URDG 458 OR URDG 758? QUESTION Many guarantee formats still refer to URDG 458 , customer banks are afraid to change to URDG 758 to avoid refusal of their guarantees.. 1. Is URDG 458 still in use? 2. Can we get a brief compression between URDG 458 & URDG 758? ——- ANSWER Hi, According to Article 1 (d) URDG 758, where a demand guarantee or … Read More
WHETHER A SHIPPER CAN SIGN A BILL OF LADING AS AGENT FOR OR ON BEHALF OF THE MASTER My bikes QUESTION We have received a switch BL and the shipper signed as agent for and on behalf of the master with name of master & vessel indicated. Please advise if it is considered discrepancy due to shipper signing as agent? —————– ANSWER Hi, The UCP does not prohibit a party from playing a dual role: (i) acting as … Read More
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
CFR TERM, CHARTER PARTY BILLS OF LADING, AND FREIGHT NOTATIONS: DOES “FREIGHT PAYABLE” CREATE A PROBLEM?
CFR TERM, CHARTER PARTY BILLS OF LADING, AND FREIGHT NOTATIONS: DOES “FREIGHT PAYABLE” CREATE A PROBLEM?