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

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Introduction A reader asked whether an issuing bank may agree to amend a letter of credit by removing the phrase “irrespective of percentage” from the insurance requirement. Would such an amendment create any risk for the bank, particularly where the insurance policy or certificate is required to be endorsed in favour of the issuing bank? The answer lies in understanding …

Introduction With the increasing use of slot charter arrangements in container shipping, bills of lading often contain references to both a slot carrier and an actual (operating) carrier, together with different bill of lading numbers. This can create uncertainty for document examiners. In this Q&A, Mr. Old Man explains what a slot carrier is and whether a difference between the …

Introduction Under UCP 600, banks examine whether the documents presented comply with the terms and conditions of the letter of credit. A common question is whether an insurance document is acceptable when it provides broader insurance coverage than that stipulated in the credit. In this Q&A, Mr. Old Man explains why an insurance document evidencing Institute Cargo Clauses (A) (ICC …

Introduction When an applicant requests an amendment to increase the value of a documentary credit, banks often require supporting commercial documents to justify the amendment. But what if the beneficiary refuses to issue a revised proforma invoice or to indicate that the invoice has been revised? Is the issuing bank still able to process the amendment? The following Q&A discusses …

A transferable letter of credit allows the first beneficiary to transfer all or part of its rights under the credit to a second beneficiary. While UCP 600 permits certain terms of the transferred credit to be reduced or curtailed, not every provision may be changed. In this Q&A, a reader asks whether the deferred payment period in a transferred credit …

Before the blockbuster clash with England, Argentina reportedly asked FIFA for permission to wear their dark blue away kit instead of the traditional sky-blue-and-white stripes originally scheduled for the match. And FIFA said yes. That little “good luck charm” probably wasn’t a coincidence. It brought back memories of the 1986 World Cup quarter-final—also against England. On that famous day, Argentina …

Trước trận quyết đấu với Anh, Argentina đã nài nỉ FIFA cho mặc áo xanh sân khách thay vì áo sọc trắng-xanh truyền thống như lịch công bố ban đầu. Và FIFA cũng gật đầu đồng ý. Chiêu “cầu may” này chắc không phải ngẫu nhiên. Nó gợi nhớ đến trận tứ kết World Cup 1986 với chính tuyển Anh. …

A bill of lading issued “to order” is commonly endorsed by the shipper after issuance to transfer title to the goods. But what happens if an endorsement is mistakenly made by the wrong party, then crossed out and replaced by the correct endorsement? Does such a change constitute a correction to the bill of lading requiring authentication under ISBP 821 …

Last week, Mr. Old Man wrote an article titled “Messi – Mbappé – Haaland: Who Will Win the Ballon d’Or?” and boldly predicted that the award would most likely go to the biggest star of the team that wins the 2026 FIFA World Cup. Well… just a few days later, the picture has changed dramatically. First, England sent Norway and …