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 CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
SIGNING OF BILLS OF LADING; INTENTION OF B/L MADE OUT TO ORDER OF 6 Mar 2010 QUERY FROM NTT Kinh chao anh Duc, Loi dau thu em chuc anh va gia dinh luon manh khoe, cong tac tot va luon say me voi cac cau hoi ve L/C. Em xin duoc tu gioi thieu em la mot can bo thuoc phong Thanh toan Quoc te cua Vietcombank…. Rat nhieu lan phong em, cac chi da nho …
QUANTITY SHOWN ON INVOICE DIFFERS FROM THAT ON OTHER DOCUMENTS 6 Mar 2010 QUERY FROM KL Em đang gặp 1 vấn đề phân vân như vầy: L/C quy định: F39A( percentage credit amount tolerance):0/0và F45A:Quantity 10mts/+-10%; CIF value:USD60,000.00 Chứng từ xuất trình như sau:Inv thể hiện: Quantity:10.5mts; INV value: USD60,000.00B/L thể hiện: Quantity: 10mts/+-10% kèm với câu : Shipper s load and countC/O thể hiện: Quantity 10mts/+-10%, FOB value: USD55,000.00. (Đây là hàng …
SHIP IMPORT LC 6 Mar 2010 QUERY FROM PVN Chú Đức ơi, Cháu muốn hỏi chú 1 số điểm về thanh toán các hợp đồng mua tàu biển có được ko ạ? Chú cũng biết vì các hợp đồng mua tàu biển có giá trị rất lớn, hàng chục triệu USD nên điều khoản thanh toán cũng phức tạp. Ở ngân hàng của cháu từ trước …
SIGNING CAPACITY NOT INDICATED 6 Mar 2010 QUERY FROM G. Chao anh, Em la G. – Vietcombank … Truoc tien, chan thanh chuc mung anh, vi theo em biet, nam 2008 anh da rat thanh cong trong cong viec.Thu nua, em muon thinh giao anh mot chut, dc k a? Em muon hoi y anh xem, trong truong hop nay, anh co bat sai sot BCT khong: …
QUESTION ON NOMINATION UNDER DEFERRED PAYMENT CREDITS 6 Mar 2010 QUERY FROM THOMAS Subject: question on nomination under deferred credit Dear friends, I wrote a 14 page reply this weekend at home to a banker in China who is a contributor to DCInsight.I got to know her after reading her article and commenting on the said article.She had asked me a question on Art. 12(b) on the application of nomination …
PAYMENT CONDITIONS IN AQUA-PRODUCT LCs ISSUED BY BANKS IN NORTH AMERICA AND EU 6 Mar 2010 QUERY FROM SUMRAIN Dear Mr. Old Man, Em mới nhận được 1 LC mở cho mặt hàng đông lạnh. Do chưa có kinh nghiệm về mở LC cho mặt hàng này, em rất muốn hỏi ý kiến của anh về case sau đây: Người mua Mỹ mở 1 LC cho người bán Việt Nam hưởng, mặt hàng là cua đông …
CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The beneficiary submitted documents to us for forwarding to the nominated bank for negotiation, as the LC restricts negotiation to the nominated bank. When forwarding the documents, we … Read More
WHEN A BILL OF LADING MUST INDICATE ACTUAL PORT OF DISCHARGE QUESTION Dear Sir, My letter of credit (LC) specifies the Port of Discharge as “BAHRAIN INTERNATIONAL AIRPORT AND/OR ANY SEAPORT OF BAHRAIN.” For a sea shipment, if we indicate the Port of Discharge as “Bahrain Seaport of Bahrain” or “Bahrain, Bahrain” on the bill of lading, would either of these be considered a discrepancy? Additionally, could you please provide the … Read More
POTENTIAL FRAUD IN SCRAP METAL TRADE: A RISKY DEAL? QUESTION Dear Mr. Old Man, My name is Th., and I am currently living and working in Ho Chi Minh City. At the moment, I am working on several projects related to international payments. However, to be honest, I know nothing about this field because my background is in construction. I have been struggling quite a bit with international trade … Read More
INVOICE NOT CERTIFYING WHAT HAS NOT BEEN SHIPPED QUESTION Dear Sir, LC allows both AIR and SEA shipment. Amount: USD 100,000 Shipment by AIR: USD 40,000 Shipment by SEA: USD 60,000 43P: Partial Shipments: ALLOWED 43T: Transshipments: ALLOWED LC Clause states “INVOICE MUST CERTIFY THAT THE MERCHANDISE ARE IN ACCORDANCE WITH PROFORMA INVOICE NO. XXX DATE XXX FOR USD 40,000.00 AND PROFORMA INVOICE NO. YYY DATED YYY FOR … Read More
