Results for category "Bill of Lading"

8 Articles

Some common issues related to Bills of Lading

What is the standard practice for issuance of original Bills of Lading?

There is no restriction on the number of original bills of lading that can be issued by the carrier, but the number issued must be stated on the face of the bill. For example if shipper requires 5 originals, then the carrier has to mention on the original B/L that 5 originals have been issued. As per standard practice in the industry, the carrier issues 3 original ocean bills of lading (signed and stamped and negotiable) plus 3 non-negotiable copies. Out of 03 originals, one for the shipper, one for the consignee, and one for the banker or broker or third party. For security consideration, it is not wise for the shipper to go for more originals. In that case it will create additional risk of fraudulent & unauthorized delivery of goods to the wrong person.

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Basic differences between Ocean, Seaway and Memo Bill of Lading

Why Ocean, Seaway and Memo Bill of Lading differ from each other as a document in international trade.

Ocean Bill of Lading

Ocean Bill of Lading

Ocean Bill of Lading

In the modern maritime transportation, Ocean Bill of Lading is the most vital and widely used document for transportation of overseas exports and imports between two countries. It serves as a legally binding document between the shipper and carrier with regard to its role as a Contract of Carriage, Receipt of Goods and Documents of Title. Usually an Ocean B/L is issued by the carrier to their customer against any consignment, after payment of freight & related charges as per contract and on completion of necessary custom and port formalities as per law of the land.

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History of Bill of Lading – A Short Review

Introduction

The concept of bill of lading as we observe today in the early part of 21st century, is completely different from its original role. It also differs from the role played by the bill of lading at the evolution stages during the last few centuries. It is difficult to trace out exactly the time when the B/L was originated. Nevertheless it can be safely said that the bill of lading had been in use in the trade in one form or another for last several centuries.

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Inquisitive issues / queries related to Bill of Lading – Part (2)

How to define B/L endorsement? Who can endorse B/L..?

B/L endorsement means the authority given to the entity recorded under the consignee column of bill of lading, regarding release/delivery of the cargo at the destination port. This power is exercised by the legal entity by putting signature and stamp on the back of B/L. The type of consignee listed in the ‘Consignee column’ determines who is the entity to endorse the B/L .

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Inquisitive issues / queries related to Bill of Lading – Part (1)

This article provides critical interpretation on the important issues / topics that is encountered by the stack-holders of the shipping industry in discharging their daily functions. Attempt has been made to project updated information on the issues / topic which are in line with the knowledge and working experience gathered from the shipping industry.

Difference between House Bill of Lading and Master Bill of Lading – HBL Vs. MBL

The basic difference between House Bill of Lading (HBL) and Master Bill of Lading (MBL) depends on the entity issuing the bill of lading.

House bill of lading is a transport document which is issued by a Freight Forwarder or an NVOCC operator to the actual shipper / customer.

Master bill of lading is a transport document which is issued by the Shipping Company or the Carrier to the NVOCC Operator, or Freight Forwarder.

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Switch Bill of Lading

What is a Switch Bill of Lading? Why shipper or holder of 1st set of Original bill of lading ask for Switch B/L..??

People working in the shipping industry, are familiar with the term ‘Switch bill of lading’. Sometimes the contract of carriage concluded between the carrier and the shipper cannot be completed as per stipulations of Original bill of lading due to the change of trade conditions. As a result it becomes necessary to bring changes in the ‘Particulars of Name/Address of Shipper/Consignee’ & ‘particulars of voyage’ included in the Original B/L to meet changed trade condition and ensure smooth transportation of goods to the final receiver. This is the rationale which led to the emergence of ‘Switch B/L’ in the international trade.

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FAQ’s on Telex Release Bill of Lading

Confusion and ambiguity prevails in the shipping industry regarding the use of the term “Telex Release” with “Express Release” of Bill of lading. This confusion arises basically due to loosely use of both the terms and lack of knowledge of the specific situation/condition under which a shipping line issues such instructions to disport agent. Some people have misconception that Telex Release is also a type by itself, like other types of B/L used in the trade.

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Detail focus on Bill of Lading

Scanning a Bill of Lading

A Bill of Lading (B/L in short) is a vital legal document in international trade without which a business deal between an overseas ‘Buyer’ & ‘Seller’ cannot take place under the present global environment. So it is imperative on the part of a shipper as well as consignee to understand the implication of each & every item included in the B/L so that the document is duly filled-in as per requirement. I would sincerely make an attempt to scan a Bill of Lading segment wise so that the general readers irrespective of their background can have a clear-cut understanding on the subject. In this article we shall not consider any specific model or format of B/L used by any Shipping Line rather shall concentrate to discuss the core features of a B/L, which is commonly used in shipping trade.

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