Do banks verify if cargo is actually loaded on a ship..??

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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..

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