Usually when an original bill of lading is lost, shipper needs to submit a bank guarantee to the shipping line to secure release of cargo.. But how long is a bank guarantee issued in lieu of a lost original bill of lading valid.?? Can the bank keep the guarantee indefinitely..??
Category Archives: Letter of Credit
Clean on Board and Shipped on Board are two different clauses in a Bill of Lading and these two have sometimes led to confusion and disagreements within the trade..
Here we will examine what the bill of lading should show – Clean on Board or Shipped on Board..??
There are several bills of lading that are this very minute issued with a clause Clean on Board..
Releasing a bill of lading with this clause has its own implications which we will examine in this article..
This is an addendum to my previous article on how an LC works..
If there is a requirement for an LC to be extended, for whatever reason, the seller has to contact the buyer who opened the LC and they will have to in turn contact the issuing bank with valid reasons for the extension..
What is a Letter of Credit and how does it work..?? This article aims to explain about a Letter of Credit which is one of the most popular forms of documentary credit and how it works..