Mr Old Man PARTIAL SHIPMENTS UNDER SUB-ARTICLE 31 (B) QUESTION Dear Mr. Old Man, LC does not allow partial shipments. Documents were presented to the issuing bank in two separate covering schedules. The first set reached the issuing bank’s counter on 5 O… Read More
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More
Back – to – Back LCs and CAD: Clearing the fog for Traders 8 Jun 2025 QUESTION Dear Mr. Old Man, I hope you are doing well. I seek your insights on two points: Regarding back-to-back Letters of Credit, I’ve understood that banks typically require collateral beyond the master LC itself, as it might not be a sufficient guarantee. However, reputable banks like UOB, DBS, and BCP Bank (Mauritius) state on their websites that the master LC can indeed …
Escaping Tet in Tay Giang 7 Jun 2025 — A Slow Ride Through the Mountains, the Cold, and the Unexpected Warmth of Strangers — Rolling into an Empty Town After eight grueling hours in the saddle—climbing slope after slope at a brutal 10–15% grade, crossing mountain after mountain—our ragtag group of cyclists finally rolled into Tay Giang town. We were dreaming of a hot meal, maybe even a …
THE NEVER-ENDING 100 KM 7 Jun 2025 This morning, I set out on a cycling trip to Đông Giang with a pretty neat plan: ride all the way to Tư commune, turn back to stop by Trung Man market, grab my usual glass of mixed sweet soup at a familiar stall, then head home. The total would clock in nicely at 100 km, just enough to complete …
Pedaling to Hói Dừa Parish – and a Little Dip in the Wild 6 Jun 2025 One fine morning, I saddled up with my cycling comrade Khánh Huỳnh and climbed over Hải Vân Pass. From there, we swooped down into Lăng Cô and made a detour to visit Hói Dừa Parish. Funny enough, I’d biked past this area a bunch of times—looping around Lập An Lagoon, weaving through places called Hói Cạn, Hói Mít, and Hói …
Italy, Drafts, and Stamp Duty: Why Confirming Banks Prefer ‘Available by Payment’ in LCs 6 Jun 2025 QUESTION Dear Mr. Old Man, I have a scenario that I’d appreciate your thoughts on: The issuing bank is located in Singapore. The advising/confirming bank is in Trieste, Italy. In the original LC, Field 31D (Date and Place of Expiry) is: 18 June 2025 – Singapore. Field 41A (Available With… By) is: Available with the confirming bank by NEGOTIATION. The …
Compliance of Multi-Endorsed BL with LC Terms 5 Jun 2025 QUESTION Dear Mr. Old Man, I have a question that needs your help. An LC issued by AGRIBANK requires the bill of lading to be “made out to order of AGRIBANK.” However, the presented bill of lading is made out to the order of BNP Paribas (Suisse) SA, and is endorsed in succession as follows: • BNP Paribas (Suisse) SA …
Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hàng ngàn tấm ảnh chụp trên những cung đường đã đi qua. Nhớ hồi trước, có lần Mr. Old Man … Read More
Late Presentation: Does the Nominated Bank’s Certification Protect the Presentation? Intro Another interesting question on documentary examination: the documents were allegedly presented to the nominated bank within the stipulated presentation period, but the bank’s covering schedule was dated after the latest date for presentation. The schedule also contained a certification that the documents were presented within the credit validity. Does that certification prevent the issuing bank from raising a “late … Read More
Lái xe công nghệ: Tự do hay tự lo? Hôm nay, Mr. Old Man đọc được một bài viết rất hay của Tiến sĩ Võ Duy Nghi với một cái tựa nghe qua đã thấy… hơi nhói: “Lái xe công nghệ: Tự do hay tự lo?” Một câu hỏi tưởng đơn giản mà không đơn giản chút nào. Bài viết đề cập đến cuộc sống và những vấn đề … Read More
Sudan Sanctions and D/P Collection: Can the Payment Be Routed Through Another Bank? Introduction A practical question has arisen concerning a D/P (Documents against Payment) collection involving goods of Sudanese origin. The goods—watermelon seeds—were shipped from Sudan and have already arrived at customs. The importer intends to make payment in AED to the beneficiary in Dubai. The collecting bank received an MT199 from Mashreq Bank New York setting out its sanctions and internal … Read More
Is the Central Bank Liable if the Issuing Bank Becomes Bankrupt? Introduction An issuing bank assumes a primary obligation to honor a complying presentation under article 7 of UCP 600. However, beneficiaries occasionally raise a more difficult question: What happens if the issuing bank becomes insolvent, is subject to international sanctions, or is otherwise unable to fulfill its undertaking? Would the central bank, the ministry of finance, or another government authority … Read More
Mistyping of the L/C Number on Documents: Is It a Valid Discrepancy? It is common for documentary credits to require that all presented documents indicate the credit number. In practice, however, typographical errors occasionally occur. A frequently asked question is whether an issuing bank may refuse documents when the credit number appears incorrectly, even though the mistake is merely the result of a typing error. The following question concerns a situation in … Read More
