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 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” me… Read More
MUST A BANK ACCEPT SIMILAR DISCREPANCIES OF FUTURE DRAWINGS 22 Jun 2014 QUESTION Documents covering a partial shipment are presented and accepted under a L/C that prohibits partial shipments. Would you consider their acceptance by the applicant despite this discrepancy as an amendment to the credit allowing other partial shipments presentations? A.S Regards ——— ANSWER Hi, I don’t think so. The fact that a bank accepts a presentation containing discrepanc(ies), with or …
CORRECTION AUTHENTICATION 18 Jun 2014 QUESTION Dear Mr. Old Man, I would like to hear your explanation of paragraph A7(a)(ii), which says “…Such authentication is to indicate the name of the entity authenticating the correction either by use of a stamp incorporating its name, or by the addition of the name of the authenticating entity accompanied by its signature or initials”. I wonder whether only …
REQUESTING FOR RETURNING OF THE PRESENTED DOCUMENTS 12 Jun 2014 QUESTION Dear Mr. Old Man, The documents have been sent to the issuing bank and the issuing bank has received the documents. I want to know whether the presenter can request the issuing bank to return the documents in order for him to correct some information in the documents. Looking forward to your early reply. Thanks and best regards, BT …
RETURNING COMPLYING DOCUMENTS AT THE PRESENTER’S REQUEST 6 Jun 2014 QUESTION Dear Mr. Old Man, Could you please answer this question? In case the presentation is COMPLYING, can the negotiating bank recall the shipping documents irrespective that the applicant does not agree with this action? What is the difference if our bank is the transferring bank and the bank recalling the documents is the second beneficiary’s bank? Awaiting your soonest …
INSURANCE COVER IS SUBJECT TO EXCESS 3 Jun 2014 QUESTION Dear Mr. Old Man, LC requires: Insurance Certificate in assignable form and endorsed in blank for 110 % of invoice value covering all risks showing CLAIM PAYABLE IN VIETNAM. Insurance Certificate presented shows CLAIM PAYABLE IN VIETNAM EXCESS 0.5% OUT OF SUM INSURED. Is the insurance certificate acceptable? Thank you. Best regards, PTTM ————– ANSWER Hi, Paragraph K14 ISBP …
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
Can a Finance Company Act as a Remitting Bank? In documentary collections, banks usually handle the remittance of funds and documents — but does it have to be a bank? What if a finance company steps in to manage the process? Let’s look at how a finance company can act as a remitting bank and how payment can still flow smoothly, even without its own nostro account. Question Dear … Read More
Chiều không mưa, ghé thăm Bảo tàng Đà Nẵng Mr. Old Man ghé Bảo tàng Đà Nẵng, không ngờ lại “gặp” hai thông điệp quốc tế vang dội từ hơn nửa thế kỷ trước: “Việt Nam là lương tri của chúng ta” – tiếng Ý nghe sang mà thấm, và “Hòa bình cho Việt Nam!” – tiếng Đức nghe gọn mà ấm lòng. Nhìn hai khẩu hiệu ấy, Mr. … Read More
Tại sao các boss Việt Nam thường ngại chơi Facebook? ___ Thời buổi này, ai cũng online — từ cô bán bún tới chú bảo vệ đều có Facebook, chỉ trừ… boss. Không phải họ không biết xài đâu nhé, mà là biết quá rõ để không dại mà xài! Boss mà đăng hình họp đối tác ở resort, thể nào mai có người comment: “Ủa, đi công tác hay … Read More
When the Shipper Isn’t the Shipper — or Is It? Sometimes, a little phrase like “on behalf of” saves a lot of trouble — as long as it clearly links back to the beneficiary named in the credit. Here’s a case where the bill of lading shows the shipper acting on behalf of the beneficiary. Is that acceptable? _______ Question Dear Mr. Old Man, The LC states that the shipper … Read More
