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 LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More
MTO; EACH DISCREPANCY and ALL DISCREPANCIES; LC VS CONTRACT 11 Mar 2010 QUERY FROM MY LIEN Chào Mr! Chúc Mr một tuần mới vui vẻ.Cháu có một số vấn đề không hiểu rõ về UCP600 nhờ Mr giải thích giúp: Thứ nhất là sự khác biệt giữa người điều hành vận tải đa phương thức (multimodal transport operator) và người chuyên chở (carrier)? Thứ hai, trong thông báo từ chối thanh toán …
LINER BL VS CHARTER PARTY BL 11 Mar 2010 QUERY FROM BILY Nhờ Mr giải đáp dùm e 1 số câu hỏi ôn thi tốt nghiệp này với: 1/ Nêu sự khác biệt giữa vận đơn tàu chợ và vận đơn theo hợp đồng thuê tàu chuyến?2/ Để thực hiện hợp đồng nhập khẩu linh kiện máy móc theo điều kiện CIF Cần Thơ port và để thực hiện …
LINKAGE 11 Mar 2010 QUERY FROM JEDDocument not indicating any reference Dear all friends, May I have your clear clarification about "LINKAGE" between documents presented under L/C subject to UCP 600. Query) L/C required presentation of Packing List. Beneficiary presented Packing List in which all data are not conflict with data in that document, any other documents presented or the L/C. However, the Packing …
MULTI-APPLICANT AND BENEFICIARY CREDIT 11 Mar 2010 QUERY FROM wuhu73 Can it be more than 1 entity as the Applicants and Beneficiaries? For examples, in a commercial or standby credit , let A and B as the Applicants and C and D as the Beneficiaries. I know there are additional conditions to cope this scenario, such as the clause of joint and several benefit for the Benef. …
MULTI-BENEFICIARY CREDIT 11 Mar 2010 QUERYMulti-Beneficiary Letter of Credit Daniel D – Switzerland Dear all,Would you be willing or reluctant to open a DC in favour of several beneficiaries in light of art. 1 (modified) and art. 3 (singular, plural)Daniel —————COMMENTS JSMITH – United Kingdom Daniel, the provisions of UCP600 would not affect my willingness to issue a credit (more likely a standby) in favour …
NEGOTIATING THE DOCUMENTS PRESENTED UNDER SIGHT PAYMENT LC 11 Mar 2010 QUERY Dear Sir, I'd like to ask you some common problems about DC transactions. I am working in VCB. My customer has presented a LC that available with SCBLVNVX by payment and asked me to negotiate this LC with recourse basis. Can I accept this and forward to the issuing bank as general rule. In this case, do I have …
LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you through the praise and recommendation of my university lecturer. And when I encountered difficulties, the first person I thought of was not ChatGPT, but your … Read More
Place of Presentation: Not All Roads lead to Rome QUESTION Hi Mr. Old Man, I often see the place of presentation stated as the beneficiary’s country or city. But in some LCs, can the place of presentation be fixed as the importer’s city — for example, when the LC is available with the issuing bank? Thanks and regards, Hemant _____________ ANSWER Hi Hemant, It depends on the type of … Read More
Freight over FOB? No Worries, My Friend! QUESTION Dear Mr. Old Man, Apologies for the delayed response, and thank you very much for your detailed explanation. Based on your clarification, I understand that in the case we discussed, it would be appropriate to raise a discrepancy for the export documents. I have a further question: Is it possible for the freight amount under a CFR Incoterm to … Read More
A Note of Thanks – And a Little Update from Mr. Old Man A Note of Thanks – And a Little Update from Mr. Old Man Dear friends, Despite the growing number of resources and the rise of tools like ChatGPT, I’m deeply touched that so many of you—both in Vietnam and around the world—still trust me with your questions about international payments and trade finance. Thank you sincerely for your continued confidence. … Read More
When the Account Name Doesn’t Match the Number: Should the Bank Be Held Liable? I recently received an email from a friend — a lawyer working at Hana Bank in South Korea. He explained that his bank is currently dealing with a wave of fraudulent international transfers. In these cases, hackers had intercepted email communications between businesses and altered the beneficiary’s account number in the payment instructions. As a result, tens of millions of … Read More
Is a CPBL Acceptable When the LC Is Silent? QUESTION Dear Sir, Need your expertise again as your explanations are always easy to understand for learners like us. Just wanted to know if L/C is silent on the type of required B/L but a CPBL (chartered B/L) is presented I/O Normal B/L in the shipment of oil (mostly CPBL are presented in the case of shipment of Oil). Can … Read More
A Case of Damaged Steel Coils and Conflicting Clauses: Is this an Unclean Bill of Lading? QUESTION Dear Mr. Old Man, We appreciate if you give your opinion on the following case: We presented the documents including 3/3 original bills of lading under the letter of credit to the issuing bank. The bill of lading indicates: SHIPPED at the Port of Loading in apparent good order and condition on board the Vessel for carriage to the … Read More
