MUST THE STATEMENT OF DEFAULT BE PRESENTED WITHIN THE VALIDITY OF THE SBLC? QUESTION Dear Mr. Old Man, At the beginning of the lunar new year, we wish you and your family good health, peace and prosperity. We would like to ask you to advise me on the following case: At the request of our customer (Applicant), our bank issued an MT 760 SBLC in favor of ABC Company (Beneficiary). The SBLC contains … Read More
CAN AN SBLC BE ISUED IN FAVOUR OF MORE THAN ONE BENEFICIARIES? QUESTION Dear Mr. Old Man, Our customer (ABC, Singapore) has a draft SBLC to be issued in their favour and the applicant’s name is XYZ, Taiwan. No other special instruction stated in the SBLC. In the event of default of payment by applicant, the beneficiary will activate this SBLC to claim on the issuing Bank. Our customer is asking if … Read More
QUESTIONS RELATED TO SBLC QUESTION Dear Duc Nguyen Huu Sincere greetings! How are you Bank Master? I encountered a problem in my work. My buyer has agreed to the transaction, but the seller first needs the buyer to provide SBLC, because the buyer requires an SGS report from the seller. This report requires a payment of US$10,000. Although the amount is small, the seller believes that … Read More
SBLC and Fraud QUESTION Dạ chào anh ạ. Em có đọc bài trả lời về STANDBY LETTER OF CREDIT dated August 19, 2014 của anh, rất là hữu ích ạ. (https://nhducdng.wordpress.com/2014/08/19/standby-letter-of-credit/) Anh vui lòng cho hỏi: nếu ngân hàng mở SBLC nhận được chứng từ xuất trình phù hợp là phải thanh toán, và “ngân hàng không xác định sự vi phạm đã … Read More