Do banks verify if cargo is actually loaded on a ship..??
Shippers who deal with documentary credit know that the term Shipped on Board carries quite a bit of weight and there is often a lot of discussions, disputes, rejections etc from the side of the bank if there is any discrepancy in the shipped on board clause or date or stamp or signature..
So one would naturally assume that the banks verify if the cargo covered in the bill of lading is actually loaded on board the ship or not..
When answering my last post Question regarding cargo under Letter of Credit, I mentioned that part bills could be a solution for two shipments in a same container where part of the cargo is covered by L/C and the other part is not..
However, there are several criteria/requirement in order for the carrier to be able to issue Part Bills of Lading and for the customer to accept Part Bills of Lading for this particular scenario..
We will examine these criteria/requirements in this post..
In my last post, I posed a question on behalf of a reader about the possibility of two cargoes being shipped under one bill of lading where one cargo is covered under Letter of Credit and other cargo is not..
Should the carrier issue two bills of lading..?? Or is mentioning in the same B/L the goods under L/C and goods that aren’t is enough..??
This post is an update where I have discussed the answer to the above question..
In this article, I talk about 3 questions received from a reader relating to Received for Shipment notation on a bill of lading..
1) Will a bank accept a bill of lading with a Received for Shipment notation or does a bill of lading have to be reissued with a Shipped on Board notation..
2) Is it normal that a received for shipment B/L shows the vessel name and voyage?
3) Is there any problem if the vessel name on which cargo is loaded is not the one appearing on the Received for shipment B/L?
There are several notations/clauses that are used in a bill of lading and one such important notation relates to “Freight”..
Freight maybe defined as the price that is charged by a transport operator to transport cargo from Point A to Point B as per a mutually agreed contract..
This article examines why this notation is important..