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
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
ANOTHER QUESTION ABOUT THE CLAUSE “T.T REIMBURSEMENT ALLOWED” 21 Sep 2018 QUESTION Dear Mr. Old Man, May I ask a few questions. 1) Why do issuing banks allow TT reimbursement? because I know China banks do not. 2) Where TT reimbursement is allowed and a reimbursing bank is nominated in LC, I understand it’s not common for the nominated bank to be informed upon LC issuance, am I right? In any …
CLAIMS PAYABLE AT DESTINATION 20 Sep 2018 QUESTION Credit stated that the “Insurance Policy endorsed in blank, for full CIF value plus at least 10% stipulating Claims payable at destination covering ……” . Note : Port of discharge : X port, India. My questions: 1) Does it mean that Insurance documents need to state “with claims payable at destination…….” ? 2) How about If the insurance documents …
MISSING DOCUMENT REVISITED 18 Sep 2018 QUESTION Dear Mr. Old Man, I have a case that needs your professional advice: LC required, among other documents, Commercial Invoice in 4 copies. The presenter made presentation with the covering schedule indicating 4 copies of Commercial Invoice presented. However, when checking the documents the issuing bank found only 3 copies presented and raised the discrepancy “3 copies of invoice …
DEFERRED PAYMENT UNDERTAKING 10 Sep 2018 QUESTION I have come accross this statement. “Under UCP600, the DPU remains undefined and still a bit of a mystery as to whether/how its incurrence may/must be evidenced.” Could you please comment further? Best regards, G. —- ANSWER Hi, You may have learnt about Banco Santander case in connection with discounting one’s own deferred payment undertaking (DPU). The main details …
4 LÝ DO NÊN ĐẠP XE MỖI NGÀY – OH YEAH! NÀO CÙNG ĐẠP XE 9 Sep 2018 Đạp xe đạp có gì hay mà sao nhiều người nghiện đến nổi sáng nào cũng dậy sớm từ 4 giờ để chuẩn bị lên đường bất kể hôm đó trời mưa lâm thâm và trở lạnh, bất kể vợ cằn nhằn can ngăn. Nhiều tay rủ nhau chạy cent tới 160 km, thậm chí còn làm cú đúp 320 …
NÀO CÙNG CHINH PHỤC THÁCH THỨC ĐẠP XE VÒNG QUANH BÁN ĐẢO SƠN TRÀ 4 Sep 2018 Bán đảo Sơn Trà sở hữu nhiều cung đường tuyệt đẹp, ngoạn mục và hấp dẫn nhưng cũng đầy thách thức đối với anh em mê đạp xe đạp. Rất nhiều người đã đạp xe tới Khỉ Con, leo lên Đỉnh Khỉ Già, chinh phục Đỉnh Bàn Cờ… nhưng không có nhiều người từng trải nghiệm thách thức khắc nghiệt …
Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation can change how banks interpret the document and who needs to endorse it. This week’s question from Xona Woo looks at two … Read More
One Shipment by Sea, One by Air — How Should the Description of Goods Appear on the B/L? When part of an LC shipment goes by sea and another part goes by air, things can get a little tricky with document presentation. Should the Bill of Lading still reflect both items listed in the credit, or only the goods actually shipped by that mode of transport? Let’s look at what ISBP 821 says — and how to apply … Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities “By payment”, “by negotiation”, “by deferred payment”, “by acceptance” — same LC, different risks. But who really carries the burden when things go wrong?” A common question from trade finance practitioners — and one that sparks more debate than you’d expect. When an LC says “by payment” or “by negotiation”, who really bears the risk if things go sideways? Let’s … Read More
AI làm trợ lý cho người – hay người làm trợ lý cho AI? Có bao giờ bạn nghĩ… người mới là trợ lý của AI chứ không phải ngược lại? Người ta vẫn hay nói: “Hãy dùng AI như một trợ lý của con người.” Nghe quen tai và hợp lý. Nhưng Mr. Old Man lại nghĩ, không phải lúc nào cũng đúng đâu nha. Có khi… con người làm trợ lý cho … Read More
Full Means Full — Describing the Goods in Line with ISBP 821 Intro Sometimes, the devil really is in the description. A letter of credit may ask for a “full description of goods,” and exporters wonder whether they can simplify the wording in their invoice — especially when only one mode of shipment applies. This question from Mr. Nishanth is a good example of how to balance what’s required by the LC … Read More
Commitment Fee After LC Expiry — Still Chargeable? Intro: A reader recently asked an interesting question about fees under a letter of credit. When an LC expires, does that mean the applicant no longer has to pay commitment fees to the issuing bank? Let’s take a closer look. __________ Question: Good morning, Sir! Thank you so much for all your efforts in making trade finance information more accessible. … Read More
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say? Sometimes a Bill of Lading can make bankers frown for all the wrong reasons. We’ve seen cases where it shows an “intended port of loading” and that’s fine under UCP 600, but what about when it shows an “intended port of discharge” instead? Does that make it discrepant? Let’s see what happens when Durban plays both roles — as the … Read More
