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 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 a… Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
LATE PRESENTATION 5 Mar 2010 QUERY FROM VAN ANH Gui anh Duc, Em la Van Anh – VCB Hai Duong, em nho anh xem giup em 1 case nhu sau: LC quy dinh latest date of shipment: 23 Jan09Period for Presentation: 7 days after the date of shipment.Bo chung tu khach hang xuat trinh vao ngay 14 Jan 09, Bill of lading date: 08 Jan …
MODIFIED DOCUMENTS ARRIVE AFTER THE EXPIRY OF LC 5 Mar 2010 QUERY FROM MS. HANG LC quy định: Field 31D Date and Place of Expiry : … In the Beneficiary CountryField 41D Available with … by… : ANY BANK BY NEGOTIATIONNgười thụ hưởng thực hiện giao hàng theo LC và xuất trình chứng từ tại ngân hàng của mình là ABC Bank để chiết khấu. ABB Bank gửi chứng từ đến …
MT 700 FIELD 48 AND ARTICLE 14(C) 5 Mar 2010 QUERY FROM CHUOT VANG Sent To: Mr. Old Man Thời hạn xuất trình bộ chứng từ A Đức ơi, cho e hỏi về vấn đề này một chút. Trường 48 L/C quy định: DOCUMENTS TO BE PRESENTED WITHIN THE VALIDITY OF THE CREDIT. Bộ chứng từ yêu cầu xuất trình có B/L (3/3). Vậy thì theo quan điểm của anh, …
LC CANCELLED WITHOUT BENEFICIARY'S AGREEMENT? 5 Mar 2010 QUERY FROM PTN IN DCPRO FORUM Pls urgently let us know yr ideas and the relating ICC ideas on our following case:– We issued an irrevocable LC in favour of a beneficiary in China with the expiry date in the end of 2009– The applicant requested us to cancel LC and get back the deposit. They presented to us a …
NOMINATED BANK'S LIABILITY UNDER NEGOTIATION LC 5 Mar 2010 QUERY LC không huỷ ngang chiết khấu tại NH N, NG phát hành I. NXK sau khi xuất trình BCT đến NH N để chiết khấu thì bị từ chối do các bất hợp lệ sau: – Mô tả hàng hoá trong hoá đơn TM sai so với trong LC– Giấy chứng nhận xuất xứ sai mẫu Sau khi NXK …
MIXED PAYMENT LC 5 Mar 2010 QUERYby nura on Fri Jan 30, 2009 12:29 pm Hey!! I have an importer who wants to issue an LC in favor of an exporter in India. Now the proforma invoice shows that there will be USD 25000 paid in advance by TT. Our bank will make that payment. Now how should we construct the LC? Should we issue a …
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
CAN A BANK ISSUE AN LC FOR AN AMOUNT LESS THAN THE PROFORMA INVOICE? QUESTION Dear Sir, This is Jawad from Askari Bank, Pakistan. I would like to confirm whether a bank can issue a Letter of Credit (LC) for an amount lower than the proforma invoice amount. For example, if the proforma invoice amount is USD 100, can the applicant request an LC for only USD 45? Additionally, if the applicant later requests … Read More
Mr Old Man 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 a… 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 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 a… 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?
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
CAN A BANK ISSUE AN LC FOR AN AMOUNT LESS THAN THE PROFORMA INVOICE? QUESTION Dear Sir, This is Jawad from Askari Bank, Pakistan. I would like to confirm whether a bank can issue a Letter of Credit (LC) for an amount lower than the proforma invoice amount. For example, if the proforma invoice amount is USD 100, can the applicant request an LC for only USD 45? Additionally, if the applicant later requests … Read More
Mr Old Man 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 a… 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 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 a… 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 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 a… 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 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 a… 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?
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 …
CAN A BANK ISSUE AN LC FOR AN AMOUNT LESS THAN THE PROFORMA INVOICE? 10 Mar 2025 QUESTION Dear Sir, This is Jawad from Askari Bank, Pakistan. I would like to confirm whether a bank can issue a Letter of Credit (LC) for an amount lower than the proforma invoice amount. For example, if the proforma invoice amount is USD 100, can the applicant request an LC for only USD 45? Additionally, if the applicant later requests …
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 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 a… 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 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 a… 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?