SHOULD THE ISSUING BANK REQUIRE THE INSURANCE POLICY TO NAME ITSELF AS THE ASSURED PARTY? The Sea of Da Nang in the Morning QUESTION Dear Mr. Old Man We opened many LCs under CFR or FOB term whereby insurance are covered by final buyer instead of applicant. We asked for copy of insurance but applicant is unable to supply/obtain from final buyer. This point is raised by auditor reason being the issuing bank has no … Read More
PARTIAL SHIPMENTS; PARTIAL DRAWINGS Picture taken on March 23, 2014 when I was cycling up Monkey Mountain in Da Nang, Vietnam. QUESTION LC states: – LC amount: USD100,000.00 – Partial shipments not allowed. Two separate sets of documents, each for USD50,000.00, were presented to the issuing bank in the same day. Each set of documents contained among other required documents 3/3 original bills of … Read More
WHETHER A DECLARATION UNDER AN OPEN COVER IS ACCEPTABLE IN LIEU OF AN INSURANCE CERTIFICATE WHETHER A DECLARATION UNDER AN OPEN COVER IS ACCEPTABLE IN LIEU OF AN INSURANCE CERTIFICATE. Read More
WHETHER A DECLARATION UNDER AN OPEN COVER IS ACCEPTABLE IN LIEU OF AN INSURANCE CERTIFICATE QUESTION Dear Mr. Old Man, If LC requires an insurance certificate, is a declaration under an open cover acceptable and vice versa? Thank you. Best regards, TD ———— ANSWER Hi, It is understood from sub-article 28 (d) UCP 600 that where an LC calls for an insurance certificate or a declaration under an open cover, presentation of an insurance policy … Read More
INSURANCE DOCUMENTS IN LETTER OF CREDIT TRANSACTIONS INSURANCE DOCUMENTS IN LETTER OF CREDIT TRANSACTIONS. Read More
INSURANCE DOCUMENTS IN LETTER OF CREDIT TRANSACTIONS Chứng từ bảo hiểm trong giao dịch LC Nguyễn Hữu Đức Trong thời gian qua người viết bài này nhận được từ đồng nghiệp và bạn đọc quan tâm không ít những câu hỏi liên quan đến chứng từ bảo hiểm xuất trình theo LC. Điều này cho thấy hiểu hết các ngóc ngách của chứng từ bảo hiểm cũng … Read More
UNDERDRAWN? QUESTION Hi, Please find below the case related to LC amount underdrawn: LC extracts: LC amount USD 45,250.00 Partial shipment is allowed. LC doesn’t states about the tolerance in quantity and amount. Description of goods: 1000 Leather hand bags made out of sheep leather with following colour: Black: 250 pcs – Unit price: USD 40 per pc Brown: 250 pcs … Read More
NEGOTIATION UNDER A CREDIT AVAILABLE BY DEFERRED PAYMENT NEGOTIATION UNDER A CREDIT AVAILABLE BY DEFERRED PAYMENT. Read More