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

With age comes decline — that’s no surprise. Memory fades, we forget what we just said, or walk into a room and wonder why we’re there. It happens. But then there are rare exceptions. A former boss of Mr. Old Man retired over 30 years ago. He is now well into his 90s, yet still sharp. Occasionally he attends gatherings …

Introduction In documentary collections under URC 522, things often run on familiar rails—documents sent, acceptance obtained, maturity awaited. Most of the time, the collecting bank’s role remains strictly mechanical. Then, occasionally, a small question appears: “With or without avalization?” It sounds like a minor procedural choice. In reality, it quietly shifts the nature of the transaction—from relying solely on the …

Discussions around the possible revision of UCP 600 often bring out interesting practical concerns. One of them, raised recently by a colleague, goes straight to the heart of risk allocation in documentary credits: If a nominated bank prepays or discounts under a credit, and fraud is discovered later, who ultimately bears the risk? A fair question — and not an …

There is a particular kind of misunderstanding in documentary credit practice that looks harmless at first glance—almost logical, even—but can quietly lead both bankers and beneficiaries into trouble. One of those is the idea of partial acceptance of an amendment. At first, it sounds reasonable: if an amendment contains several changes, why can’t a beneficiary accept some and ignore the …

As discussions continue around whether UCP 600 should be revised, some suggestions focus not on rewriting the rules entirely, but on simplifying specific provisions. One such suggestion is to remove availability by acceptance under Article 6(b), on the basis that drafts are no longer necessary in modern practice. At first glance, this seems reasonable. But as often in trade finance, …

Over the past few days, many of us in trade finance have probably come across the latest ICC note on the application of its rules in light of the ongoing Middle East tensions. Reading it, Mr. Old Man had a familiar feeling. Nothing dramatic. No sweeping changes. And yet, very much worth a careful read. Because in times when the …

Mấy ngày gần đây, anh em trong nghề trade finance chắc cũng đã đọc qua tài liệu mới của ICC liên quan đến việc áp dụng các quy tắc tài trợ thương mại trong bối cảnh xung đột Trung Đông. Đọc xong, Mr. Old Man có cảm giác khá quen thuộc – không có gì “giật gân”, không có thay …

Già thì yếu, trí nhớ suy giảm, nhớ trước quên sau… thậm chí có hôm “mới nói đó, quay qua là quên mình vừa nói gì” – chuyện đó cũng chẳng có gì đáng ngạc nhiên. Nhưng có những trường hợp “khó tin” hơn. Sếp của Mr. Old Man về hưu hơn 30 năm, tức nay đã ngoài 90, mà …

Người làm nghề tín dụng chứng từ vốn đã quen với một “chu kỳ ngầm”: cứ khoảng 10 năm, lại có một phiên bản UCP mới ra đời. Từ những ngày đầu cho đến UCP 600, các lần sửa đổi thường diễn ra theo một nhịp khá đều. Nhưng lần này thì khác. Đã gần 20 năm trôi qua — …

For those working in documentary credits, there has always been an unspoken rhythm: roughly every decade, a new version of UCP comes along. From its early days to UCP 600, revisions have followed a fairly regular cycle. But this time feels different. Nearly 20 years have passed — and UCP 600 remains untouched. No draft revision. No clear signal of …