2015 in review The WordPress.com stats helper monkeys prepared a 2015 annual report for this blog. Here’s an excerpt: Madison Square Garden can seat 20,000 people for a concert. This blog was viewed about 66,000 times in 2015. If it were a concert at Madison Square Garden, it would take about 3 sold-out performances for that many people to see it. Click here … Read More
SHIPMENT DATE ON COPY OF TRANSPORT DOCUMENT QUESTION Dear Mr. Huu Duc! Please help us with the following cases: Question 1: LC issued by our bank stipulates latest shipment date as 150915 and requires presentation of copy of Air Waybill. A copy of the Air Waybill presented states “executed on Sep 19, 2015” and there is no notation of flight number and date. I tend to raise the discrepancy “late … Read More
CAN A NON – NOMINATED BANK DISCOUNT A BILL? (quoted from DCPro Discussion Forum 16 Dec 2015) QUESTION Bank B in Germany confirmed a L/C, issued by Bank A in Brazil. Bank B forwarded the L/C by MT710 to the beneficiary through an advising bank in Canada. Field 40B states “Irrevocable and adding our confirmation”. The L/C is available with the confirming bank B in Germany by def. payment. … Read More
WHEN BILL OF LADING DATE IS BILL OF LADING DATE QUESTION Dear Mr. Old Man, I have a question that needs your clarification. It is commonly known that when drafts are to be drawn at xxx days after or from the the bill of lading date and the presented bill of lading shows both the issuing date and the on board date, the on board date is to be used … Read More
NON-NEGOTIABLE SEA WAYBILL QUESTION Dear Mr. Old Man, May I request you to please explain me the difference between Negotiable & Non – Negotiable Sea Waybills in details if possible? Thanks a lot for your time. Abdul ———– ANSWER Hi, No difference! Sea Waybill and Non-Negotiable Sea Waybill are One and Non-Negotiable. Sea Waybill or Non-negotiable Sea Waybill is described as a document … Read More
DOCUMENTS NOT PRESENTED TO THE TRANSFERRING BANK QUESTION Dear Mr. Old Man, I have a case relating to documents under the transferred LC presented directly to the issuing bank bypassing the transferring bank. Our bank issued a transferable LC with Kookmin Bank as the transferring bank Kookmin Bank transferred the LC to the second beneficiary but it didn’t advise our bank of the status of the transferred … Read More
AVALIZATION AND DRAWEE IN BILL OF EXCHANGE QUESTION Dear Mr. Old Man I have been visiting your blog frequently ever since I came to know about the blog and am very thankful to you for sharing your knowledge with others. Am herewith a question today with respect to bill of exchange incase of avalization. – Client presented document with covering letter stating “documents to be released against … Read More
TRUST RECEIPT QUESTION Dear Mr. Old Man, We presented via our bank one set of documents under an LC at sight to the issuing bank for payment. Since having not received the payment, we contacted the importer and were informed that they were applying for Trust Receipt. What is Trust Receipt? Why must the importer apply for Trust Receipt? Thank you LC … Read More
Liệu BPO có thể kết thúc “triều đại” LC? Ngày 17/4/2013 Phòng Thương Mại Quốc tế (International Chamber of Commerce – ICC) đã thông qua Bộ quy tắc thông nhất về nghĩa vụ thanh toán ngân hàng (Uniform Rules for Bank Payment Obligation – URBPO), một bộ tiêu chuẩn mới trong tài trợ chuỗi cung ứng có tác dụng thúc đẩy thương mại quốc tế. URBPO, có hiệu lực … Read More
A CASE OF CASH AGAINST DOCUMENTS TRANSACTION QUESTION Dear Mr. Old Man, We own a shop specialized in selling stone statues and garden sculptures for domestic customers as well as foreign tourists. We do not have problem with domestic buyers as they would agree to pay in advance part of the invoice value as a pledged amount and they will pay the remaining amount when the goods are … Read More