Late Payment Interest Claim under a Sight Letter of Credit Under a sight letter of credit, the issuing bank is required to honour a complying presentation. However, UCP 600 also grants banks up to five banking days to examine the documents. The question often arises whether an issuing bank that effects payment after the expiry of the five-day examination period is liable to pay late-payment interest, particularly when the credit … Read More
Does “Clean On Board” Eliminate the Need for a Dated Onboard Notation? A recurring question in documentary credit practice is whether the date of issue of a bill of lading may be treated as the shipment date when the document is pre-printed “Received for Shipment” but also bears the wording “Clean On Board”. The answer is not always straightforward and depends on the interaction between UCP 600, ISBP 821, and ICC Banking … Read More
Does a Certificate Stating Compliance with a Phytosanitary Certificate Satisfy the L/C Requirement? Introduction: The interpretation of documentary requirements containing multiple alternatives linked by the word “or” can sometimes lead to different conclusions between the issuing bank and the beneficiary. The following case concerns an L/C clause requiring a certificate relating to the treatment of wood packing material, where the issuing bank and the beneficiary bank adopted different interpretations of the same wording. … Read More
Origin Station vs. Airport of Departure on an Air Waybill A reader recently asked whether an air waybill would be discrepant if it uses the terms “Origin Station” and “Destination Station” instead of “Airport of Departure” and “Airport of Destination” required by the letter of credit. The reader also asked whether the presence of both a Master Air Waybill (MAWB) number and a House Air Waybill (HAWB) number, together with … Read More
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More
Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hàng ngàn tấm ảnh chụp trên những cung đường đã đi qua. Nhớ hồi trước, có lần Mr. Old Man … Read More
Late Presentation: Does the Nominated Bank’s Certification Protect the Presentation? Intro Another interesting question on documentary examination: the documents were allegedly presented to the nominated bank within the stipulated presentation period, but the bank’s covering schedule was dated after the latest date for presentation. The schedule also contained a certification that the documents were presented within the credit validity. Does that certification prevent the issuing bank from raising a “late … Read More
Lái xe công nghệ: Tự do hay tự lo? Hôm nay, Mr. Old Man đọc được một bài viết rất hay của Tiến sĩ Võ Duy Nghi với một cái tựa nghe qua đã thấy… hơi nhói: “Lái xe công nghệ: Tự do hay tự lo?” Một câu hỏi tưởng đơn giản mà không đơn giản chút nào. Bài viết đề cập đến cuộc sống và những vấn đề … Read More
Sudan Sanctions and D/P Collection: Can the Payment Be Routed Through Another Bank? Introduction A practical question has arisen concerning a D/P (Documents against Payment) collection involving goods of Sudanese origin. The goods—watermelon seeds—were shipped from Sudan and have already arrived at customs. The importer intends to make payment in AED to the beneficiary in Dubai. The collecting bank received an MT199 from Mashreq Bank New York setting out its sanctions and internal … Read More
Is the Central Bank Liable if the Issuing Bank Becomes Bankrupt? Introduction An issuing bank assumes a primary obligation to honor a complying presentation under article 7 of UCP 600. However, beneficiaries occasionally raise a more difficult question: What happens if the issuing bank becomes insolvent, is subject to international sanctions, or is otherwise unable to fulfill its undertaking? Would the central bank, the ministry of finance, or another government authority … Read More
Mistyping of the L/C Number on Documents: Is It a Valid Discrepancy? It is common for documentary credits to require that all presented documents indicate the credit number. In practice, however, typographical errors occasionally occur. A frequently asked question is whether an issuing bank may refuse documents when the credit number appears incorrectly, even though the mistake is merely the result of a typing error. The following question concerns a situation in … Read More
Late Payment Interest Claim under a Sight Letter of Credit Under a sight letter of credit, the issuing bank is required to honour a complying presentation. However, UCP 600 also grants banks up to five banking days to examine the documents. The question often arises whether an issuing bank that effects payment after the expiry of the five-day examination period is liable to pay late-payment interest, particularly when the credit … Read More
Does “Clean On Board” Eliminate the Need for a Dated Onboard Notation? A recurring question in documentary credit practice is whether the date of issue of a bill of lading may be treated as the shipment date when the document is pre-printed “Received for Shipment” but also bears the wording “Clean On Board”. The answer is not always straightforward and depends on the interaction between UCP 600, ISBP 821, and ICC Banking … Read More
Does a Certificate Stating Compliance with a Phytosanitary Certificate Satisfy the L/C Requirement? Introduction: The interpretation of documentary requirements containing multiple alternatives linked by the word “or” can sometimes lead to different conclusions between the issuing bank and the beneficiary. The following case concerns an L/C clause requiring a certificate relating to the treatment of wood packing material, where the issuing bank and the beneficiary bank adopted different interpretations of the same wording. … Read More
