Early morning in Hoi An ancient town QUESTION Hi Mr. Old Man,  L/C requires a shipping line’s certificate showing 14 days detention and demurrage combined at discharge port. Documents presented without the certificate but with B/L bearing the above mentioned content declared by shipper. Is that acceptable? Lam Trang ————– ANSWER Hi Lam Trang, ISBP 745 paragraph A40 provides: “Documents …

QUESTION Dear Mr. Nguyen (Old Man), It’s a surprise and delight to come across your blog which advises on L/C questions. I trust your assistance to bring enlightenment to hundreds if not thousands of people out there. That said, I have a couple of questions for you.  If the L/C specifies the product description to be of certain quality, does …

Metropole Hanoi corridor QUESTION Dear Mr. Old Man, 1) If the LC is available with Bank A by payment, can Bank A negotiate the documents? 2) If the LC is available with the issuing bank by payment, can Bank A negotiate the documents and/or forward the documents to the issuing bank for reimbursement/payment? Thank you. PM ————- ANSWER Hi, 1) …

QUESTION Dear Mr. Old Man, One of my bank’s customers asks for our consultation on how to open standby LC. To tell the truth I  am not familiar with this type of LC. I have contacted my colleagues at other banks but it cannot help because they have not yet had any experience in this type of LC. I will …

QUESTION Dear Mr. Old Man, Could you please clarify the phrase “Protest for non-payment/non-acceptance” in collection instructions? Thank you. PM ———— ANSWER Hi, In order to understand what “PROTEST FOR NON-PAYMENT or NON-ACCEPTANCE” is, you need to understand what “NOTING” is. According to the UK Bills of Exchange Acts 1882, NOTING is the procedure where a notary public presents the …

QUESTION Dear Mr. Old Man, Could you give me your opinions about controversy issues that I come across during my processing of documents? COLLECTION: We have received under a D/A collection a set of documents including drafts at 60 DAYS AFTER SIGHT. Should we calculate the maturity date from the day we receive the above documents for collection or from the …

QUESTION Dear Mr. Old Man, I would like to ask for your opinion on the following issue. According to ISBP 681 a certificate of origin must be signed and dated. However, ISBP 745 is silent on the date of the certificate of origin. There are some opinions on this case: 1) ISBP 681 and ISBP 745 are supplements to UCP …

QUESTION Dear Mr. Old Man, I have an urgent case that needs your consultation. On July 7, 2014 the beneficiary presented  a  set of documents including 2/3 original bills of lading to our bank.  We checked and found the documents complying. On July 8, 2014  we forwarded the documents via UPS to the issuing bank in Singapore. On July 18, …

QUESTION Dear Expert, Mr. Old Man, May I ask for your opinion of the following : L/C called forfull set clean on board ocean bill of lading , consigned to order, blank endorsed. LC field 45A goods description : BLEACHED SOFTWOOD KRAFT PULP QUANTITY: 1000 ADMT Invoice presented showing BLEACHED SOFTWOOD KRAFT PULP QUANTITY: 994.781 ADMT B/L presented showing BLEACHED …

Ferris Wheel in Da Nang – The world’s fourth largest wheel (?) QUESTION Dear Mr. Old Man, LC is available by negotiation but does not include Field 42c (Draft at…). Do we need to present drafts? Thank you. TM ————– ANSWER Hi, It is agreed that LC available by negotiation would require presentation of drafts. However, the LC in this …