CO-ACCEPTANCE of BILLs Taking wedding photo by Sword Lake, Hanoi QUESTION Dear Mr. Old Man, We need your expert opinion in the following case: We received one documents for collection from Bank A with the condition “90 days D/A co-accepted by bank”. Our bank sent MT499 to Bank A indicated “the documents have been co-accepted by us and we will make payment on … Read More
BL SHOWING PLACE OF FINAL DESTINATION DIFFERENT FROM PORT OF DISCHARGE QUESTION Dear Mr. Old Man, I have a question: L/C calls for port to port BL stating port of loading and port of discharge. Presented BL showing required ports but also place of final destination not called for under LC. Is it a discrepancy? Any ICC opinion about this? Thank you in advance for your valuable reply. Shirki ——– ANSWER … Read More
FULL SET LESS ONE ORIGINAL BL; CLAIMING DISSCREPANCY FEES AFTER REIMBURSEMENT QUESTION Dear Mr Old Man, We would appreciate your comment to the following questions: Question 1: LC requires in F 46A: Full set less one original of bill of lading… Does it comply with the LC requirement if the beneficiary presents two original bills of lading? Question 2: LC issued by Bank I states in Field 78 that the negotiating … Read More
WHERE CORRECTIONS ON A BILL OF LADING ARE AUTHENTICATED BY A SEPARATE STATEMENT QUESTION Dear Mr. Old Man, We presented documents under six separate L/Cs covering a commingled shipment carried on the same vessel. Each bill of lading contained the usual commingling clause stating: “This shipment was loaded aboard the vessel as part of one original lot of 4000.153 kilos with no segregation…” However, the total quantity stated in the commingling clause was … Read More
D/P AT XXX DAYS AFTER BL DATE QUESTION Dear Mr. Old Man, As far as I know there are only two types of collection: D/P (Documents Against Payment) and D/A (Documents Against Acceptance). However, I’ve just heard about a strange collection: D/P at xxx days after BL date. Please let me know if there is such a strange collection. If there is, what is the difference between … Read More
NEGOTIATION WITH OR WITHOUT RECOURSE QUESTION In response to a query at http://letterofcreditforum.com/content/i-need-some-clarification-regards-lc, you wrote: “Different from LC available by payment, LC available by negotiation allows the beneficiary to receive the payment by negotiating the sight drafts and documents at a nominated negotiating bank which is normally located in his country. The negotiation may be effected on a with or without recourse basis”. I do … Read More
CHANGING PAYMENT TERMS OF THE LC QUESTION Dear Sir. Need a clarification on transferable LC regarding clause 42C. – If the original LC mentions LC at sight, can the 1st beneficiary change this to LC 30 days usance when transferring this LC to the 2nd beneficiary ( if the 2nd beneficiary agrees to LC 30 days). If a sight LC is transferred as a sight LC, … Read More