WHERE DOCUMENTS UNDER D/P ARE NOT PAID QUESTION Dear Mr. Old Man, I have the following case that needs your advice: A seller signed a contract to sell sea products to a buyer in Italy. After the shipment was made, the seller presented the documents under D/P terms to his bank (remitting bank) and asked for discounting. The remitting bank discounted the documents on a with recourse … Read More
COMMINGLED SHIPMENT ALLOWED QUESTION Dear Mr. Old Man, Our company is going to open an LC for import of soybean meal in bulk. According to the sales contract, the LC will contain the clause “Commingled shipment allowed”. Our bank advises us not to incorporate such a clause into the LC to avoid risks. However, their explanation is not satisfactory. Would you tell us … Read More