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
WHETHER A BANK CAN PLAY A DOUBLE ROLE AS REMITTING BANK AND COLLECTING/PRESENTING BANK QUESTION Dear Mr. Old Man, Recently, we received a collection instruction directly from the drawer which instructed us deliver the document to drawee against payment. If we agree to handle this collection, it means that we are remitting bank, collection bank and presenting bank under URC 522. However, the drawer does not have an account at our bank so they request us remit … Read More
WHETHER THE DOCUMENTS WERE SENT ON APPROVAL BASIS The other side of Son Tra Peninsula QUESTION Dear Mr. Old Man, Today I am facing a difficult case that I need your expert opinion, please could you help me to solve the matter. A credit subjected to UCP/URR latest version. Among terms and conditions of the credit, there were: LC AVAILABLE WITH ANY BANK BY NEGOTIATION. REIMBURSING BANK: BANK R … Read More
QUESTIONS REGARDING INSURANCE DOCUMENT Early morning at Ha Long Bay QUESTION Dear Mr. Nguyen, Gone through your site and was surprised to see the the L/C clarifications you are providing in the field of Letter of credit to the New Learner till L/C Experts asking queries from all over the world. Very few people we have in the Globe who wants to share their … Read More
INSTALMENT NOT DRAWN Ha Long Bay QUESTION Dear Mr. Old Man, I would like to ask your opinion on the following case: LC indicates the shipment schedule as follows: + 1st shipment for 100.00 MTs between 10 September to 25 September, 2014 + 2nd shipment for 100.00 MTs between 10 October to 25 October, 2014 + 3rd shipment for 100.00 MTs between 10 November to 25 November, … Read More
INSURANCE ENDORSEMENT; GOODS DESCRIPTION ON BILL OF LADING Early morning in Ha Long QUESTION Dear Mr. Old Man, I have 2 questions: 1) An insurance policy presented shows on the face the word “endorsement” and the assured party signed near this notation but not endorsed on the reverse. Is this ok? 2) A bill of lading presented does not show description of goods but only related LC number. Is … Read More
A 'RECEIVED FOR SHIPMENT' BILL OF LADING NEEDS A DATED ON BOARD NOTATION QUESTION Hi Mr. Old Man, B/L indicates as follows: Pre-carriage: Vessel A; Place of receipt: Santos Ocean vessel: Vessel A; Port of loading: Santos Port, Brazil Port of discharge: Haiphong Port, Vietnam; Place of delivery: Haiphong Port, Vietnam The B/L does not show any pre-printed wording “on board”, “shipped on board” or any on board notation (see the attached scanned … Read More
EARLY PRESENTATION On the biking road… QUESTION Dear Mr Old Man, I am Dang from Vietnam Prosperity bank. I know that you usually give valuable oppion for difficult cases from bank in Vietnam. Today, our bank faces with a difficult case and I would like to seek your valuable idea: L/C required: Latest date of shipment: 10 Aug 20… Period for presentation: After … Read More
INSURANCE PERCENTAGE; UPAS LC On the top of Son Tra Mountain QUESTION Kính gửi anh Đức, Em đã đọc rất nhiều bài viết của anh và qua đó em học hỏi thêm được nhiều kiến thức trong lĩnh vực thanh toán quốc tế. Hiện tại em có một số vướng mắc rất mong anh giải đáp để em hiểu rõ hơn. Câu 1: Em … Read More