INSURANCE COVER IS SUBJECT TO EXCESS QUESTION Dear Mr. Old Man, LC requires: Insurance Certificate in assignable form and endorsed in blank for 110 % of invoice value covering all risks showing CLAIM PAYABLE IN VIETNAM. Insurance Certificate presented shows CLAIM PAYABLE IN VIETNAM EXCESS 0.5% OUT OF SUM INSURED. Is the insurance certificate acceptable? Thank you. Best regards, PTTM ————– ANSWER Hi, Paragraph K14 ISBP … Read More
TRANSFERRED LC OR BACK TO BACK LC QUESTION Dear Mr. Old Man, Our company has received an LC issued a Korean bank with details as follows: 40A (Form of Documentary Credit): Irrevocable Transferable 44E (Port of Loading): Any port in Vietnam 44F (Port of Discharge): Pusan port, Korea We want to have the LC to be transferred to the second beneficiary in China. Goods are to be … Read More
CERTIFICATE NOT ISSUED BY MANUFACTURER QUESTION Dear Mr. Old Man, Thanks a lot for your support all the time. Now I am facing a difficult case which I would like to ask for your opinion: LC states: F59 (Beneficiary): SHANGHAI FAMOUS SCIENCE & TECHNOLOGIES CO., LTD F45A (Description of Goods): 28,000 SETS OF HANDSET GSM MODEL MF 6303” F46A (Documents required): CERTIFICATE OF QUALITY AND … Read More
XYZ AS AND XYZ LIMITED QUESTION Dear Nguyen, Please find below the case for your kind opinion. LC extract: LC field 46A: Full set on board marine bill of lading consigned to Issuing Bank and Notify applicant and marked “Freight prepaid” LC field 47A: Additional condition: Bill of lading should evidence that goods are shipped through/via XYZ Limited. The Bill of lading is presented in XYZ stationary (not … Read More
A MULTIMODAL BILL OF LADING OR A PORT-TO-PORT BILL OF LADING? QUESTION Dear Nguyen, Please find below the case: LC Extract: 44E: Any port in India 44F: Ho Chi Minh City Port 46A: Documents required 1. Full set bill of lading evidences onboard notation consignee to issuing bank and notify applicant. 47A:Addtional Conditions: 1. Multimodal bill of lading is not acceptable. Documents presented: Bill of lading titled as Port-to-port Bill of … Read More
MATHEMATICAL CALCULATIONS QUESTION Dear Mr. Old Man, I must admit that examining documents is a devil of a job. Please help me get to grips with this problem. Paragraph A22 of ISBP 745 has stipulated as follows: “When the presented documents indicate mathematical calculations, banks only determine that the stated total in respect of criteria such as amount, quantity, weight or number … Read More
AIRWAY BILL CONSIGNED TO THE ISSUING BANK QUESTION Dear Mr. Old Man, We signed a contract to import goods from USA with the following terms: CIP Noi Bai, Vietnam Goods shipped by air Payment by LC We are preparing an application for issuance of LC and our bank (ABC Bank) requests us to include, among other documents required for presentation, an airway bill worded as follows: ORIGINAL … Read More
WHERE THE ON BOARD DATE IS DEEMED TO BE THE BILL OF LADING DATE WHERE THE ON BOARD DATE IS DEEMED TO BE THE BILL OF LADING DATE. Read More