A BILL OF LADING OR A MULTIMODAL TRANSPORT DOCUMENT? QUESTION Dear Mr. Old Man, Have a good day. I have a question and would appreciate your explanation. It is difficult for me to distinguish between a multimodal transport document and a bill of lading. In this case, the LC requires shipment from port of loading: Shanghai to port of discharge: Dubai. However, the transport document presented shows place of … Read More
# WHERE THE REIMBURSING BANK REFUSES TO HONOUR A REIMBURSEMENT CLAIM # WHERE THE EXPRESSIONs “C/O” and “ON BEHALF OF” ARE USED ON BILLS OF LADING QUESTION Dear Mr. Old Man, Thanks for your guidance regarding my previous query of late presentation pointed out by confirming bank i.e. ICICI Bank SG. Need your expertise advice for following queries: 1) We, ABC Bank SG has checked a set of LC documents and certify clean and sent to IB in India. LC indicated upon receipt of compliance documents … Read More
WHETHER AN LC CAN STATE MORE THAN ONE PLACE OF EXPIRY QUESTION Good morning, Mr. Old Man Actually, I felt rather awkward calling you “Mr. Old Man” when you look so young in the picture! I have one question need your expert opinion: My customer (applicant) would like to open an L/C to a Singapore bank. Beneficiary showing Hong Kong address. Applicant requested the place of expiry to show “Singapore or … Read More
WHO IS ELIGIBLE TO ENDORSE THE INSURANCE POLICY? QUESTION Hi, Mr. Old Man! I have a question to discuss. I found an insurance policy that indicates the assured to be ABC CO. LTD. on behalf of XYZ CO. LTD How to endorse the insurance policy? Thanks for your attention. Kevin —— ANSWER Hi In my humble opinion: ABC Co., Ltd is eligible to endorse the insurance policy as … Read More
SHIPPING GUARANTEES AND OVERDRAWN DISCREPANCY QUESTION Dear Mr. Old Man, Please give your comments for the below case: At the request and for account of the applicant, we issued an LC for an amount not exceeding USD 500,000. As the cargo had arrived before the documents were presented to our bank, at the request of the applicant we issued a shipping guarantee in favour of … Read More
EMAIL ADDRESSES IN SWIFT MTs QUESTION Hello again! May I bother you again with a quick question? The LC requires B/L to indicate the consignee and notify party including their email addresses, e.g., ABC(AT)STANDARD.COM while the presented BL indicates [email protected] Is this considered as a discrepancy? Thank you for your continuous cooperation. Muna najjar —- ANSWER Hi, As you may know, a number of characters are … Read More
DOCUMENTS UNDER A BACK-TO-BACK LC LOST IN TRANSIT QUESTION Dear sir, Please provide your opinion on the matter below. We have issued a back-to-back LC against a master LC. The beneficiary’s bank made the presentation under the back-to-back LC but unfortunately documents have been lost in transit. Now what steps can we take to make presentation under the master LC to receive payment and settle the back-to-back LC … Read More
ANY SAFE PORT – LATE PRESENTATION – LC EXPIRED In real life, many discrepancies do not arise because the rules are unclear, but because the timeline in a credit is not carefully read. The short Q&A below illustrates two issues that appear quite often in practice: the meaning of “any safe port” and the relationship between the presentation period and the expiry date. QUESTION Good morning, Sir! An LC … Read More
LET’S KICK OFF THE NEW YEAR OF THE DRAGON WITH Q&A RELATED TO ISBP Mr. Old Man khởi động năm mới Giáp Thìn bằng cách trả lời một loạt câu hỏi liên quan đến quy định của ISBP mà Mr. Old Man nhận được trước Tết 3 ngày. Bình thường Mr. Old Man trả lời ngay nhưng vì bạn ấy gửi một lúc quá nhiều câu hỏi nên đành khất sang năm mới. HAPPY … Read More
TAKING THE CDCS® EXAM? QUESTION Với tư cách là đàn em trong ngành ngân hàng, em có thể hỏi xin ý kiến của anh không? Sự việc là em vừa xin chuyển việc từ môi trường nhà nước sang nước ngoài. Trước đây em làm bộ phận TTQT, sau khi chuyển sang khối ngoại thì em làm bộ phận chuyển tiền nước ngoài chuyên … Read More