STALE DOCUMENTS AND STALE BILL OF LADING Yellow sandy beach (Da Nang, Vietnam) QUESTION Dear Mr. Old Man, I have a question regarding “stale documents” and “stale bill of lading”. What is the difference between “stale documents” and “stale bill of lading” Thank you. LN ————– ANSWER Hi, In LC transactions, stale documents are understood as the documents presented later than 21 calendar days after the date … Read More
WHERE LC CONTAINS THE CLAUSE “NO THIRD PARTY DOCUMENTS WILL BE ACCEPTED” A ride to Yellow Sand Beach QUESTION Mr. Old Man, It will be helpful if you could help me out regarding Transferable LC. I have got Transferable LC with Clause that ” No Third Party Documents will be accepted” and Buyer’ s bank has refused to amend this detail. But the B/L and Certificate of Origin and all will have … Read More
ASSIGNMENT OF PROCEEDS UNDER LETTER OF CREDIT A corner of Hoi An Ancient City QUESTION Good morning Mr. Old Man, I would like to ask for your opinion on the following:There are two presentations by two different Chinese banks under an usance L/C issued by us. Notices of acceptance were sent. Now each bank advised us that it has irrevocable and unconditionally assigned the proceeds to two … Read More
WHERE BILL OF LADING SHOWS DIFFERENT CONSIGNEE QUESTION Dear Mr. Old Man, I have a question that needs your help. LC issued by AGRIBANK requires “BL made out to order of AGRIBANK ” BL presented was made out to the order of BNP PARIBAS (SUISSE) SA, which endorsed the BL to the order of ABM AMRO BANK, which endorsed the BL to the order of OTTO STANDTLANDER GmbH, … Read More
INSURANCE DOCUMENT ISSUED TO ORDER QUESTION Dear Mr. Old Man, I am a newcomer at a forwarding company. I have a question for you: LC issued by SHINHAN BANK SEOUL stipulates: “Full set of marine insurance policy or certificate endorsed in blank for 110 % of invoice value with claims payable in Korea in the currency of draft, covering the institute cargo clauses.” The beneficiary … Read More
WHERE THE BILL OF LADING IS SIGNED BY A BRANCH OF THE CARRIER QUESTION Dear Mr. Old Man, The signature box on the face of the bill of lading has a pre-printed wording: DAE SHIN TRANSPORTATION CO., LTD As a Carrier The bill of lading is signed and stamped with a seal containing the wording QINGDAO DAE SHIN LOGISTICS CO., LTD without indicating its signing capacity. (See the attached photo) Can I … Read More
ORIGINAL HEALTH CERTIFICATE TO BE SENT DIRECTLY TO THE APPLICANT QUESTION Dear Mr. Old Man, I have a case regarding “Copy of Health Certificate” as follows: LC requires: ONE COPY OF HEALTH CERTIFICATE ISSUED BY GOVERNMENTAL AUTHORITY STATING: (A) THE FISHMEAL WAS PRODUCED IN A PROCESSING PLANTS DEDICATED ONLY TO FISHMEAL PRODUCTION WHERE NO MATERIAL OF ANIMAL ORIGIN OTHER THAN FISH PROTEIN IS BEING USED. (B) THE FISH MEAL WAS TRANSPORTED IN A … Read More
WHETHER AN EXPIRED LC CAN BE AMENDED TO EXTEND THE EXPIRY DATE QUESTION Dear Mr. Old Man, Can an expired LC be amended to extend the expiry date? Is there any provision that prevents the expired letter of credit from being amended to extend the expiry date? Thank you PMB ——– ANSWER Hi, The answer is No and Yes. It depends. According to UCP 600 sub-article 10 (a), except as otherwise … Read More
NOTIFY PARTY; FREIGHT COLLECT AND FREIGHT PAYABLE AT DESTINATION; WHETHER A BOX, FIELD OR SPACE IS TO BE COMPLEDTED WITH A SIGNATURE QUESTION Dear Mr. Old Man, LC requires: FULL SET 3/3 ORGINAL CLEAN ON BOARD BILLS OF LADING MADE OUT TO ORDER AND BLANK ENDORESED, NOTIFY APPLICANT MARKED FREIGHT COLLECT. Field 50 (Applicant): ABC GMBH + CO.KG DONAUWOERTHER STR. 3 – 5 866 RAIN AM LECH DEUTSCHLAND Bill of lading presented shows as follows: 1) Notify party shows the applicant’s name … Read More