DOCUMENTS LOST IN TRANSIT Article 35 UCP 600 Does Not Apply to an L/C Available with the Issuing Bank by Payment, Deferred Payment, or Acceptance INTRODUCTION From time to time, LC practitioners raise concerns about what happens if documents are lost in transit between banks. Article 35 of UCP 600 seems to provide clear protection — but when and to whom does that … Read More
When Is an Insurance Document Really ‘Negotiable’? – Understanding ISBP 821 (K19–K21) Insurance documents under a Letter of Credit can be tricky — especially when the LC calls for a document “in negotiable form” or “issued to the order of” a bank. What exactly does “negotiable form” mean? When is an endorsement required? And what happens if the LC doesn’t specify who the insured party should be? Below is a detailed question … Read More
CAN A USANCE LC BE ISSUED AVAILABLE WITH ANY BANK? INTRO At first glance, it may sound reasonable to make a usance LC “available with any bank.” After all, the more flexibility for the beneficiary, the better—right? But in practice, things are rarely that simple. Under UCP 600, a nominated bank has no obligation to act unless it agrees to do so. That small detail makes all the difference, as … Read More
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation can change how banks interpret the document and who needs to endorse it. This week’s question from Xona Woo looks at two … Read More
One Shipment by Sea, One by Air — How Should the Description of Goods Appear on the B/L? When part of an LC shipment goes by sea and another part goes by air, things can get a little tricky with document presentation. Should the Bill of Lading still reflect both items listed in the credit, or only the goods actually shipped by that mode of transport? Let’s look at what ISBP 821 says — and how to apply … Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities “By payment”, “by negotiation”, “by deferred payment”, “by acceptance” — same LC, different risks. But who really carries the burden when things go wrong?” A common question from trade finance practitioners — and one that sparks more debate than you’d expect. When an LC says “by payment” or “by negotiation”, who really bears the risk if things go sideways? Let’s … Read More
AI làm trợ lý cho người – hay người làm trợ lý cho AI? Có bao giờ bạn nghĩ… người mới là trợ lý của AI chứ không phải ngược lại? Người ta vẫn hay nói: “Hãy dùng AI như một trợ lý của con người.” Nghe quen tai và hợp lý. Nhưng Mr. Old Man lại nghĩ, không phải lúc nào cũng đúng đâu nha. Có khi… con người làm trợ lý cho … Read More
Full Means Full — Describing the Goods in Line with ISBP 821 Intro Sometimes, the devil really is in the description. A letter of credit may ask for a “full description of goods,” and exporters wonder whether they can simplify the wording in their invoice — especially when only one mode of shipment applies. This question from Mr. Nishanth is a good example of how to balance what’s required by the LC … Read More
Commitment Fee After LC Expiry — Still Chargeable? Intro: A reader recently asked an interesting question about fees under a letter of credit. When an LC expires, does that mean the applicant no longer has to pay commitment fees to the issuing bank? Let’s take a closer look. __________ Question: Good morning, Sir! Thank you so much for all your efforts in making trade finance information more accessible. … Read More
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say? Sometimes a Bill of Lading can make bankers frown for all the wrong reasons. We’ve seen cases where it shows an “intended port of loading” and that’s fine under UCP 600, but what about when it shows an “intended port of discharge” instead? Does that make it discrepant? Let’s see what happens when Durban plays both roles — as the … Read More
DOCUMENTS LOST IN TRANSIT Article 35 UCP 600 Does Not Apply to an L/C Available with the Issuing Bank by Payment, Deferred Payment, or Acceptance INTRODUCTION From time to time, LC practitioners raise concerns about what happens if documents are lost in transit between banks. Article 35 of UCP 600 seems to provide clear protection — but when and to whom does that … Read More
When Is an Insurance Document Really ‘Negotiable’? – Understanding ISBP 821 (K19–K21) Insurance documents under a Letter of Credit can be tricky — especially when the LC calls for a document “in negotiable form” or “issued to the order of” a bank. What exactly does “negotiable form” mean? When is an endorsement required? And what happens if the LC doesn’t specify who the insured party should be? Below is a detailed question … Read More