WHAT IS THE IMPACT OF EXCLUSION OF UCP 600 SUB-ARTICLE 12b? QUESTION Dear Mr. Old Man, I hope my email finds you doing well I would ask you if the issuing bank wish to exclude article 12 b by credit what is the impact and scenario in this case. Thanks for your reply in advance Regards Firas —- ANSWER Hi, UCP 600 Sub-article 12(b) states that when an issuing bank nominates … Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS? QUESTION Dear Mr. Old Man, I hope you’re doing well. Could you please help clarify the following questions regarding the LC collection procedure between the beneficiary and the presenting bank? Is the beneficiary required to complete any authorization process with the presenting bank when instructing them to forward documents to the issuing bank for payment or to the nominated bank … Read More
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER? QUESTION Dear Mr. Old Man, We would appreciate your guidance on the following matter: The L/C requires documents to be presented within 15 days after the Bill of Lading date, but the last permitted date for presentation falls on a Sunday. The negotiating bank’s cover letter, which certifies compliance with the L/C terms, is dated on the following Monday. Would … Read More
RETURN OF DOCUMENTS (rev) QUESTION Dear Mr. Old Man, We seek your advice regarding a case involving document discrepancies. As the issuing bank, we have received a set of documents in which all originals of the insurance certificates are not endorsed in blank as required. The applicant has informed us that the beneficiary has agreed to replace these discrepant insurance certificates and has requested … Read More
TRẢI NGHIỆM XE BUS ĐÀ NẴNG-HỘI AN & TIẾNG MỸ BỒI Lần đầu tiên, Mr. Old Man đi xe bus từ Đà Nẵng đến Hội An và ngược lại, mang theo chiếc xe đạp gấp 3 Sixty. Đó một trải nghiệm thú vị và đáng nhớ: Mr. Old Man đạp xe ra trạm xe bus gần nhà và chờ ở đó chừng 20 phút là lên xe bus, suốt hành trình … Read More
UNDERSTANDING SERVICES LETTER OF CREDIT (LC) QUESTION Dear Sir, Could you help me understand the concept of a Services Letter of Credit? I would also appreciate it if you could provide a draft of a Services LC. Looking forward to your assistance. Best regards, Jawad Askari Bank Pakistan —– ANSWER Hi, A Services Letter of Credit (LC) is issued to guarantee payment for services rendered … Read More
Mr Old Man CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
Mr Old Man CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The beneficiary submitted documents to us for forwarding to the nominated bank for negotiation, as the LC restricts negotiation to the nominated bank. When forwarding the documents, we … Read More
WHEN A BILL OF LADING MUST INDICATE ACTUAL PORT OF DISCHARGE QUESTION Dear Sir, My letter of credit (LC) specifies the Port of Discharge as “BAHRAIN INTERNATIONAL AIRPORT AND/OR ANY SEAPORT OF BAHRAIN.” For a sea shipment, if we indicate the Port of Discharge as “Bahrain Seaport of Bahrain” or “Bahrain, Bahrain” on the bill of lading, would either of these be considered a discrepancy? Additionally, could you please provide the … Read More
POTENTIAL FRAUD IN SCRAP METAL TRADE: A RISKY DEAL? QUESTION Dear Mr. Old Man, My name is Th., and I am currently living and working in Ho Chi Minh City. At the moment, I am working on several projects related to international payments. However, to be honest, I know nothing about this field because my background is in construction. I have been struggling quite a bit with international trade … Read More