Unpacking a New LC Payment Practice: MT103 at Port of Loading? QUESTION Dear Mr. Old Man, Thank you very much for your reply and guidance. I have benefited a great deal from your explanations. Regarding the payment method mentioned in my previous email, I learned of a new practice yesterday and would like to ask for your assessment: The transaction method I referred to has gradually developed in recent years. Currently, … Read More
Red Flags in a Copper Deal Under CIF Terms QUESTION Dear Mr. Old Man, I hope this message finds you well. Please forgive my intrusion but having seen your highly professional explanations on letters of credit, I would like to consult you on a professional matter. I am a trader from China, and as I am still in the initial stages of my business, I have some confusion regarding … Read More
Can a BG Be Transferred? Clarifying Rights and Risks under URDG 758 QUESTION Dear Mr. Old Man, I have some questions regarding a transferable bank guarantee (BG) that needs your expert opinion: Bank A advised our company (the beneficiary) of a BG issued by Bank I with the following terms and conditions: The BG is transferable Payment condition: Bank I shall pay upon receipt of the demand accompanied by CCIC Certificate issued … Read More
Mr Old Man LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More
Mr Old Man LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More
LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you through the praise and recommendation of my university lecturer. And when I encountered difficulties, the first person I thought of was not ChatGPT, but your … Read More
Place of Presentation: Not All Roads lead to Rome QUESTION Hi Mr. Old Man, I often see the place of presentation stated as the beneficiary’s country or city. But in some LCs, can the place of presentation be fixed as the importer’s city — for example, when the LC is available with the issuing bank? Thanks and regards, Hemant _____________ ANSWER Hi Hemant, It depends on the type of … Read More
Freight over FOB? No Worries, My Friend! QUESTION Dear Mr. Old Man, Apologies for the delayed response, and thank you very much for your detailed explanation. Based on your clarification, I understand that in the case we discussed, it would be appropriate to raise a discrepancy for the export documents. I have a further question: Is it possible for the freight amount under a CFR Incoterm to … Read More
A Note of Thanks – And a Little Update from Mr. Old Man A Note of Thanks – And a Little Update from Mr. Old Man Dear friends, Despite the growing number of resources and the rise of tools like ChatGPT, I’m deeply touched that so many of you—both in Vietnam and around the world—still trust me with your questions about international payments and trade finance. Thank you sincerely for your continued confidence. … Read More
When the Account Name Doesn’t Match the Number: Should the Bank Be Held Liable? I recently received an email from a friend — a lawyer working at Hana Bank in South Korea. He explained that his bank is currently dealing with a wave of fraudulent international transfers. In these cases, hackers had intercepted email communications between businesses and altered the beneficiary’s account number in the payment instructions. As a result, tens of millions of … Read More
Is a CPBL Acceptable When the LC Is Silent? QUESTION Dear Sir, Need your expertise again as your explanations are always easy to understand for learners like us. Just wanted to know if L/C is silent on the type of required B/L but a CPBL (chartered B/L) is presented I/O Normal B/L in the shipment of oil (mostly CPBL are presented in the case of shipment of Oil). Can … Read More
A Case of Damaged Steel Coils and Conflicting Clauses: Is this an Unclean Bill of Lading? QUESTION Dear Mr. Old Man, We appreciate if you give your opinion on the following case: We presented the documents including 3/3 original bills of lading under the letter of credit to the issuing bank. The bill of lading indicates: SHIPPED at the Port of Loading in apparent good order and condition on board the Vessel for carriage to the … Read More
Unpacking a New LC Payment Practice: MT103 at Port of Loading? QUESTION Dear Mr. Old Man, Thank you very much for your reply and guidance. I have benefited a great deal from your explanations. Regarding the payment method mentioned in my previous email, I learned of a new practice yesterday and would like to ask for your assessment: The transaction method I referred to has gradually developed in recent years. Currently, … Read More
Red Flags in a Copper Deal Under CIF Terms QUESTION Dear Mr. Old Man, I hope this message finds you well. Please forgive my intrusion but having seen your highly professional explanations on letters of credit, I would like to consult you on a professional matter. I am a trader from China, and as I am still in the initial stages of my business, I have some confusion regarding … Read More