Different Signatures on a Bill of Lading and Its Rider Page – Acceptable or Discrepant? Intro A seemingly small issue, yet one that often stirs debates among LC practitioners: Can a bill of lading and its attached page — signed by different offices of the same carrier — still be accepted under the LC? Here’s what Mr. Old Man thinks. _____ QUESTION Dear Mr. Old Man, The LC calls for a bill of lading. The … Read More
Who Gets to Discount a Deferred Payment LC? (A question that often pops up over coffee among trade bankers) Sometimes in LC discussions, what seems like a simple question turns out to be surprisingly layered. A friend recently asked whether an advising bank can discount a deferred payment under a confirmed LC, when the confirmation was added by another bank. At first glance, you might think, “Why not?” … Read More
Tiếng Anh lên ngôi Thời buổi này, vừa chợp mắt một cái là thế giới đã đổi khác. Mới hôm qua còn nghĩ học tiếng Anh vì lỗi thời vì AI và máy dịch tràn lan, nay Chính phủ đã chính thức “đưa tiếng Anh lên ngôi”. Mr. Old Man sai rồi! Đề án lớn – Giấc mơ tiếng Anh trở thành ngôn ngữ … Read More
Người Việt Nam bao nhiêu tuổi về hưu là vừa? Cứ vài hôm, Mr. Old Man lại nhận được email dài ngoằng của ông bạn Hàn Quốc quen gần 20 năm. Anh bạn ấy tốt nghiệp luật ở Mỹ, viết tiếng Anh như gió và… không bao giờ viết ngắn. Hôm nay, anh khoe vừa tròn 65 tuổi, chính thức thành công dân cao tuổi: đi tàu điện ngầm, tiêm … Read More
Mr Old Man 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” me… Read More
Mr Old Man 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” me… 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
Can a Finance Company Act as a Remitting Bank? In documentary collections, banks usually handle the remittance of funds and documents — but does it have to be a bank? What if a finance company steps in to manage the process? Let’s look at how a finance company can act as a remitting bank and how payment can still flow smoothly, even without its own nostro account. Question Dear … Read More
Chiều không mưa, ghé thăm Bảo tàng Đà Nẵng Mr. Old Man ghé Bảo tàng Đà Nẵng, không ngờ lại “gặp” hai thông điệp quốc tế vang dội từ hơn nửa thế kỷ trước: “Việt Nam là lương tri của chúng ta” – tiếng Ý nghe sang mà thấm, và “Hòa bình cho Việt Nam!” – tiếng Đức nghe gọn mà ấm lòng. Nhìn hai khẩu hiệu ấy, Mr. … Read More
Tại sao các boss Việt Nam thường ngại chơi Facebook? ___ Thời buổi này, ai cũng online — từ cô bán bún tới chú bảo vệ đều có Facebook, chỉ trừ… boss. Không phải họ không biết xài đâu nhé, mà là biết quá rõ để không dại mà xài! Boss mà đăng hình họp đối tác ở resort, thể nào mai có người comment: “Ủa, đi công tác hay … Read More
When the Shipper Isn’t the Shipper — or Is It? Sometimes, a little phrase like “on behalf of” saves a lot of trouble — as long as it clearly links back to the beneficiary named in the credit. Here’s a case where the bill of lading shows the shipper acting on behalf of the beneficiary. Is that acceptable? _______ Question Dear Mr. Old Man, The LC states that the shipper … Read More
Different Signatures on a Bill of Lading and Its Rider Page – Acceptable or Discrepant? Intro A seemingly small issue, yet one that often stirs debates among LC practitioners: Can a bill of lading and its attached page — signed by different offices of the same carrier — still be accepted under the LC? Here’s what Mr. Old Man thinks. _____ QUESTION Dear Mr. Old Man, The LC calls for a bill of lading. The … Read More
Who Gets to Discount a Deferred Payment LC? (A question that often pops up over coffee among trade bankers) Sometimes in LC discussions, what seems like a simple question turns out to be surprisingly layered. A friend recently asked whether an advising bank can discount a deferred payment under a confirmed LC, when the confirmation was added by another bank. At first glance, you might think, “Why not?” … Read More