Origin Station vs. Airport of Departure on an Air Waybill A reader recently asked whether an air waybill would be discrepant if it uses the terms “Origin Station” and “Destination Station” instead of “Airport of Departure” and “Airport of Destination” required by the letter of credit. The reader also asked whether the presence of both a Master Air Waybill (MAWB) number and a House Air Waybill (HAWB) number, together with … Read More
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More
Chỉ đạp xe khám phá thôi mà… ♂️ 12 Aug 2026 Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hàng ngàn tấm ảnh chụp trên những cung đường đã đi qua. Nhớ hồi trước, có lần Mr. Old Man …
Late Presentation: Does the Nominated Bank’s Certification Protect the Presentation? 11 Aug 2026 Intro Another interesting question on documentary examination: the documents were allegedly presented to the nominated bank within the stipulated presentation period, but the bank’s covering schedule was dated after the latest date for presentation. The schedule also contained a certification that the documents were presented within the credit validity. Does that certification prevent the issuing bank from raising a “late …
Lái xe công nghệ: Tự do hay tự lo? 11 Aug 2026 Hôm nay, Mr. Old Man đọc được một bài viết rất hay của Tiến sĩ Võ Duy Nghi với một cái tựa nghe qua đã thấy… hơi nhói: “Lái xe công nghệ: Tự do hay tự lo?” Một câu hỏi tưởng đơn giản mà không đơn giản chút nào. Bài viết đề cập đến cuộc sống và những vấn đề …
Sudan Sanctions and D/P Collection: Can the Payment Be Routed Through Another Bank? 9 Aug 2026 Introduction A practical question has arisen concerning a D/P (Documents against Payment) collection involving goods of Sudanese origin. The goods—watermelon seeds—were shipped from Sudan and have already arrived at customs. The importer intends to make payment in AED to the beneficiary in Dubai. The collecting bank received an MT199 from Mashreq Bank New York setting out its sanctions and internal …
Is the Central Bank Liable if the Issuing Bank Becomes Bankrupt? 9 Aug 2026 Introduction An issuing bank assumes a primary obligation to honor a complying presentation under article 7 of UCP 600. However, beneficiaries occasionally raise a more difficult question: What happens if the issuing bank becomes insolvent, is subject to international sanctions, or is otherwise unable to fulfill its undertaking? Would the central bank, the ministry of finance, or another government authority …
Mistyping of the L/C Number on Documents: Is It a Valid Discrepancy? 8 Aug 2026 It is common for documentary credits to require that all presented documents indicate the credit number. In practice, however, typographical errors occasionally occur. A frequently asked question is whether an issuing bank may refuse documents when the credit number appears incorrectly, even though the mistake is merely the result of a typing error. The following question concerns a situation in …
Late Payment Interest Claim under a Sight Letter of Credit 8 Aug 2026 Under a sight letter of credit, the issuing bank is required to honour a complying presentation. However, UCP 600 also grants banks up to five banking days to examine the documents. The question often arises whether an issuing bank that effects payment after the expiry of the five-day examination period is liable to pay late-payment interest, particularly when the credit …
Does “Clean On Board” Eliminate the Need for a Dated Onboard Notation? 8 Aug 2026 A recurring question in documentary credit practice is whether the date of issue of a bill of lading may be treated as the shipment date when the document is pre-printed “Received for Shipment” but also bears the wording “Clean On Board”. The answer is not always straightforward and depends on the interaction between UCP 600, ISBP 821, and ICC Banking …
Does a Certificate Stating Compliance with a Phytosanitary Certificate Satisfy the L/C Requirement? 8 Aug 2026 Introduction: The interpretation of documentary requirements containing multiple alternatives linked by the word “or” can sometimes lead to different conclusions between the issuing bank and the beneficiary. The following case concerns an L/C clause requiring a certificate relating to the treatment of wood packing material, where the issuing bank and the beneficiary bank adopted different interpretations of the same wording. …
Origin Station vs. Airport of Departure on an Air Waybill 7 Aug 2026 A reader recently asked whether an air waybill would be discrepant if it uses the terms “Origin Station” and “Destination Station” instead of “Airport of Departure” and “Airport of Destination” required by the letter of credit. The reader also asked whether the presence of both a Master Air Waybill (MAWB) number and a House Air Waybill (HAWB) number, together with …
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More
Articles Chỉ đạp xe khám phá thôi mà… ♂️ Hôm nay ngồi cà phê, mở trang web www.mroldman.net, vào mục Discovery on the Cycling Road, Mr. Old Man giật mình phát hiện: chỉ riêng chuyện đạp xe khám phá thôi mà đã có gần 200 bài viết, kèm theo hà… Read More