WHERE THE ON BOARD DATE IS DEEMED TO BE THE BILL OF LADING DATE QUESTION If credit calls for draft payable at 30 days from the date of bill of lading date and bill of lading issue date and on board notation date are different then from which date maturity date should be calculated? 30 days from bill of lading issue date or 30 days from on board date? Please clarify… ———- ANSWER Hi, … Read More
WHETHER THE INSURANCE CERTIFICATE MUST BE ENDORSED… WHETHER THE INSURANCE CERTIFICATE MUST BE ENDORSED…. Read More
WHETHER THE INSURANCE CERTIFICATE MUST BE ENDORSED… WHETHER THE INSURANCE CERTIFICATE MUST BE ENDORSED…. Read More
WHETHER THE INSURANCE CERTIFICATE MUST BE ENDORSED… QUESTION Dear Mr. Old Man, LC states: Field 50 (Applicant): SHANTOU GARMENTS CO LTD Field 59 (Beneficiary): CAVICO Field 46 (Documents required): Insurance policy/certificate in assignable form blank endorsed… A Certificate of Cargo Insurance presented shows: NAME OF ASSURED: SHANTOU GARMENTS CO LTD No endorsement is made. Can we raise the discrepancy “insurance certificate not endorsed’”? Thank you in advance. … Read More
WHERE A BILL OF LADING INDICATES A MEANS OF PRE-CARRIAGE WHERE A BILL OF LADING INDICATES A MEANS OF PRE-CARRIAGE. Read More
WHERE A BILL OF LADING INDICATES A MEANS OF PRE-CARRIAGE QUESTION Dear Mr. Old Man, LC states: – PORT OF LOADING: ANY PORT IN VIET NAM – PORT OF DISCHARGE: JEBEL ALI PORT, DUBAI. Bill of lading shows: – Place of receipt: HO CHI MINH PORT, VIET NAM – Pre-carriage: HANJIN PORT ADELAIDE 011W – Port of loading: HO CHI MINH PORT, VIET NAM – Vessel/Voy: NYK THESEUS 0029W – … Read More
CODES USED IN FIELD 77B MT 734 QUESTION Dear Mr. Old Man, I see that the following codes can be used in Field 77B of MT 734: /HOLD/, /NOTIFY/, /PREVINST/ and /RETURN/. Would you kindly explain to me in which cases the above codes are used? Thank you in advance. Best regards, LNAT ————– ANSWER Hi, Those codes are used in Field 77B of MT 734 to … Read More
WHERE A DOWN PAYMENT HAS BEEN MADE OUTSIDE LC QUESTION Dear Mr. Old Man, I have a case that needs your help. Contract details as follows: Goods: ABC Quantity: 10,000 MT (+/- 10%) Unit price: USD 100/MT Total amount: USD 100,000.00 (+/-10%) Down payment: USD 5,000.00 The applicant does not want to open an LC for USD 100,000.00 (+/- 10%) because he has paid a down payment of USD … Read More
SHOULD THE ISSUING BANK REQUIRE THE INSURANCE POLICY TO NAME ITSELF AS THE ASSURED PARTY? SHOULD THE ISSUING BANK REQUIRE THE INSURANCE POLICY TO NAME ITSELF AS THE ASSURED PARTY?. Read More