INVOICE NOT CERTIFYING WHAT HAS NOT BEEN SHIPPED QUESTION Dear Sir, LC allows both AIR and SEA shipment. Amount: USD 100,000 Shipment by AIR: USD 40,000 Shipment by SEA: USD 60,000 43P: Partial Shipments: ALLOWED 43T: Transshipments: ALLOWED LC Clause states “INVOICE MUST CERTIFY THAT THE MERCHANDISE ARE IN ACCORDANCE WITH PROFORMA INVOICE NO. XXX DATE XXX FOR USD 40,000.00 AND PROFORMA INVOICE NO. YYY DATED YYY FOR … Read More
WHAT IS THE IMPACT OF EXCLUSION OF UCP 600 SUB-ARTICLE 12b? QUESTION Dear Mr. Old Man, I hope my email finds you doing well I would ask you if the issuing bank wish to exclude article 12 b by credit what is the impact and scenario in this case. Thanks for your reply in advance Regards Firas —- ANSWER Hi, UCP 600 Sub-article 12(b) states that when an issuing bank nominates … Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS? QUESTION Dear Mr. Old Man, I hope you’re doing well. Could you please help clarify the following questions regarding the LC collection procedure between the beneficiary and the presenting bank? Is the beneficiary required to complete any authorization process with the presenting bank when instructing them to forward documents to the issuing bank for payment or to the nominated bank … Read More
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER? QUESTION Dear Mr. Old Man, We would appreciate your guidance on the following matter: The L/C requires documents to be presented within 15 days after the Bill of Lading date, but the last permitted date for presentation falls on a Sunday. The negotiating bank’s cover letter, which certifies compliance with the L/C terms, is dated on the following Monday. Would … Read More
RETURN OF DOCUMENTS (rev) QUESTION Dear Mr. Old Man, We seek your advice regarding a case involving document discrepancies. As the issuing bank, we have received a set of documents in which all originals of the insurance certificates are not endorsed in blank as required. The applicant has informed us that the beneficiary has agreed to replace these discrepant insurance certificates and has requested … Read More
TRẢI NGHIỆM XE BUS ĐÀ NẴNG-HỘI AN & TIẾNG MỸ BỒI Lần đầu tiên, Mr. Old Man đi xe bus từ Đà Nẵng đến Hội An và ngược lại, mang theo chiếc xe đạp gấp 3 Sixty. Đó một trải nghiệm thú vị và đáng nhớ: Mr. Old Man đạp xe ra trạm xe bus gần nhà và chờ ở đó chừng 20 phút là lên xe bus, suốt hành trình … Read More
UNDERSTANDING SERVICES LETTER OF CREDIT (LC) QUESTION Dear Sir, Could you help me understand the concept of a Services Letter of Credit? I would also appreciate it if you could provide a draft of a Services LC. Looking forward to your assistance. Best regards, Jawad Askari Bank Pakistan —– ANSWER Hi, A Services Letter of Credit (LC) is issued to guarantee payment for services rendered … Read More
Mr Old Man CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
Mr Old Man CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
Mr Old Man CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
Mr Old Man CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE 22 Mar 2025 QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The beneficiary submitted documents to us for forwarding to the nominated bank for negotiation, as the LC restricts negotiation to the nominated bank. When forwarding the documents, we …
WHEN A BILL OF LADING MUST INDICATE ACTUAL PORT OF DISCHARGE 20 Mar 2025 QUESTION Dear Sir, My letter of credit (LC) specifies the Port of Discharge as “BAHRAIN INTERNATIONAL AIRPORT AND/OR ANY SEAPORT OF BAHRAIN.” For a sea shipment, if we indicate the Port of Discharge as “Bahrain Seaport of Bahrain” or “Bahrain, Bahrain” on the bill of lading, would either of these be considered a discrepancy? Additionally, could you please provide the …
