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 AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
CAN THE ISSUING BANK REJECT A REQUEST FOR AN AMENDMENT? 5 Mar 2010 QUERY Ngân hàng phát hành có được phép từ chối yêu cầu tu chỉnh của người mở LC trong trường hợp:+ LC hết hiệu lực+ Sau ngày giao hàng ————————– ANSWER FROM MR. OLD MAN Có. Theo Điều 10 (a), một LC không thể tu chỉnh mà không có sự đồng ý của ngân hàng phát hành, ngân hàng xác …
BILL OF LADING ENDORSEMENT 5 Mar 2010 QUERY LC không yêu cầu ký hậu vận đơn nhưng vận đơn xuất trình được ký hậu bởi người giao hàng. Vận đơn này có được chấp nhận hay không?—————————- ANSWER FROM MR. OLD MAN Chấp nhận. Nếu BL được phát hành theo lệnh hoặc theo lệnh của người giao hàng (shipper), nó phải được ký hậu bởi người giao …
CORPORARTION VERSUS INCORPORATION 5 Mar 2010 QUERY FROM HANG PHAM Hey! Nice day! Also, just a question. It does not relate to international payment. But if you has any knowledge in it, can u tell me: What is the difference between Corporation and Incorporation? Are they joint stock companies or not? Sorry if I bother u. Thanks.….Thanks. I went to google last night, but it said …
BANKS DEAL WITH DOCUMENTS AND NOT WITH GOODS 5 Mar 2010 QUERY FROM HANI Hi anh! Lai hoi tiep ve L/C ne! Lam phien anh qua! Hihi! Anh cho em hoi, trong truong hop sau khi NHPH nhan duoc bo chung tu cua nha XK, no co 5 ngay lam viec de check bo chung tu nay co phu hop voi L/C hay khong. Hai ngay sau do, khi da check …
AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank sits in the middle waiting for the applicant’s word. A common query is whether the issuing bank can “pre-approve” or authorize payment against documents with discrepancies, and what that … Read More
Case Note – Negotiation of Deferred Payment Undertaking Without Authorization This case highlights the risks for presenting banks when discounting a deferred payment undertaking (DPU) without explicit authorization from the issuing bank. It also illustrates how local court orders—particularly in jurisdictions that favor domestic parties—can override payment expectations under an LC, leaving the negotiating bank exposed. Fact Summary The issuing bank in Iraq incurred a deferred payment undertaking under an … Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling” Năm 2017, Mr. Old Man chính thức xây dựng trang web www.mroldman.net dựa trên nền tảng của website cùng tên trên WordPress và blog từ thời Yahoo 360. Ban đầu, trang web chủ yếu đăng các bài viết và Q&A tư vấn về nghiệp vụ thanh toán quốc tế và tài trợ thương mại. Sau này, khi bắt đầu đam mê xe … Read More
Endorse First, Cancel Later — Can the Beneficiary Still Win? Intro: Sometimes in trade finance, a small action like endorsing a bill of lading too soon can create a big legal headache. What happens if a bank endorses the BL, then cancels that endorsement and returns the documents due to discrepancies? Here’s Mr. Old Man’s take — plus practical tips for both the beneficiary and the issuing bank on how … Read More
Drafts under Negotiation LCs Restricted to the Confirming Bank – Who Should They Be Drawn On? Intro: In practice, there have been cases where LCs available by negotiation with confirming banks state that drafts be drawn on the confirming bank. This does not comply with Article 2 of UCP 600. Where an LC contains such a term, should the draft be drawn on the confirming bank or the issuing bank? ______ QUESTION Dear Sir, Can … Read More
Gặp lại khách hàng “vừa cũ vừa già” Hôm trước đang thong dong đạp xe dọc đường Bạch Đằng Mr. Old Man tình cờ gặp lại khách hàng ngày xưa – vừa rất cũ và cũng vừa rất già. Nói vậy, bởi khi Mr. Old Man mới chân ướt chân ráo vào Vietcombank Đà Nẵng đã gọi vị khách hàng này bằng chú rồi, giờ Mr. Old Man … Read More
Consignee Mismatch? When the Certificate of Inspection and Bill of Lading Don’t Have to Match Intro: A recent LC case raised a dispute over alleged “conflicting information” between the consignee stated in a Certificate of Inspection and that shown in the bill of lading. The issuing bank cited UCP 600 Article 14(d) to justify refusal, while the beneficiary argued that ISBP 821 allows such differences under specific circumstances. Here’s Mr. Old Man’s take on whether … Read More
Variable Pricing Clause – Aluminum Linked to LME Intro: Applicable where the final unit price is to be determined based on London Metal Exchange (LME) quotations around the shipment date. The following clause ensures price calculation is objective, documentary evidence is provided, and the maximum price cap is observed. QUESTION Dear Mr. Old Man, Hope you are doing well. Need your guidance in regard to LC Issuance for … Read More
