QUESTION Dear Mr. Old Man: ISBP745 D7 “When a credit requires shipment to commence from a port, i.e., when the first leg of the journey, as required by the credit, is by sea, a multimodal transport document is to indicate a dated on board notation, and in this event paragraph E6 (b-d) will also apply.” I don’t understand why should …

QUESTION Dear Mr.  Old Man, 1) Can the beneficiary present the documents to the nominated bank with instruction that payment is to be paid to another party? 2) If yes, how can we incorporate this clause into the LC? Thank you. Regards, BD ——— ANSWER Hi, 1) Yes. The beneficiary can assign any proceeds to which it may be entitled …

QUESTION Dear Mr. Old Man, Please help me with the following: 1)  LC requires “Signed commercial invoice”, but the invoice presented is signed with a stamp bearing the name of the beneficiary, e.g., ABC Co., Ltd. Can the stamp be treated as a signature? 2) LC does not require insurance policy to indicate number of originals. 2.1 Is it acceptable …

QUESTION Dear Mr. Old Man, I would appreciate your answer to my following questions: Is the drawee in drafts always the issuing bank? Can drafts be drawn on the confirming bank? Thank you. TL ________ ANSWER Hi, 1) Quite often, but not always.  It is agreed that the drawee on drafts would be the issuing bank. However, a draft  may …

QUESTION Dear Mr. Old Man, We received an UPAS LC as follows: Issuing bank: KB Korea L/C amount: USD33,581.35 Date and expiry: 151014 at negotiating bank L/C available with any bank by negotiation Drafts at 120 days after nego date Reimbursing bank: KB Ho Chi Minh City (SWIFT CODE: ………) 47A : Additional Conditions T/T reimbursement is not allowed When you …

QUESTION Dear Mr. Old Man, I would like to as your opinion on the following case: – Field 45A of a LC requires description of goods as follows: + Commodity: Fabrics . Contract number A, amount: USD50,000.00 . Contract number B, amount: USD25,000.00 – The documents presented including an invoice as follows: + Commodity: Fabrics + Contract number A, B. …

QUESTION Dear Mr. Old Man, Thank you so much for precious advice posted on your blog, which helped me a lot to pass CDCS exam in April 2015 with grade of 83%. Up to now, when I have difficulties in solving problems relating to LC, my first action is to google it with phrase “x problem” + “Mr. Old Man”. …

Last Saturday 12 September I biked up Hai Van Pass and explored Cua Khem Cape (Vietnam). It was a wonderful biking trip! Source: BIKING UP HAI VAN PASS, EXPLORING CUA KHEM CAPE – A WONDERFUL BIKING EXPERIENCE

Last Saturday 12 September I biked up Hai Van Pass and explored Cua Khem Cape (Vietnam). It was a wonderful biking trip!

QUESTION Hi Mr. Old Man, I still have a question today. One our import L/C expired. Documents presented with a Cover letter of Beneficiary’s Bank mentioned that L/C and noted ” Documents may only be released if at the same time you irrevocably undertake to remit us the proceeds” An opinion said that, the Ben. Bank made this presentation to collection form and the …