WHERE LC INCORPORATES CNI DELLIVERY TERM QUESTION Dear Sir, We get lots of import LC requests asking us to incorporate Incoterms CNI (Cost and Insurance on beneficiary). This term is not recognized by ICC under Incoterms 2020. Can we open LC incorporating CNI Incoterms? And can we raise discrepancy if goods are not insured by the beneficiary? As always, thank you for your cooperation. Regards, Siddhartha Sharma … Read More
PERIOD FOR PRESENTATION QUESTION Hello Sir, I read your articles online and your answers to some questions regarding the L/Cs. I have a question: If the shipment transit time is short, like 4-5 days and field 48 says 21 days to present the documents from the date of the BoL, we lose free 7 days’ time of port to release the shipment and … Read More
FRAUD OR NOT? QUESTION Chào anh Đức, Em đọc được blog của anh giải đáp nhiều điều hay về TTQT. Em có trường hợp vay Quỹ Tài chính số tiền 5 triệu USD. Ngân hàng MUFJ chuyển số tiền đó bằng điện Swift MT 103 cho người hưởng là công ty có TK tại Ngân hàng BIDV thông qua Ngân hàng trung gian … Read More
STANDBY LETTERS OF CREDIT INSTEAD OF BANK GUARANTEES QUESTION Dear Mr. NGUYEN, (MR. OLD MAN) HOPE THIS EMAIL FINDS YOU WELL, SAFE, and HEALTH. I contact you after reading all over your blog at www.mroldman.net about every article especially, related to article “Back to Back LC”, and would like to ask your help to advise under circumstances: I am a trader, receive DLC MT700 after our 2% PB issuing to … Read More
WHERE BL IS REQUIRED TO SHOW BOTH APPLICANT AND ISSUING BANK QUESTION Dear Mr. Oldman, Good day, I’m Stefan a banker from Switzerland who just entered the beautiful world of L/C’s. I want to also add that I’m a big fan of yours and I often check your blog when I look for “answers”. I’m contacting you because I have a very interesting case of study: We (advising/negotiating bank), received an … Read More
WHERE BL IS REQUIRED TO SHOW BOTH APPLICANT AND ISSUING BANK AS CONSIGNEE QUESTION Dear Mr. Oldman, Good day, I’m Stefan a banker from Switzerland who just entered the beautiful world of L/C’s. I want to also add that I’m a big fan of yours and I often check your blog when I look for “answers”. I’m contacting you because I have a very interesting case of study: We (advising/negotiating bank), received an … Read More
WHERE THE DOCUMENTS ARE LOST QUESTION Dạ em chào anh, em học xuất nhập khẩu và được một và người bạn giới thiệu về Blog của anh. Em cám ơn anh vì giúp em mở mang được rất nhiều thứ. Em có một thắc mắc về L/C giáp lưng, không biết anh có thể giải đáp giúp em được không ạ… Em có 1 tình … Read More
BEARER BILL OF LADING – VẬN ĐƠN VÔ DANH QUESTION Chào Mr. Old Man, Chúng tôi đang tranh luận về việc có hay không loại vận đơn bỏ trống ô “consignee” (người nhận hàng) và nếu có thì đó là loại vận đơn gì. Rất mong nhận được ý kiến của Mr. Old Man về vấn đề nêu trên. Xin cám ơn. XXX —– ANSWER Hi, Tôi nghiên cứu … Read More
WHETHER THE NOMINATED BANK IS PROTECTED BY ARTICLE 12 IF IT PURCHASES A DEFERRED PAYMENT UNDERTAKING INCURRED BY THE ISSUING BANK QUESTION Dear expert, I have one question. Could you give me your professional answer? If the nominated bank does not incur a deferred payment undertaking on presentation of complying documents and forwards them to issuing bank. Subsequently can the nominated bank a purchases a deferred payment undertaking from the issuing bank and seek protection under UCP 600 article 12 Regards TF … Read More
INSURANCE COVER UNDER CIF INCOTERMS QUESTION Dear Mr. Old Man, We have received a proforma invoice wherein the incoterms is CIF ICD Birgunj, Nepal. Nepal is a landlocked country and goods first arrive to Indian sea ports, Kolkata or Vishakhapatnam and then goods are transferred to rail/truck for transportation to final destination. In this case, the beneficiary has agreed to transport the goods till ICD … Read More