LETTERS OF CREDIT ISSUED BY NON-BANK ISSUERS: RISKS AND SOLUTIONS By Nguyen Huu Duc (Mr. Old Man) Recently, the author has received numerous questions from colleagues at banks and from exporters regarding letters of credit (LCs) issued by non-bank issuers via SWIFT message MT 710. In many cases, not only the exporter but also the bank has ended up “tasting the bitter fruit” from dealing with such LCs. This article … Read More
BIỂN CẤM TẮM BIỂN & CHAT GPT Sáng nào Mr. Old Man cũng ra biển Thanh Khê bơi vài trăm mét rồi về. Biển này nằm trong vịnh Đà Nẵng nên gần như chẳng bao giờ có sóng, nước phẳng lì như mặt hồ — bơi phê lắm. Bãi này không có cứu hộ, thế là Ban Quản lý dựng ngay một tấm biển đỏ chót “CẤM … Read More
Mr Old Man AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
Mr Old Man AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank sits in the middle waiting for the applicant’s word. A common query is whether the issuing bank can “pre-approve” or authorize payment against documents with discrepancies, and what that … Read More
Case Note – Negotiation of Deferred Payment Undertaking Without Authorization This case highlights the risks for presenting banks when discounting a deferred payment undertaking (DPU) without explicit authorization from the issuing bank. It also illustrates how local court orders—particularly in jurisdictions that favor domestic parties—can override payment expectations under an LC, leaving the negotiating bank exposed. Fact Summary The issuing bank in Iraq incurred a deferred payment undertaking under an … Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling” Năm 2017, Mr. Old Man chính thức xây dựng trang web www.mroldman.net dựa trên nền tảng của website cùng tên trên WordPress và blog từ thời Yahoo 360. Ban đầu, trang web chủ yếu đăng các bài viết và Q&A tư vấn về nghiệp vụ thanh toán quốc tế và tài trợ thương mại. Sau này, khi bắt đầu đam mê xe … Read More
Endorse First, Cancel Later — Can the Beneficiary Still Win? Intro: Sometimes in trade finance, a small action like endorsing a bill of lading too soon can create a big legal headache. What happens if a bank endorses the BL, then cancels that endorsement and returns the documents due to discrepancies? Here’s Mr. Old Man’s take — plus practical tips for both the beneficiary and the issuing bank on how … Read More
Drafts under Negotiation LCs Restricted to the Confirming Bank – Who Should They Be Drawn On? Intro: In practice, there have been cases where LCs available by negotiation with confirming banks state that drafts be drawn on the confirming bank. This does not comply with Article 2 of UCP 600. Where an LC contains such a term, should the draft be drawn on the confirming bank or the issuing bank? ______ QUESTION Dear Sir, Can … Read More
Gặp lại khách hàng “vừa cũ vừa già” Hôm trước đang thong dong đạp xe dọc đường Bạch Đằng Mr. Old Man tình cờ gặp lại khách hàng ngày xưa – vừa rất cũ và cũng vừa rất già. Nói vậy, bởi khi Mr. Old Man mới chân ướt chân ráo vào Vietcombank Đà Nẵng đã gọi vị khách hàng này bằng chú rồi, giờ Mr. Old Man … Read More
Consignee Mismatch? When the Certificate of Inspection and Bill of Lading Don’t Have to Match Intro: A recent LC case raised a dispute over alleged “conflicting information” between the consignee stated in a Certificate of Inspection and that shown in the bill of lading. The issuing bank cited UCP 600 Article 14(d) to justify refusal, while the beneficiary argued that ISBP 821 allows such differences under specific circumstances. Here’s Mr. Old Man’s take on whether … Read More
Variable Pricing Clause – Aluminum Linked to LME Intro: Applicable where the final unit price is to be determined based on London Metal Exchange (LME) quotations around the shipment date. The following clause ensures price calculation is objective, documentary evidence is provided, and the maximum price cap is observed. QUESTION Dear Mr. Old Man, Hope you are doing well. Need your guidance in regard to LC Issuance for … Read More
LETTERS OF CREDIT ISSUED BY NON-BANK ISSUERS: RISKS AND SOLUTIONS By Nguyen Huu Duc (Mr. Old Man) Recently, the author has received numerous questions from colleagues at banks and from exporters regarding letters of credit (LCs) issued by non-bank issuers via SWIFT message MT 710. In many cases, not only the exporter but also the bank has ended up “tasting the bitter fruit” from dealing with such LCs. This article … Read More
BIỂN CẤM TẮM BIỂN & CHAT GPT Sáng nào Mr. Old Man cũng ra biển Thanh Khê bơi vài trăm mét rồi về. Biển này nằm trong vịnh Đà Nẵng nên gần như chẳng bao giờ có sóng, nước phẳng lì như mặt hồ — bơi phê lắm. Bãi này không có cứu hộ, thế là Ban Quản lý dựng ngay một tấm biển đỏ chót “CẤM … Read More
Mr Old Man AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
