Thought that this would be a good way to find out what we know and dont know about shipping – basically the work that we do on a daily basis.. It will be a series of questions on a weekly basis.. Starting with week 49..
See how many points you can get.. Give yourself 2 points for each right answer..
1) What is meant by the term DDP..??
2) What is the significance of the term Ex-Works..??
3) Which is the 1st page of a bill of lading
4) What is a Stale B/L..??
5) What is a letter of credit..??
If you are confident, you can provide the answers in the comments area.. It will help others that dont know the answers..
Answers will be posted for the first set when the next set of questions are posted.. Have fun and learn..
Hi Hiren,
You are a star. This is very informative. Keep up the good work of informing your collegues in the industry.
1st Ans. is Delivered Duty Paid
2nd ans is Ex. works is all charges paid by buyer from Pick of cargo from seller doorstep till delivery.
4. B/L presented to its consignee, or at a bank, after the last date specified in the relevant letter of credit and which, therefore, is not acceptable as a valid document. According to the uniform commercial code (UCC), a B/L may be rejected if presented more than 21 days after the date of arrival of the shipment.
5. Written commitment to pay, by a buyer’s or importer’s bank (called the issuing bank) to the seller’s or exporter’s bank (called the accepting bank, negotiating bank, or paying bank).
Thanks Yunus..
Wonderful blog Sir, keep up the good work
For further details on subscribing, please check http://shippinginsouthafrica.wordpress.com/subscribe-to-this-blog/
Thanks Nahla, all you need to do is subscribe to the site either by email or RSS Feeds and you will be kept updated at all times..
pls i would like to join this web site and benefits from up to date comments and information pls keep me posted.
of course you can nadeem.. all you need is to answer the questions..
)
Hey guys can i join in the action as well?
Hi Rajiv you are right about the Stale B/L.. Any idea about the answers for Week 50..??
Hi Carmen, trust you would have checked out the answers for the week 49 questions..
Stale B/L is the B/L which is submitted by exporter to the bank on a date later than time permitted by L/C to negotiate the B/L. Usually it’s 10 days or 20 days from date of shipment.
I do not want to make your answers too easy, but you can find the info on INCOTERMS
here, the question on letters of credit here here (please admire the colourful diagram) and a sample bill of lading here.
Please assist , have just been promoted to branch estimator (imports, air and sea).
Any shipping tips would come in handy.
Thanks,
Carmen