Mr. Old Man For those who eat, sleep and breathe Letters of Credit & Cycling

QUESTION Hello Mr Old Man, I hope you are well! I have a question regarding endorsement. LC is available by negotiation, we are the exporting bank, drawee is the issuing bank and the draft is been presented by the beneficiary as to the order of theirselves(to the order of beneficiary). So, is there necessary to endorse the draft to the …

  QUESTION Dear Sir, Good afternoon! I have two questions regarding the Insurance Certificate. Q1. The LC includes the clause: “Insurance Policy or Certificate should be issued to the order of National Bank of XYZ, EGYPT.” The bill of lading contains a similar clause: “Full set of shipped on board B/L issued to the order of National Bank of XYZ, …

QUESTION Dear Mr. Old Man, LC calls for full set of insurance certificates in negotiable form, covering ICC(A) for 110% of invoice value. Beneficiary: ABC Co. Ltd Issuing Bank: HSBC Dubai The presented insurance certificate shows the Assured as ABC Co. Ltd. It is endorsed with a stamp and signature of ABC Co. Ltd, and the endorsement reads: “To the …

  QUESTION Dear Mr. Old Man, I have a question that’s been confusing me: The original L/C issued to the first beneficiary is confirmed. However, when that L/C is transferred to the second beneficiary, the transferred L/C does not include confirmation. Now, UCP 600 sub-article 38(g) clearly states: A transferred credit must accurately reflect the terms and conditions of the …

. Cách đây đúng 8 năm, Mr. Old Man kết thúc hành trình “Người leo đèo Hải Vân nhiều nhất năm” bằng một cú tai nạn hú vía — may mà chỉ gãy 4 xương sườn và rách gân vai, vẫn còn cơ hội để… nhớ lại. . Đạp xe leo đèo Hải Vân với tổng quảng đường dài gần …

QUESTION Dear Sir, Just a simple query as it has been kind of confusing for me. Let’s say: When pre-shipment is allowed and the L/C term in field 48 mentions: “21 days from shipment date” (as the latest presentation period), Can we quote a discrepancy on the grounds of late presentation? If pre-shipment is allowed and the documents are presented …

 QUESTION  Dear Sir, I hope this message finds you well. I would like to ask for your opinion on a situation we encountered related to LC document handling, in accordance with our central bank’s regulations. In this case, the applicant had already taken delivery of the goods based on copy documents. Later, when we received the original documents under the …

 QUESTION Dear Sir I have received an LC with the below clause. It states that the Marine Bill of Lading to be presented. +  AS PER MOROCCAN EXCHANGE RULES, THE TRANSPORT DOCUMENTS HOUSE AIR WAYBILL (HAWB) AND FORWARDER’S CERTIFICATE OF RECEIPT (FCR) ARE NOT ACCEPTED, HOUSE BILL OF LADING(HBL) AND FIATA BILL OF LADING (FBL) ARE ACCEPTED IF AND ONLY IF ACCOMPANIED …

QUESTION Dear Mr. Old Man, We would appreciate your comments on the following: Question 1: The letter of credit states in Field 46A: “Full set less one original bill of lading.” If the bill of lading indicates that it was issued in 3 originals (e.g., 3/3), would the presentation of 2 original bills of lading be considered compliant with the …

Hôm nay, tôi tình cờ bắt gặp một tấm ảnh cũ đã phủ màu thời gian – chụp cùng lớp giáo sinh tiếng Anh của Trường CĐSP Quảng Ngãi, cách đây gần bốn mươi năm. Hồi ấy, tôi là giáo viên chủ nhiệm lớp – gầy nhom nhưng tràn đầy nhiệt huyết. Tấm ảnh như một cánh cửa mở ra …