CAN A USANCE LC BE ISSUED AVAILABLE WITH ANY BANK? INTRO At first glance, it may sound reasonable to make a usance LC “available with any bank.” After all, the more flexibility for the beneficiary, the better—right? But in practice, things are rarely that simple. Under UCP 600, a nominated bank has no obligation to act unless it agrees to do so. That small detail makes all the difference, as … Read More
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? 12 Nov 2025 Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation can change how banks interpret the document and who needs to endorse it. This week’s question from Xona Woo looks at two …
One Shipment by Sea, One by Air — How Should the Description of Goods Appear on the B/L? 12 Nov 2025 When part of an LC shipment goes by sea and another part goes by air, things can get a little tricky with document presentation. Should the Bill of Lading still reflect both items listed in the credit, or only the goods actually shipped by that mode of transport? Let’s look at what ISBP 821 says — and how to apply …
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities 12 Nov 2025 “By payment”, “by negotiation”, “by deferred payment”, “by acceptance” — same LC, different risks. But who really carries the burden when things go wrong?” A common question from trade finance practitioners — and one that sparks more debate than you’d expect. When an LC says “by payment” or “by negotiation”, who really bears the risk if things go sideways? Let’s …
AI làm trợ lý cho người – hay người làm trợ lý cho AI? 11 Nov 2025 Có bao giờ bạn nghĩ… người mới là trợ lý của AI chứ không phải ngược lại? Người ta vẫn hay nói: “Hãy dùng AI như một trợ lý của con người.” Nghe quen tai và hợp lý. Nhưng Mr. Old Man lại nghĩ, không phải lúc nào cũng đúng đâu nha. Có khi… con người làm trợ lý cho …
Full Means Full — Describing the Goods in Line with ISBP 821 10 Nov 2025 Intro Sometimes, the devil really is in the description. A letter of credit may ask for a “full description of goods,” and exporters wonder whether they can simplify the wording in their invoice — especially when only one mode of shipment applies. This question from Mr. Nishanth is a good example of how to balance what’s required by the LC …
Commitment Fee After LC Expiry — Still Chargeable? 10 Nov 2025 Intro: A reader recently asked an interesting question about fees under a letter of credit. When an LC expires, does that mean the applicant no longer has to pay commitment fees to the issuing bank? Let’s take a closer look. __________ Question: Good morning, Sir! Thank you so much for all your efforts in making trade finance information more accessible. …
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say? 10 Nov 2025 Sometimes a Bill of Lading can make bankers frown for all the wrong reasons. We’ve seen cases where it shows an “intended port of loading” and that’s fine under UCP 600, but what about when it shows an “intended port of discharge” instead? Does that make it discrepant? Let’s see what happens when Durban plays both roles — as the …
DOCUMENTS LOST IN TRANSIT 9 Nov 2025 Article 35 UCP 600 Does Not Apply to an L/C Available with the Issuing Bank by Payment, Deferred Payment, or Acceptance INTRODUCTION From time to time, LC practitioners raise concerns about what happens if documents are lost in transit between banks. Article 35 of UCP 600 seems to provide clear protection — but when and to whom does that …
When Is an Insurance Document Really ‘Negotiable’? – Understanding ISBP 821 (K19–K21) 7 Nov 2025 Insurance documents under a Letter of Credit can be tricky — especially when the LC calls for a document “in negotiable form” or “issued to the order of” a bank. What exactly does “negotiable form” mean? When is an endorsement required? And what happens if the LC doesn’t specify who the insured party should be? Below is a detailed question …
CAN A USANCE LC BE ISSUED AVAILABLE WITH ANY BANK? 5 Nov 2025 INTRO At first glance, it may sound reasonable to make a usance LC “available with any bank.” After all, the more flexibility for the beneficiary, the better—right? But in practice, things are rarely that simple. Under UCP 600, a nominated bank has no obligation to act unless it agrees to do so. That small detail makes all the difference, as …
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Mr Old Man Consignee in the Bill of Lading — How Far Can “On Behalf Of” Go? Intro: When it comes to the consignee field on a Bill of Lading under an export LC, wording matters — sometimes down to a single phrase like “on behalf of” or “for the account of.” A small variation c… Read More
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
When the Bill of Lading indicates “Intended Port of Discharge” and “Place of Delivery” — What does ISBP 821 E8(b) say?
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities
Who Bears the Risk? Understanding Issuing vs. Nominated Bank Responsibilities under Different LC Availabilities