Tiếng Anh lên ngôi Thời buổi này, vừa chợp mắt một cái là thế giới đã đổi khác. Mới hôm qua còn nghĩ học tiếng Anh vì lỗi thời vì AI và máy dịch tràn lan, nay Chính phủ đã chính thức “đưa tiếng Anh lên ngôi”. Mr. Old Man sai rồi! Đề án lớn – Giấc mơ tiếng Anh trở thành ngôn ngữ … Read More
Người Việt Nam bao nhiêu tuổi về hưu là vừa? Cứ vài hôm, Mr. Old Man lại nhận được email dài ngoằng của ông bạn Hàn Quốc quen gần 20 năm. Anh bạn ấy tốt nghiệp luật ở Mỹ, viết tiếng Anh như gió và… không bao giờ viết ngắn. Hôm nay, anh khoe vừa tròn 65 tuổi, chính thức thành công dân cao tuổi: đi tàu điện ngầm, tiêm … Read More
Mr Old Man 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” me… Read More
Mr Old Man 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” me… Read More
Mr Old Man 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” me… Read More
Mr Old Man 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” me… Read More
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 …
Can a Finance Company Act as a Remitting Bank? 5 Nov 2025 In documentary collections, banks usually handle the remittance of funds and documents — but does it have to be a bank? What if a finance company steps in to manage the process? Let’s look at how a finance company can act as a remitting bank and how payment can still flow smoothly, even without its own nostro account. Question Dear …
Chiều không mưa, ghé thăm Bảo tàng Đà Nẵng 4 Nov 2025 Mr. Old Man ghé Bảo tàng Đà Nẵng, không ngờ lại “gặp” hai thông điệp quốc tế vang dội từ hơn nửa thế kỷ trước: “Việt Nam là lương tri của chúng ta” – tiếng Ý nghe sang mà thấm, và “Hòa bình cho Việt Nam!” – tiếng Đức nghe gọn mà ấm lòng. Nhìn hai khẩu hiệu ấy, Mr. …
Tại sao các boss Việt Nam thường ngại chơi Facebook? 4 Nov 2025 ___ Thời buổi này, ai cũng online — từ cô bán bún tới chú bảo vệ đều có Facebook, chỉ trừ… boss. Không phải họ không biết xài đâu nhé, mà là biết quá rõ để không dại mà xài! Boss mà đăng hình họp đối tác ở resort, thể nào mai có người comment: “Ủa, đi công tác hay …
When the Shipper Isn’t the Shipper — or Is It? 3 Nov 2025 Sometimes, a little phrase like “on behalf of” saves a lot of trouble — as long as it clearly links back to the beneficiary named in the credit. Here’s a case where the bill of lading shows the shipper acting on behalf of the beneficiary. Is that acceptable? _______ Question Dear Mr. Old Man, The LC states that the shipper …
Different Signatures on a Bill of Lading and Its Rider Page – Acceptable or Discrepant? 2 Nov 2025 Intro A seemingly small issue, yet one that often stirs debates among LC practitioners: Can a bill of lading and its attached page — signed by different offices of the same carrier — still be accepted under the LC? Here’s what Mr. Old Man thinks. _____ QUESTION Dear Mr. Old Man, The LC calls for a bill of lading. The …
Who Gets to Discount a Deferred Payment LC? 1 Nov 2025 (A question that often pops up over coffee among trade bankers) Sometimes in LC discussions, what seems like a simple question turns out to be surprisingly layered. A friend recently asked whether an advising bank can discount a deferred payment under a confirmed LC, when the confirmation was added by another bank. At first glance, you might think, “Why not?” …
Tiếng Anh lên ngôi 1 Nov 2025 Thời buổi này, vừa chợp mắt một cái là thế giới đã đổi khác. Mới hôm qua còn nghĩ học tiếng Anh vì lỗi thời vì AI và máy dịch tràn lan, nay Chính phủ đã chính thức “đưa tiếng Anh lên ngôi”. Mr. Old Man sai rồi! Đề án lớn – Giấc mơ tiếng Anh trở thành ngôn ngữ …
Người Việt Nam bao nhiêu tuổi về hưu là vừa? 31 Oct 2025 Cứ vài hôm, Mr. Old Man lại nhận được email dài ngoằng của ông bạn Hàn Quốc quen gần 20 năm. Anh bạn ấy tốt nghiệp luật ở Mỹ, viết tiếng Anh như gió và… không bao giờ viết ngắn. Hôm nay, anh khoe vừa tròn 65 tuổi, chính thức thành công dân cao tuổi: đi tàu điện ngầm, tiêm …
Mr Old Man 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” me… Read More
Mr Old Man 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” me… Read More