In this case we've been looking at the risk of using fo B for an exporter let us take a look at the facts of the case in the next slide an imported Atlanta entered into a sales and purchase contract with the exporter a manufacturer of fine woven carpets in India for 700 thousand US dollars on fo B basis the method of payment is by D P when the goods was ready the importer requested the exporter who passed the container load of goods to his NVOCC in Mumbai NVOCC stands for non vessel operating can command carrier which is a common carrier that holds itself out to the public to provide ocean transportation issues its own house bill of lading or equivalent document and does not operate the vessel by which ocean transportation is provided after the exporter transferred the goods to NVOCC 1 it issued an NVOCC bill of lading also commonly known as the house bill of lading or freight for this bill of lading to the exporter exporter prepared a collection instruction and attach the NVOCC BL together with other documents such as invoice and packing lists and submit it to his remitting bank the exporter requests the remitting bank to send the documents to the importer in atlanta and collect payment on their behalf the remitting bank forwarded the documents to the collected bank for it to collect payment from the importer meantime the NVOCC one ships out the container through a shipping agent in mumbai once the container of goods are loaded onto the vessel the shipping agent issue an ocean BL which miss the NVOCC one as the shipper and the NVOCC two in Atlanta as a consigning Music subsequently NVOCC one forwards the ocean bl2 NVOCC to when the goods...
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What is a Bill Of Lading and what is its purpose Form: What You Should Know
The carrier ensures the goods are kept in a safe and secure environment on their way from the point of origin to the point of delivery. · The carrier's role in the process is to find the best transport company, which has the resources to deliver the goods on the carriers' behalf, and is able to operate effectively to meet the deadlines of the contract and the carrier's own timetable. Bill of Lading — What happens after it is signed? — In order for the carrier to ensure that it is operating within the terms of the deal, it is important that it gets all the legal documents and paperwork before the goods are put on a ship, or even at its destination. The Bill of Lading, if not followed to the letter, may result in the shipper and the carrier being left hanging, which can lead to significant delays to cargo delivery. However, if the goods are shipped on to the vessel in the correct quantities with the correct types of packaging and in the appropriate manner, a bill of lading can create an acceptable solution. Bill of Lading — Why is it important? How is it defined? How can you use it in your business? — The Bill of Lading is a contract of carriage between the carrier and the shipper or receiver. The carrier certifies that the goods will be delivered at that destination on a particular date and that the carrier has paid an appropriate tariff on the carrier's behalf to the shipper. The shipper and carrier both give a bill of lading to the carrier, and that bill of lading is then signed and sent to the customs/excise officials responsible for the shipping. The Customs and Excise officials will check that the goods have been entered on to the correct carrier, and then stamp the bill to make it enforceable. The Customs and Excise officials are the ones who determine whether the goods are allowed in to the country and what type of tariff the government has placed on importation so that it takes into account domestic and global price pressures.
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