CHARTER PARTY BILL OF LADING ACCEPTABLE Cu De River – I rode my bike here last Sunday QUESTION A letter of credit, under field 46A, asks for: “Full set B/Ls ………… signed by the shipping company or its agent” and additionally states under field 47A that “CPBLs are acceptable”. Beneficiary presented a CPBL signed by the Master. Would you consider the signing of the B/L by … Read More
MATURITY DATE I ride my bike and my bike sometimes rides me! QUESTION Dear Mr. Old Man, Please advice me for this situation: We issue a LC tenor: 120 days after sight On 6 Nov 2014 we received a set of documents from the presenting bank which cited the following discrepancy on its cover letter “Certificate of Origin indicating different invoice”. On … Read More
WHETHER AN LC CAN BE ISSUED SUBJECT TO UCP 600 AND ISBP 745 Trinh Minh The Bridge 1960 Now Nguyen Van Troi Bridge 2014 (closed) QUESTION Dear Mr. Old Man, We issued L/C and refer “This credit is subject to the UCP600.DC.2007. Revision ICC AND ISBP 745 2013 ICC or the latest version”. And Advising Bank send message “ WE REFER TO THE CAPTIONED DOCUMENTARY CREDIT WHICH INCLUDES REFERENCE TO THE INTERNATIONAL STANDARD … Read More
CONFIRMING BANK VS NON-CONFIRMING NOMINATED BANK Monkey Mountain, Danang 1972 … and now 2014 QUESTION Dear Mr. Old Man, I have another question regarding art 12a of the UCP. What is the difference in status between the confirming nominated bank and the non-confirming nominated bank if they both agree to act under their nomination? Thank … Read More
WHETHER THE SECOND ADVISING BANK IS THE NOMINATED NEGOTIATING BANK Red Beach, Danang in 1965 … and now 2014 QUESTION Hi Sir, It is me again. Hope that you will be able to provide me with your expertise. I have received a PRC LC which my bank is the 2nd advising bank. 1st advising bank is … Read More
FLIGHT DATE ON AIR WAYBILL My bike at Red Beach, Da Nang QUESTION Dear Mr. Old Man, I was very excited to find your blog the other day as I have been looking for a good resource to help develop my Letters of Credit skills. I have just been promoted from a manufacturing employee to a position coordinating all letters of credit for my company … Read More
A CASE REGARDING INTERNATIONAL OUTWARD REMITTANCE QUESTION Dear anh Đức, EM biết anh là chuyên gia về lĩnh vực Trade finance, đặc biệt là những giải đáp chuyên sâu liên quan đến UCP. Tuy nhiên em hy vọng rằng, với kiến thức sâu rộng của mình cũng như những mối quan hệ có thể có của anh với nhiều đồng nghiệp công tác trong lĩnh vực … Read More
WHETHER A NOMINATED BANK IS A CONFIRMING BANK The road up to Hai Van Pass, Vietnam. I rode along this road yesterday morning. QUESTION Dear Mr. Old Man, Appreciate your comment to the following: Sub-article 12b) of UCP 600: “By nominating a bank to accept a draft or incur a deferred payment undertaking…” I understand it intends to confirming bank only. Am I correct? Thanks in advance Shirki ——————– … Read More
MUST THE ISSUING BANK PAY IF THE CORRECTED DOCUMENT IS PRESENTED WITHIN THE PERIOD FOR PRESENTATION AND WITHIN THE LC EXPIRY? Sword Lake, Hanoi QUESTION Dear Mr. Old Man, We made a presentation to the issuing bank. However, the issuing bank refused due to a discrepancy on the invoice and is holding the documents. Can we replace the discrepant invoice with the corrected one? If yes, please provide us with ICC opinion. We are afraid the issuing bank will not accept … Read More
WHETHER A BILL OF LADING IS DISCREPANT IF IT DOES NOT CONTAIN A DATE OF ISSUANCE Fishing early morning on Han River QUESTION Dear Mr. Old Man, Long time to see you ! Please help me to solve the problem relating to issuing date of B/L. The B/L presented without showing issuing date but mentioned clearly date of loading on board. Is it discrepant ? Please note that the L/C not required showing date on shipping … Read More