WHY IS TRAILER INCLUDED IN ARTICLE 20 UCP 600? Da Nang, Vietnam QUESTION Dear Mr. Old Man, Could you please share your idea as to the below context? UCP 600 Article 20 states that: A bill of lading indicating that transshipment will or may take place is acceptable, even if the credit prohibits transshipment, if the goods have been shipped in a container, “TRAILER” or lash barge as evidenced … Read More
WHETHER SHIPPING DOCUMENTS INCLUDE DRAFTS QUESTION Hi Mr. Old Man, We have an enquiry as follows: LC available for negotiation calls for Beneficiary’s Certificate certifying that a set of copied document has been sent to applicant… When we presented the documents including drafts to the negotiating bank for negotiation. The negotiating bank raised the discrepancy “Draft dated later than Beneficiary’s Certificate”. We did not agree … Read More
COURT ORDER REVISITED QUESTION With reference to the refusal I have a question. X Bank received documents from Y Bank under LC issued by them. The documents are complied as per the terms of the Letter of credit . Before the due date the applicant brings a court order instructing the X Bank not to pay under the LC . Based on the … Read More
WHETHER A CPBL SIGNED BY AN AGENT ON BEHALF OF THE OWNER MUST BE STAMPED WITH THE AGENT’S STAMP QUESTION Dear Mr. Old Man, I need your professional advice on signing a BL for issuance. We, acted as an agency in Singapore, were to issue a BL on behalf of Owners in overseas. Our company name is not being reflected in the signatory column and we are required to sign and issue the BL without our company stamp. Let … Read More
DOCUMENTS V. GOODS, SERVICES or PERFORMANCE QUESTION Dear Mr. Old Man, We have a case that needs your advice. We issued an LC available with our bank by acceptance of drafts at 60 days after BL date. The applicant took up the documents to take delivery of the goods. When the goods were unloaded, the applicant found the goods not of satisfactory quality. Now the LC … Read More
SHIPPED ON BOARD QUESTION Dear Sir, 1. In LC nothing mentioned about place of receipt and place of discharge but BL shows as below. Place of receipt: Antwerp Port of Loading: Antwerp Port of Discharge: Jebel Ali Place of delivery: Jebel Ali 2. BL has the clause ‘RECEIVED FOR SHIPMENT IN APPARENT GOOD ORDER AND CONDITION’ and Shipped on board date as 15-04-2016. … Read More
DOES A STAMP CONSTITUTE A SIGNATURE? QUESTION I have a question about Article 3, which says that a document may be signed by handwriting, facsimile signature, perforated signanture, STAMP, symbol or any other mechanical or electric method of authentication. What does “may be signed by …stamp” mean? Must it be a stamped version of a person’s signature or could it be a “company stamp” with … Read More
NON AUTHENTICATED SWIFT MESSAGE MT999 (Quoted from DCPro Discussion Forum 22 – 26 March, 2016) QUESTION We would be curious to know how your bank treats non authenticated swift message MT999 (article 9 f) a) How are they handled? Are they refused and the sender is asked to use a bank with which both sender and receiver have an agreement for transmitting/receiving authenticated message? b) … Read More
CONFIRMATION On the summit of Hai Van Pass QUESTION Dear Mr. Old Man, We need your expertise opinion on the following case: LC issued by ABC Bank states: – Field 41a: (Available With …. By…) ANY BANK BY NEGOTIATION – Field 49 (Confirmation instructions) CONFIRM We as the advising bank advised the LC as received to the beneficiary without adding our … Read More
RETURN OF DOCUMENTS QUESTION Dear Mr. Old Man, We have a case that needs your advice. We, the issuing bank, have received the documents of which all originals of the insurance certificates are not endorsed in blank as required. The applicant informs us that the beneficiary has agreed to replace the discrepant insurance certificates and requests us to return all originals of the … Read More