Mr Old Man AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
Mr Old Man AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
Mr Old Man AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS 16 Aug 2025 Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank sits in the middle waiting for the applicant’s word. A common query is whether the issuing bank can “pre-approve” or authorize payment against documents with discrepancies, and what that …
Case Note – Negotiation of Deferred Payment Undertaking Without Authorization 14 Aug 2025 This case highlights the risks for presenting banks when discounting a deferred payment undertaking (DPU) without explicit authorization from the issuing bank. It also illustrates how local court orders—particularly in jurisdictions that favor domestic parties—can override payment expectations under an LC, leaving the negotiating bank exposed. Fact Summary The issuing bank in Iraq incurred a deferred payment undertaking under an …
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling” 14 Aug 2025 Năm 2017, Mr. Old Man chính thức xây dựng trang web www.mroldman.net dựa trên nền tảng của website cùng tên trên WordPress và blog từ thời Yahoo 360. Ban đầu, trang web chủ yếu đăng các bài viết và Q&A tư vấn về nghiệp vụ thanh toán quốc tế và tài trợ thương mại. Sau này, khi bắt đầu đam mê xe …
Endorse First, Cancel Later — Can the Beneficiary Still Win? 14 Aug 2025 Intro: Sometimes in trade finance, a small action like endorsing a bill of lading too soon can create a big legal headache. What happens if a bank endorses the BL, then cancels that endorsement and returns the documents due to discrepancies? Here’s Mr. Old Man’s take — plus practical tips for both the beneficiary and the issuing bank on how …
Drafts under Negotiation LCs Restricted to the Confirming Bank – Who Should They Be Drawn On? 13 Aug 2025 Intro: In practice, there have been cases where LCs available by negotiation with confirming banks state that drafts be drawn on the confirming bank. This does not comply with Article 2 of UCP 600. Where an LC contains such a term, should the draft be drawn on the confirming bank or the issuing bank? ______ QUESTION Dear Sir, Can …
Gặp lại khách hàng “vừa cũ vừa già” 12 Aug 2025 Hôm trước đang thong dong đạp xe dọc đường Bạch Đằng Mr. Old Man tình cờ gặp lại khách hàng ngày xưa – vừa rất cũ và cũng vừa rất già. Nói vậy, bởi khi Mr. Old Man mới chân ướt chân ráo vào Vietcombank Đà Nẵng đã gọi vị khách hàng này bằng chú rồi, giờ Mr. Old Man …
Consignee Mismatch? When the Certificate of Inspection and Bill of Lading Don’t Have to Match 11 Aug 2025 Intro: A recent LC case raised a dispute over alleged “conflicting information” between the consignee stated in a Certificate of Inspection and that shown in the bill of lading. The issuing bank cited UCP 600 Article 14(d) to justify refusal, while the beneficiary argued that ISBP 821 allows such differences under specific circumstances. Here’s Mr. Old Man’s take on whether …
Variable Pricing Clause – Aluminum Linked to LME 11 Aug 2025 Intro: Applicable where the final unit price is to be determined based on London Metal Exchange (LME) quotations around the shipment date. The following clause ensures price calculation is objective, documentary evidence is provided, and the maximum price cap is observed. QUESTION Dear Mr. Old Man, Hope you are doing well. Need your guidance in regard to LC Issuance for …
LETTERS OF CREDIT ISSUED BY NON-BANK ISSUERS: RISKS AND SOLUTIONS 11 Aug 2025 By Nguyen Huu Duc (Mr. Old Man) Recently, the author has received numerous questions from colleagues at banks and from exporters regarding letters of credit (LCs) issued by non-bank issuers via SWIFT message MT 710. In many cases, not only the exporter but also the bank has ended up “tasting the bitter fruit” from dealing with such LCs. This article …
BIỂN CẤM TẮM BIỂN & CHAT GPT 9 Aug 2025 Sáng nào Mr. Old Man cũng ra biển Thanh Khê bơi vài trăm mét rồi về. Biển này nằm trong vịnh Đà Nẵng nên gần như chẳng bao giờ có sóng, nước phẳng lì như mặt hồ — bơi phê lắm. Bãi này không có cứu hộ, thế là Ban Quản lý dựng ngay một tấm biển đỏ chót “CẤM …
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
Mr Old Man AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
Mr Old Man AUTHORIZATION/APPROVAL FOR NEGOTIATION OR PAYMENT OF DISCREPANT DOCUMENTS Intro: One of the recurring headaches in L/C practice is what to do with discrepant documents. The beneficiary wants their money, the nominated bank worries about reimbursement, and the issuing bank s… Read More
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”
PR nho nhỏ cho trang web www.mroldman.net – “MR. OLD MAN – For Those Who Eat, Sleep and Breathe Letters of Credit and Cycling”