POTENTIAL FRAUD IN SCRAP METAL TRADE: A RISKY DEAL? 20 Mar 2025 QUESTION Dear Mr. Old Man, My name is Th., and I am currently living and working in Ho Chi Minh City. At the moment, I am working on several projects related to international payments. However, to be honest, I know nothing about this field because my background is in construction. I have been struggling quite a bit with international trade …
INVOICE NOT CERTIFYING WHAT HAS NOT BEEN SHIPPED 18 Mar 2025 QUESTION Dear Sir, LC allows both AIR and SEA shipment. Amount: USD 100,000 Shipment by AIR: USD 40,000 Shipment by SEA: USD 60,000 43P: Partial Shipments: ALLOWED 43T: Transshipments: ALLOWED LC Clause states “INVOICE MUST CERTIFY THAT THE MERCHANDISE ARE IN ACCORDANCE WITH PROFORMA INVOICE NO. XXX DATE XXX FOR USD 40,000.00 AND PROFORMA INVOICE NO. YYY DATED YYY FOR …
WHAT IS THE IMPACT OF EXCLUSION OF UCP 600 SUB-ARTICLE 12b? 17 Mar 2025 QUESTION Dear Mr. Old Man, I hope my email finds you doing well I would ask you if the issuing bank wish to exclude article 12 b by credit what is the impact and scenario in this case. Thanks for your reply in advance Regards Firas —- ANSWER Hi, UCP 600 Sub-article 12(b) states that when an issuing bank nominates …
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS? 16 Mar 2025 QUESTION Dear Mr. Old Man, I hope you’re doing well. Could you please help clarify the following questions regarding the LC collection procedure between the beneficiary and the presenting bank? Is the beneficiary required to complete any authorization process with the presenting bank when instructing them to forward documents to the issuing bank for payment or to the nominated bank …
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER? 16 Mar 2025 QUESTION Dear Mr. Old Man, We would appreciate your guidance on the following matter: The L/C requires documents to be presented within 15 days after the Bill of Lading date, but the last permitted date for presentation falls on a Sunday. The negotiating bank’s cover letter, which certifies compliance with the L/C terms, is dated on the following Monday. Would …
RETURN OF DOCUMENTS (rev) 15 Mar 2025 QUESTION Dear Mr. Old Man, We seek your advice regarding a case involving document discrepancies. As the issuing bank, we have received a set of documents in which all originals of the insurance certificates are not endorsed in blank as required. The applicant has informed us that the beneficiary has agreed to replace these discrepant insurance certificates and has requested …
TRẢI NGHIỆM XE BUS ĐÀ NẴNG-HỘI AN & TIẾNG MỸ BỒI 13 Mar 2025 Lần đầu tiên, Mr. Old Man đi xe bus từ Đà Nẵng đến Hội An và ngược lại, mang theo chiếc xe đạp gấp 3 Sixty. Đó một trải nghiệm thú vị và đáng nhớ: Mr. Old Man đạp xe ra trạm xe bus gần nhà và chờ ở đó chừng 20 phút là lên xe bus, suốt hành trình …
UNDERSTANDING SERVICES LETTER OF CREDIT (LC) 12 Mar 2025 QUESTION Dear Sir, Could you help me understand the concept of a Services Letter of Credit? I would also appreciate it if you could provide a draft of a Services LC. Looking forward to your assistance. Best regards, Jawad Askari Bank Pakistan —– ANSWER Hi, A Services Letter of Credit (LC) is issued to guarantee payment for services rendered …
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
Mr Old Man CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
Mr Old Man CLARIFICATION ON PAYMENT INSTRUCTIONS IN COVERING SCHEDULE QUESTION Dear Mr. Old Man, I hope you are doing well. I have a small query regarding document presentation and payment instructions. We are the beneficiary bank, acting as the Presenting Bank. The ben… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?