Home Mr Old Man DOES A STAMP CONSTITUTE A SIGNATURE?

DOES A STAMP CONSTITUTE A SIGNATURE?

By Mr Old Man

Posted on March 30, 2016

1 min read

5,537

QUESTION

I have a question about Article 3, which says that a document may be signed by handwriting, facsimile signature, perforated signanture, STAMP, symbol or any other mechanical or electric method of authentication.

What does “may be signed by …stamp” mean? Must it be a stamped version of a person’s signature or could it be a “company stamp” with no persons signature?

Thanks

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ANSWER

Hi,

Please refer to ICC Opinion R718 / TA691rev, which says “In terms of article 3, a stamp can act as a form of signature and its use would not in itself be a reason for refusal. However, the context of the use of the stamp is important and, in certain instances, the stamp may not qualify as representing signature of the issuer. If an issuing bank requires a “manually” signed commercial invoice, then that qualification must be inserted into the credit. Otherwise, a stamp may be valid”.

Perhaps, no need for me to add any further comment!

Kind regards,

N.H. Duc

13 Comments

Sanchai

March 31, 2016 at 11:00 am

Dear Mr. Old Man,

I need your professional advice on the following case :
L/C stipulated that B/L is to be issued “to the order of Issuing Bank” and
1/3 B/L must be sent to the applicant.

If the signature of the issuing bank is faked by dishonest Applicant to get the goods from the carrier, and unfortunately there is an discrepancy in the presentation which the applicant does not agree to accept.

My question is that what is the responsibility of issuing Bank in dealing with the 1/3 B/L which they instructed Beneficiary to send it to the Applicant ?

Sorry to post here as I don’t know how to sent this question to you.

Thank you for your help.

Reply

mroldman

March 31, 2016 at 11:24 am

Hi,

The issuing bank’s liability is to honour if the presented documents constitute a complying presentation. It will refuse to honour if the presented documents do not comply with the credit terms and conditions.

If the beneficiary feels uncomfortable with the clause that 1/3 original bill of lading be sent directly to the applicant, it may request for an amendment.

Fraud is a matter of local law. If the case is brought to court, I believe the applicant must pay the beneficiary. This can be done outside the L/C.

Kind regards,
Mr. Old Man

Reply

Sanchai

April 1, 2016 at 10:54 am

Hi Mr. Old Man,

Thank you very much.

Reply

Palani

April 7, 2016 at 7:54 pm

Dear Sir,

I seek your advise on endorsement of BL but don’t know where to post my query.Apologies.

I am a shipper in a OBL, consigned “to order of ABC bank”. As a shipper, do I need to endorse stating “deliver to order of ABC bank with stamp and sign” or Blank endorsement is enough (only stamp and sign) or no need of endorsement from my side is required??

Thank you in advance.

Reply

mroldman

April 8, 2016 at 8:51 am

Hi,

If the BL is made out to the order of ABC Bank, there’s no need for the shipper to endorse the BL. ABC Bank will endorse the BL to enable the applicant/importer to take delivery of the goods.

Kind regards,
Mr. Old Man

Reply

Palani

April 9, 2016 at 1:55 pm

Thank you for your reply sir..

A) If BL and Insurance are made out “to Order”, Does the shipper need to blank endorse (name&sign) or they should write the phrase “release to the order of ABC bank or are both acceptable??

PS: I am not sure if the insurance can be made out “To order” (without any particular name).

B) If LC requires insurance certificate, Is insurance Policy acceptable??

Reply

mroldman

April 11, 2016 at 7:54 am

1) BL
If LC requires BL made out to order blank endorsed, the presented BL must be so issued and endorsed by the shipper; the shipper should not endorse to the order of ABC Bank.
2) Insurance document
*According to ICC Opinion TA688rev, insurance documents should not indicate or be required to indicate the assured as “To Order” or “To Bearer”.

ISBP 745 paragraph K20 (a) also states: “A credit should not require an insurance document to be issued “to bearer”, or “to order”. A credit should indicate the name of an insured party”.

However, practice has shown some banks, as in your case, still require presentation of insurance policy/certificate to be issued to order and blank endorsed. The situation in your case is much the same as that ICC Opinion TA688rev and R788/TA688rev the conclusion of which is that the insurance document issued in such a manner is acceptable.
* Where an insurance certificate is required, an insurance policy presented is acceptable

Reply

Letter of Credit

April 19, 2016 at 8:50 pm

Dear Mr. Oldman,

May I ask for your professional advice ?

Is it possible that customer of a bank who is a “person” not a “company” requests bank to issue an L/C and showing that person as an L/C Applicant ?

Or is it possible that a person is mentioned as Beneficiary in L/C ?

In other word, can L/C be applied to the trading between persons, or person and company or vise versa ?

Thank you in advance for your kind advice.

Reply
Liyana

April 27, 2016 at 8:25 am

Dear Mr. Old Man,

I need your professional advise on signing a BL for issuance.
We, acted as an agency in Singapore, were to issued a BL on behalf of Owners in overseas. Our company name is not being reflected in the signatory column and we are required to sign and issue the BL without our company stamp. Let me explain in detail for your understanding.
The signatory column is reflecting our company name which is located overseas not in Singapore and we, in singapore required to sign and issued the BL.
My question is:
1) Are we able to sign and issue the BL here in singapore without our company stamped on the BL?
2) Will there be any issue or discrepancy on the BL?

Awaiting for your professional advise to clear my doubt and curiosity.

Thank you so much.

Sincerely,
Liyana

Reply

mroldman

April 27, 2016 at 10:03 am

Hi,
When an agent signs a charter party bill of lading for [or on behalf of] the master (captain), owner or charterer, the agent is to be named and, in addition, to indicate that it is signing as agent for [or on behalf of] the master (captain), owner or charterer as the case may be. Stamp is not required notwithstanding you may see it sometimes.
Kind regards
Mr. Old Man

Reply

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