SIGNATURE ON INSPECTION CERTIFICATE DIFFERS FROM THAT ON PASSPORT QUERY FROM RSRAGAN – United Arab Emirates LC calls for and Inspection Certificate and signature of the signing party to be verified by the negotiating bank. The clause goes on like: Inspection Certificate issued and signed by Mr.xxx holder of xx Passport No certifying that the goods have been inspected and found to be in good order and condition, whose … Read More
INSURANCE POLICY VS INSURANCE CERTIFICATE QUERY FROM YOYO KENSHIN I'm still a little confused. Is that Insurance policy an agreement between 2 sides with proper terms and conditions while Insurance Certificate is just a letter or a document that informs the insurance is now available? ———————— COMMENT FROM MR. OLD MAN Dear Yoyo Kenshin, Thanks for asking Mr. Old Man. The insurance policy may be … Read More
INTENDED PORT OF DISCHARGE QUERY FROM Shahed – Canada L/C shows: port of shipment: Any canadian port port of discharge:Dalian B/L shows:Intended port of discharge: DalianPlace of delivery:Dalian UCP600 do not say anything about "intended port of discharge". Do you think this B/L is acceptable ? Regards, ShahedToronto ————————–COMMENTS N.H. Duc – Viet Nam Hi, It is true that UCP 600 Article 20 does … Read More
HOW TO CALCULATE THE MATURITY DATE OF DRAFTS DRAWN AT XX DAYS SIGHT? QUERY FROM KHANH PHAM Dear Mr Old Man, Em nhờ anh tư vấn giúp em tình huống sau: + Issuing bank phát hành 1 L/C trả chậm 90 days after sight, expired ngày 11/07/2009+ Issuing bank nhận được bộ chứng từ vào ngày 10/07/2009 và thấy bộ chứng từ này có bất hợp lệ (trên Invoice)+ Ngày 17/07/2009 Issuing bank … Read More
ISBP PARA 46 (a) – MATURITY DATE; OPEN CONFIRMATION QUERY ISBP PARA 46(a) – due date fixed by drawee bank on compliant docs. John Lim – Singapore Posted 11 Jan 10 | Does this principle also apply to LC under open confirmation, in which the drawee field is the issuing bank rather than confirming bank? Please advise.Thank you.Yat—————- JSMITH – United Kingdom Posted 11 Jan 10 | I am … Read More
INSTALMENT DRAWINGS OR SHIPMENTS: ANOTHER CASE STUDY QUERY FROM HA LE Chao anh Duc! Truoc het, em xin tu gioi thieu, em ten Ha, hien dang lam viec tai TP.Danang.Sau khi doc duoc mot so bai viet cua anh ve nghiep vu thanh toan quoc te, dac biet la ve UCP600, em mao muoi viet mail nay voi hi vong rang anh co the gianh chut it … Read More
INSURANCE COVER REQUIRED FOR IMPORTS UNDER FOB TERMS SYED IBRAHIM'S QUERYFOB LC Dear Sir, We are entereed in to agreement with direct mine owners at indonesia for purchase of coal. As per agreement we have to open Letter of Credit. We have given all the documents to our bank along with Lc application. Bankers asking Insurance cover.Bankes saying without insurance cover Lc will not open. Particular cargo is … Read More
HONOUR Vs NEGOTIATION YASEEN'S QUERYHonour / Negotiate Hi Everybody! How can we precisely define the difference between HONOUR and NEGOTIATE. A definition which could touch our memory immediately as someone asksto define. Thanks. Yaseen. —————————– MR. OLD MAN'S RESPONSES TO YASEEN'S QUERY Dear Yaseen, I think you may have already known the definitions of the terms “honour” and “negotiation” in UCP 600 Article … Read More
FREIGHT PREPAID RAILWAY BILL AND DIVISION OF COSTS UNDER DAF QUERY FROM PENGUINSent To: Mr. Old Man What happened to you? Hope you get well soon and Have a nice weekend! I have 1 question for Monday. 🙂 Field 46a of LC: RWB.Original Railway bill consigned to …xxx Bank, marked freight prepaid notify the applicant.? Is this need to marked freight on RWB? In what case it marked freight prepaid, … Read More
FROM PORT OF LOADING TO PORT OF DISCHARGE My lien ‘S QUERY Điều 20 a. iii Chào chú! Chú có thể giải thích giúp cháu ý nghĩa của việc dụng cụm từ from…to trong điều khoản 20 a.iii của UCP 600. Cháu đọc được trong một tài liệu so sánh UCP 500 và UCP 600 có viết: In practice, it often happened that the ports were indicated not … Read More