WHETHER A CONGENBILL IS A CHARTER PARTY BILL OF LADING QUERY FROM LEUNG, KS Would you please comment on the following: quote The Issuing Bank refuse to honour the bill due to following discrepancies:1. Charter Party B/L presented Please be advised that the word ‘Charter Party’ shown on back page of B/L under condition of carriage.According to UCP600 Article 20 a)v) contain terms and conditions of carriage will not be … Read More
UCP 600 ARTICLES 30 AND 31 QUERY FROM DIAMOND HK Điều 30,31 trong UCP Em là sinh viên năm 3 kinh tế,em đang nghiên cứu về UCP và có mấy phần khó hiểu ở điều 30,31 xin được hỏi anh: -Có phải trong thư L/C ở những chổ ghi số tiền hoặc hàng hóa có chữ about,approximately thì dung sai là 10%? -Hàng hóa tính bằng … Read More
TO ORDER BL VẬN ĐƠN THEO LỆNH: MỘT SỐ VÂN ĐỀ CẦN LƯU Ý Nguyễn Hữu Đức Vận đơn đường biển (Marine/Ocean Bill of Lading) – chứng từ quan trọng nhất trong các giao dịch là chứng từ chứng minh việc giao hàng (shipment). Nó được phát hành bởi nhà chuyên chở hoặc đại lý của nhà chuyên chở như là một giấy … Read More
DRAFT PAYABLE TO THE ORDER OF THE NOMINATED BANK QUERY FROM SHAHRIAR dear duc, thanks for your excellent analysis. as you have said that a draft is required for a post export finance and nominated bank require a draft for negotiation. but the draft in concern is never on the nominated bank and therefore not even endorsed by them. how can then a draft help a nominated bank then? … Read More
EQUAL PAY FOR EQUAL QUALITY QUESTION L/C and required documents when importing scrap metals (car batteries) Dear All, I am new to International Trade and arranging Letters of Credit (previous business deals were either local or with overseas partners found on the basis of strong personal recommendations). I am now trying to arrange the purchase (import) of scrap car batteries from overseas with a contact … Read More
KNOW YOUR CUSTOMER BIMALSHRESTHA’S QUERY DEAR L/C EXPERTS, I'M IMPORTING ELECTRIC MOTORS FROM CHINA.GENERALLY THE INNER COIL OF THE MOTOR IS COPPER.BUT NOW CHINA AND OTHER COUNTRY HAS STARTED MAKING MOTORS OF ALUMINIUM WIRE AS WELL.PLZ NOTE THAT ALUMINIUM WIRE MOTORS DON,T WORK PROPERLY. I WANT MY MOTORS TO BE OF COPPER COIL.BUT I FEAR IF THEY SEND ME ALUMINIUM COIL MOTORS I … Read More
CANCELLATION FEES QUESTION Dear Mr. Old Man, LC issued ABC Bank states that amendment and confirmation fees are for account of the beneficiary. Some days ago we received from ABC Bank a request for cancellation of the LC and a claim for USD230.00 being their cancelation fees and cable charges. We advised the beneficiary of the same but the beneficiary confirmed having … Read More
ANOTHER QUERY ON REVOLVING LC QUESTION WHAT ARE THE POINTS ONE HAS TO KEEP IN MIND, WHILE OPENING REVOLVING LC? Bhatia J ————————- ANSWER Dear Bhatia, There are some definitions of revolving letter of credit, one of which is defined as follows: A revolving letter of credit (RLC) is a special letter of credit type which is structured in a way so that it revolves … Read More
TO ORDER BILL OF LADING AND ENDORSEMENT QUERY FROM POPBABI Sent To: Mr. Old Man B/L If L/C require B/L to order endorsed of Issuing Bank , it is synonymous with requirement on B/L to be endorsed by Shipper ? At that time, Consignee on B/L must be one of each cases: – to order – to order of shipper – blank – to bearer ——————————————– COMMENT … Read More
ADDING CONFIRMATION TO AN LC ALREADY CONFIRMED QUESTION Hello, I need some help. Is it possible for another bank to add confirmation to an LC that has already been confirmed? In other words, can an LC have two open confirmations from two separate banks? Thank you in advance. Kind regards, Emsequeira ———– ANSWER Dear Emsequeira, In trade finance, almost anything is possible—provided the parties involved are willing … Read More