi. Ngày 26/08/2024, Người hưởng gửi yêu cầu đòi tiền nhưng … Read More
PAYMENT WITHOUT DOCUMENTS QUESTION Hi Mr. Old Man, I have a few questions about transferable LC again. In the event that a seller fails to submit a required document as specified in the LC but the buyer doesn’t mind and asks the bank to disburse the payment, would the issuing bank typically proceed as instructed or would the bank insist that the … Read More
LC AVAILABLE BY NEGOTIATION VS LC AVAILABLE BY PAYMENT QUESTION Dear Mr. Old Man, It is very common that we see the LC available with “any bank” or name and address of a bank by negotiation. Today, I received a LC available with any bank in India by “Payment” What does it mean? How it works? Is it beneficial for beneficiary? Request you all to throw light in detail. Urgent … Read More
USANCE LC AVAILABLE WITH ANY BANK BY NEGOTIATION QUESTION Kính thưa bác Nguyễn Hữu Đức Kính nhờ bác giải đáp giúp con liên quan đến quy trình thanh toán L/C trong trường hợp này ạ. Issuing Bank: Wells Fargo Bank, Los Angeles, United States. Swift code: PNBPUS6L Advising Bank: Bank for Foreign Trade of Vietnam (VIETCOMBANK), Ho Chi Minh City Branch. Swift code: BFTVVNVX007 Applicant: Importer in Los … Read More
REVISED DOCUMENTS MUST BE RE-PRESENTED WITHIN THE PERIOD FOR PRESENTATION AND BEFORE THE EXPIRY DATE OF THE LC QUESTION Dear Mr. Old Man, As per ICC Opinion R 819, the beneficiary had until expiry date of LC to replace or correct the documents and/or presentation period. The issuing bank is obliged to honour when upon re-submission, documents are determined to be compliant. The revised documents constituted a new presentation requiring examination as per art. 14 b. Is the … Read More
DISCOUNTING A DPU INCURRED BY ISUING BANK QUESTION Dear Mr. Old Man, I have a question regarding the situation where a non-nominated bank wants to prepay a DPU incurred by issuing bank as follows: . Bank C is the confirming bank of the LC issued by Bank I (Issuing Bank). The LC is available with Bank C by Deferred Payment. Bank C added its confirmation and … Read More
DISCREPANCY OF “EARLY PRESENTATION” QUESTION Dear Mr. Old Man, Occasionally LCs have clause like- 48: after 21days after BL date but within validity of LC Or another unique case 48: 21/ refer 47A 47A: After 21days of shipment but within validity of LC I believe it should rather have a clause stating, payment will be effected 21 days after BL, if the intention is … Read More