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

QUESTION Dear Mr. Old Man, My name is Th., and I am currently living and working in Ho Chi Minh City. At the moment, I am working on several projects related to international payments. However, to be honest, I know nothing about this field because my background is in construction. I have been struggling quite a bit with international trade …

QUESTION Dear Sir, LC allows both AIR and SEA shipment. Amount: USD 100,000 Shipment by AIR: USD 40,000 Shipment by SEA: USD 60,000 43P: Partial Shipments: ALLOWED 43T: Transshipments: ALLOWED LC Clause states “INVOICE MUST CERTIFY THAT THE MERCHANDISE ARE IN ACCORDANCE WITH PROFORMA INVOICE NO. XXX DATE XXX FOR USD 40,000.00 AND PROFORMA INVOICE NO. YYY DATED YYY FOR …

QUESTION Dear Mr. Old Man, I hope my email finds you doing well I would ask you if the issuing bank wish to exclude article 12 b by credit what is the impact and scenario in this case. Thanks for your reply in advance Regards Firas —- ANSWER Hi, UCP 600 Sub-article 12(b) states that when an issuing bank nominates …

QUESTION Dear Mr. Old Man, I hope you’re doing well. Could you please help clarify the following questions regarding the LC collection procedure between the beneficiary and the presenting bank? Is the beneficiary required to complete any authorization process with the presenting bank when instructing them to forward documents to the issuing bank for payment or to the nominated bank …

QUESTION Dear Mr. Old Man, We would appreciate your guidance on the following matter: The L/C requires documents to be presented within 15 days after the Bill of Lading date, but the last permitted date for presentation falls on a Sunday. The negotiating bank’s cover letter, which certifies compliance with the L/C terms, is dated on the following Monday. Would …

QUESTION Dear Mr. Old Man, We seek your advice regarding a case involving document discrepancies. As the issuing bank, we have received a set of documents in which all originals of the insurance certificates are not endorsed in blank as required. The applicant has informed us that the beneficiary has agreed to replace these discrepant insurance certificates and has requested …

Lần đầu tiên, Mr. Old Man đi xe bus từ Đà Nẵng đến Hội An và ngược lại, mang theo chiếc xe đạp gấp 3 Sixty. Đó một trải nghiệm thú vị và đáng nhớ: Mr. Old Man đạp xe ra trạm xe bus gần nhà và chờ ở đó chừng 20 phút là lên xe bus, suốt hành trình …

  QUESTION Dear Sir, Could you help me understand the concept of a Services Letter of Credit? I would also appreciate it if you could provide a draft of a Services LC. Looking forward to your assistance. Best regards, Jawad Askari Bank Pakistan —– ANSWER Hi, A Services Letter of Credit (LC) is issued to guarantee payment for services rendered …

QUESTION Dear Sir, This is Jawad from Askari Bank, Pakistan. I would like to confirm whether a bank can issue a Letter of Credit (LC) for an amount lower than the proforma invoice amount. For example, if the proforma invoice amount is USD 100, can the applicant request an LC for only USD 45? Additionally, if the applicant later requests …

Một năm trước, nhân dịp Bill Gates cùng bạn gái Paula Hurd nghỉ dưỡng ở Đà Nẵng, Mr. Old Man đã viết bài “Ăn theo Bill Gates.” Thời điểm đó, truyền thông Việt Nam rầm rộ đưa tin rằng chuyến đi của vị tỷ phú này sẽ truyền cảm hứng du lịch cho nhiều người và góp phần nâng cao …