Can a BG Be Transferred? Clarifying Rights and Risks under URDG 758 QUESTION Dear Mr. Old Man, I have some questions regarding a transferable bank guarantee (BG) that needs your expert opinion: Bank A advised our company (the beneficiary) of a BG issued by Bank I with the following terms and conditions: The BG is transferable Payment condition: Bank I shall pay upon receipt of the demand accompanied by CCIC Certificate issued … Read More
Mr Old Man LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More
Mr Old Man LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More
Mr Old Man LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More
Mr Old Man LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More
LC vs Contract: What Happens When Goods Fail but Documents Pass? 15 Jul 2025 When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you through the praise and recommendation of my university lecturer. And when I encountered difficulties, the first person I thought of was not ChatGPT, but your …
Place of Presentation: Not All Roads lead to Rome 14 Jul 2025 QUESTION Hi Mr. Old Man, I often see the place of presentation stated as the beneficiary’s country or city. But in some LCs, can the place of presentation be fixed as the importer’s city — for example, when the LC is available with the issuing bank? Thanks and regards, Hemant _____________ ANSWER Hi Hemant, It depends on the type of …
Freight over FOB? No Worries, My Friend! 12 Jul 2025 QUESTION Dear Mr. Old Man, Apologies for the delayed response, and thank you very much for your detailed explanation. Based on your clarification, I understand that in the case we discussed, it would be appropriate to raise a discrepancy for the export documents. I have a further question: Is it possible for the freight amount under a CFR Incoterm to …
A Note of Thanks – And a Little Update from Mr. Old Man 11 Jul 2025 A Note of Thanks – And a Little Update from Mr. Old Man Dear friends, Despite the growing number of resources and the rise of tools like ChatGPT, I’m deeply touched that so many of you—both in Vietnam and around the world—still trust me with your questions about international payments and trade finance. Thank you sincerely for your continued confidence. …
When the Account Name Doesn’t Match the Number: Should the Bank Be Held Liable? 11 Jul 2025 I recently received an email from a friend — a lawyer working at Hana Bank in South Korea. He explained that his bank is currently dealing with a wave of fraudulent international transfers. In these cases, hackers had intercepted email communications between businesses and altered the beneficiary’s account number in the payment instructions. As a result, tens of millions of …
Is a CPBL Acceptable When the LC Is Silent? 10 Jul 2025 QUESTION Dear Sir, Need your expertise again as your explanations are always easy to understand for learners like us. Just wanted to know if L/C is silent on the type of required B/L but a CPBL (chartered B/L) is presented I/O Normal B/L in the shipment of oil (mostly CPBL are presented in the case of shipment of Oil). Can …
A Case of Damaged Steel Coils and Conflicting Clauses: Is this an Unclean Bill of Lading? 10 Jul 2025 QUESTION Dear Mr. Old Man, We appreciate if you give your opinion on the following case: We presented the documents including 3/3 original bills of lading under the letter of credit to the issuing bank. The bill of lading indicates: SHIPPED at the Port of Loading in apparent good order and condition on board the Vessel for carriage to the …
Unpacking a New LC Payment Practice: MT103 at Port of Loading? 9 Jul 2025 QUESTION Dear Mr. Old Man, Thank you very much for your reply and guidance. I have benefited a great deal from your explanations. Regarding the payment method mentioned in my previous email, I learned of a new practice yesterday and would like to ask for your assessment: The transaction method I referred to has gradually developed in recent years. Currently, …
Red Flags in a Copper Deal Under CIF Terms 8 Jul 2025 QUESTION Dear Mr. Old Man, I hope this message finds you well. Please forgive my intrusion but having seen your highly professional explanations on letters of credit, I would like to consult you on a professional matter. I am a trader from China, and as I am still in the initial stages of my business, I have some confusion regarding …
Can a BG Be Transferred? Clarifying Rights and Risks under URDG 758 8 Jul 2025 QUESTION Dear Mr. Old Man, I have some questions regarding a transferable bank guarantee (BG) that needs your expert opinion: Bank A advised our company (the beneficiary) of a BG issued by Bank I with the following terms and conditions: The BG is transferable Payment condition: Bank I shall pay upon receipt of the demand accompanied by CCIC Certificate issued …
Mr Old Man LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More
Mr Old Man LC vs Contract: What Happens When Goods Fail but Documents Pass? When the contract collapses but the credit stands firm — Mr. Old Man untangles the rules, rights, and realities behind this classic trade finance dilemma. QUESTION Dear Mr. Old Man, I came to know you… Read More