QUESTION Dear Mr. Old Man, The presenting bank presented the documents to the issuing bank for payment. However, the documents did not comply. Therefore, the issuing bank  refused the documents and advised the applicant of the same. The applicant informed the issuing bank that he would agree to pay half of the claimed amount. Does the issuing bank need to …

A corner of Hoi An Market, Hoi An Ancient Town, Vietnam QUESTION Dear Mr. Old Man, I need your advice on the following . Is it a discrepancy when commercial didn’t indicate actual port of discharge as per LC (eg. PAFF Hong Kong ) i/o showing statement “Shipped from Busan South Korea to Hong Kong”. Note: Invoice and LOI presented …

Try your best! Only 500 meters left to the finish line. QUESTION Dear Mr. Old Man, LC requires presentation of ocean bill of lading. A bill of lading is presented showing as follows: ——– CODE NAME “CONGENBILL”. EDITION 1994 BILL OF LADING TO BE USED WITH CHARTER PARTIES ——— Can we raise the discrepancy “Congenbill presented I/O Ocean Bill of …

QUESTION Hi Mr. Old Man, I have a question about the amount L/C tolerance. Could you please give me your advise on the following case: L/C at sight with full amount 252,259 USD. L/C does not show tolerance and  partial shipment is prohibited. If we issue the invoice with the amount less than 252,259 USD, then is it a discrepancy …

QUESTION Dear Mr. Old Man, I understand that  the beneficiary is not allowed to accept part of an amendment. I want to know whether the amendment is deemed to be accepted or rejected when a presentation complies with part of the amendment only. I would appreciate your soon answer. Thank you in advance. Best regards, VAN ——— ANSWER Hi, Your …

QUESTION Hi, In reply to a question regarding insurance policy and insurance certificate, you said: “Please note that if the LC requires an insurance certificate, an insurance policy presented is acceptable, but if the LC requires an insurance policy, an insurance certificate presented is not acceptable unless the LC provides that an insurance certificate issued under an open policy is …

Artful water fountain at Ba Na Hills 25 km from my home. QUESTION Dear Mr. Old Man, in case of the documents are compiled in its content but we as a bank found that the documents are fraud and its not real, even though it’s complied. Can we refuse the documents or we just chick the discrepancy in the content …

QUESTION Dear  Mr. Old Man, Appreciate your reply to the following: Can LC be subject to the country’s law  in addition to UCP? Best regards, Zeev ——- ANSWER Dear  Zeev, I must admit that in my 20 years of experience with trade finance I have not yet come across any LC stipulating that it  is subject to both the UCP …

QUESTION FROM SHEILAR Hi Abrar and  Nguyen, Hope you are well. I’ve recently read the consolidated Draft opinions April 2015, and have found TA820 drafted very ambiguously and its analysis seemed equally questionable (see the attachment please).   For example, since the background information indicated that the presentation made after the amendment did not comply the the amended credit, I would …

The last slope to the peak of Hai Van Pass QUESTION Dear Mr. Old Man, LC states: Field 48 (Period of Presentation): Documents presented later than 21 days after shipment date but within L/C validity acceptable. Field 31D (Date and Place of Expiry): 150420 IN SINGAPORE Presented bills of lading shows shipment date as  04/03/2015 while the covering schedule shows issuance date as 11/03/2015 …