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
WHERE THE ISSUING BANK MAINTAINS NO CORRESPONDENT BANKING RELATIONSHIP WITH THE BENEFICIARY’S BANK QUESTION Good Day. I’m Shakil Mostafa, SCM & logistics practitioner in Bangladesh. I have been working in international trade for around 12 years. I am a regular reader of your blog and Web: www.mroldman.net You are the real LC expert I have ever seen. I need your help regarding the below issues: Case: We want to import from the company … Read More
WHETHER A TRANSFERRED LC CAN BE TRANSFERRED TO A THIRD BENEFICIARY QUESTION Sir I am trader in petroleum field. I have the following issue and need your advising: My client is the first beneficiary who will receive the LC via mt700 from his end user then will transfer it to me as the second beneficiary via MT 720 Now I want to transfer MT 720 to the end seller as the … Read More
CASE STUDY GIAO THỪA – MÓN QUÀ ĐẦU NĂM Vào thời khắc giao thừa, Mr. Old Man ngồi nhìn lại một năm đã trôi qua thật nhanh và thấy rằng năm Canh Tý 2020 là một năm Mr. Old Man đã gặp nhiều may mắn, mọi chuyện từ công việc, xã hội, gia đình đến thú vui đạp xe đạp… đều suôn sẻ. Nhân dịp năm mới Tân Sửu … Read More
WHETHER AN SBLC CAN BE ADVISED TO THE BENEFICIARY IN CARE OF ANOTHER COMPANY QUESTION Dear Mr. Old Man, Greetings from Istanbul City – Turkey, I have 2 questions and need your “help please”, Question 1: Our company registered at UK-London and Buyer company located in Dubai, but because of Coronavirus we do not go back to London and work from here Istanbul home based. Buyer bank has correspondent bank account at Commerzbank and … Read More
CONFIRMED TRANSFERRED LETTER OF CREDIT QUESTION Dear Mr Old Man, I read your blogs and find them really interesting and helpful. I have a query regarding transfer LC 1. Can a confirmed LC be transferred? 2. If yes, is it mandatory that confirmation is carried forward in MT720? There is confusion regarding the same since as per UCP only 5 things can be reduced and … Read More
CAN AN SBLC BE AVAILABLE WITH A NOMINATED BANK OTHER THAN THE CONFIRMING BANK ? QUESTION Dear Mr. Old Man, My company, as applicant has request our bank to issue a SBLC and a international branch of the issuing bank confirmed such LC. The confirmation was needed because of the lower credit rating of the Brazilian entity. The beneficiary of the SBLC requested us to include its bank as advising bank and it was done … Read More
CORONAVIRUS AND FORCE MAJEURE Picture obtained from South China Morning Post CORONAVIRUS AND FORCE MAJEURE Trade Services Update magazine is currently hosting a debate on force majeure in connection with the outbreak of coronavirus pneumonia in Wuhan. The situation is as follows: An L/C provides for payment at the nominated bank (NB) against complying documents. The NB is required to forward the documents to … Read More
AI CÓ VỀ QUÊ HƯƠNG GÒ NỔI Ai có về quê hương Gò Nổi Miền đất mới giờ đã lên xanh (*) Chủ Nhật tuần trước đạp xe đạp check-in làng Đo Đo trong Mắt Biếc của nhà văn Nguyễn Nhật Ánh khi đi ngang qua cầu Câu Lâu nhìn thấy Gò Nổi ở giữa sông Thu Bồn, Mr. Old Man đã nghĩ tới Chủ Nhật kế … Read More
ICC HƯỚNG DẪN SỬ DỤNG HỐI PHIẾU TRONG GIAO DỊCH LC Hối phiếu trong giao dịch L/C đã và đang là vấn đề tranh luận không có hồi kết trên các diễn đàn của công đồng những người thực hành thanh toán quốc tế và các chuyên gia tài trợ thương mại rằng L/C có nên yêu cầu xuất trình hối phiếu hay không, ngân hàng/người mở L/C có thể từ … Read More