Tag: trade-finance
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TRANSFERABLE LC or BACK-TO-BACK LC
QUESTION Hi Mr. Old Man, My name is Genevieve from Indonesia. It is my dream to run a commodity trading company one day. First of all, thank you for all the informative posts. It’s not everyday that I can learn from someone with 31 years of experience for free. I left a comment in your blog but thought…
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WHERE COPY OF BILL OF LADING IS PRESENTED
WHERE COPY OF BILL OF LADING IS PRESENTED QUESTION Hi Sir, I am a trade professional with 3 years of experience in Document checking and Bill Booking. I have a query related to one import presentation we handled. LC required copy bill of lading evidencing telex release and states period for presentation as 21 days…
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ISSUING BANK UNDERTAKING UNDER LC AVAILABLE BY PAYMENT
ISSUING BANK UNDERTAKING UNDER LC AVAILABLE BY PAYMENT QUESTION Dear Mr. Old Man, My 3rd question at noon. Sorry for taking your time but your reply makes me broaden my horizons a lot. L/C required: F41A: Available with VBAAVNVX by payment. Upon receipt at our counters in Vietnam of documents complying with LC terms and conditions,…
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# WHERE THE REIMBURSING BANK REFUSES TO HONOUR A REIMBURSEMENT CLAIM
# WHERE THE EXPRESSIONs “C/O” and “ON BEHALF OF” ARE USED ON BILLS OF LADING QUESTION Dear Mr. Old Man, Thanks for your guidance regarding my previous query of late presentation pointed out by confirming bank i.e. ICICI Bank SG. Need your expertise advice for following queries: 1) We, ABC Bank SG has checked a…
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SHIPPING GUARANTEES AND OVERDRAWN DISCREPANCY
SHIPPING GUARANTEES AND OVERDRAWN DISCREPAN QUESTION Dear Mr. Old Man, Please give your comments for the below case: At the request and for account of the applicant, we issued an LC for an amount not exceeding USD 500,000. As the cargo had arrived before the documents were presented to our bank, at the request of…
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QUESTIONS ABOUT D/P AT xx DAYS FROM B/L DATE and CLEAN COLLECTIONS
QUESTIONS ABOUT D/P AT xx DAYS FROM B/L DATE and CLEAN COLLECTIONS QUESTION Dear Mr. Old Man, I have some questions to ask you: 1) Why do banks reluctantly accept D/P 90 days after B/L date? 2) Why do banks provide clean collections of checks only, and not bills of exchange? Best regards, ————– ANSWER…
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WHERE GOODS ARE CONSIGNED TO THE ORDER OF THE COLLECTING BANK
WHERE GOODS ARE CONSIGNED TO THE ORDER OF THE COLLECTING BANK QUESTION Dear Mr. Old Man, We are the importer’s bank. We are encountering a situation related to a documentary collection transaction as follows: We received from the remitting bank a set of D/P documents including original bills of lading consigned to the order of…
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BEWARE OF MT 103/23 – FRAUD?
BEWARE OF MT 103/23 – FRAUD? QUESTION Dear Mr. Old Man, I stumbled on one of your blogs and fortunately, I found your email address. I am writing you today hoping to find a definite answer to the question: Does Swift MT 103/23 exist at all? Such a question is relevant because as I tried…
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WHETHER TO SEND DOCUMENTS ON APPROVAL BASIS TO THE ISSUING BANK or THE CONFIRMING BANK?
WHETHER TO SEND DOCUMENTS ON APPROVAL BASIS TO THE ISSUING BANK or THE CONFIRMING BANK? QUESTION Dear Mr. Old Man, We as the second advising bank and the beneficiary’s bank received MT 710 from Bank B (Country B) with the following details: Field 40B (Form of Documentary Credit): IRREVOCABLE ADDING OUR CONFIRMATION Field 52A (Issuing…
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WHETHER A CONGENBILL IS A CHARTER PARTY BILL OF LADING
WHETHER A CONGENBILL IS A CHARTER PARTY BILL OF LADING QUESTION Dear Sir, Good day to you. I have a case with LC point out as below: F46A: FULL SET OF 3/3 ORIGINAL BILLS OF LADING PLUS 1 NON-NEGOTIABLE COPY, MARKED FREIGHT PREPAID, ISSUED ON CONGENBILL 1978 OR 1994 FORM ONLY, ISSUED TO THE ORDER…
MR. OLD MAN 