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Video instructions and help with filling out and completing negotiable bill of lading

Instructions and Help about negotiable bill of lading

Both the way bill and Bill of Lading are facilitative instruments of international trade the main difference between away bill and Bill of Lading is that while the Bill of Lading conveys title the way bill merely serves as evidence that the consign EE has contracted with the shipper to carry the goods to an identified destination a way bill normally contains a list of the items included in the cargo by the shipper the condition of the cargo and the name of the consign II the shipper will endorse the Weibull after acknowledging that the information provided on it is correct the way bill is differentiated according to the medium of transport for instance the way Villa sued for an ocean freight is known as a Seaway bill this same principle applies to air road and rail transport in order to illustrate the difference between Louisville and a bill of lading it helps to consider a situation where a bill of lading does not reach the captain of a ship who has been mandated to ferry cargo to a specified destination the Seaway bill will serve as adequate proof that the captain has received the goods and has been contracted to ship it to a named consign II such a captain will accept the Seaway bill in lieu of the bill of lading for the purpose of shipping the goods the goods will be handed over to the consign II who has been identified on the Seaway bill way bills must necessarily have the name of a consign II who will receive the goods at the destination port this is another difference between Louisville and bill of lading the purpose of having a sea waybill is to expedite the process of discharging the goods once the goods have been ferried to their final destinations most times the official bill of lading will not reach the captain in such a manner as to allow for a timely discharge of the cargo another difference between the way bill and bill of lading is the fact that the bill of lading is a negotiable instrument unlike the way bill this means that the owner of the bill of lading can transfer the title to anyone he or she pleases this is not the same with a way bill which must be transferred only to the person who has been named on the document as they consign ii-in since the Bill of Lading can be used to obtain a loan or line of credit from a financial institution as a collateral since the title can be passed to them such is not the same with a way bill and banks will not accept them as collateral.

FAQ

In international trade, must the seller submit a negotiable bill of lading tothe buyer?
Yes but the devil is in the details. How when and where will depend on theterms of sale. Research INCO terms. Here is a very simple chart just to give you an idea. IBT INCOTERMS 2021 Rules and Definitions The terms will determine when ownership changes at that time the negotiabledocuments must be turned over.
A consignment has been cleared by the shipping line with forged documentssubmitted by the consignee at the destination port. The Exporter in India hasall 3 Non-Negotiable Bill of Ladings. What is the procedure to recover themoney from the shipping line and freight forwarder involved in India?
This is a tricky situation. The exporter has dispatched the item but it isreceived by a wrong or illegal person or agency through forged documents.Hence neither the shipping agency nor the freight forwarder FF is at faultbecause they have executed the job correctly. So the question of initiatingrecovery against them does not arise. At the same time there is no fault withthe exporter but he will not get the payment against bill of lading as it isnot surrendered at the destination bank. I do not think the marine transitinsurance policy covers this fraudulent documentation risk. Hence there isno option of initiating recovery from insurance company either.So the only option remains is to lodge a police complaint at the destinationport. This can be filed by the genuine consignee against nondelivery of theconsignment by the shipping agency. Only a police inquiry can find the realculprit the person submitting the forged document and try to recover theconsignment from them. But there is no scope of recovering the money as youare thinking.In order to avoid such incidence in future we need to expand the scope of theFF to ensure even the local delivery at the correct destination address. Thisdoes not exist today as all FF operate from port to port basis. If there iscollusion between FF and the illegal recipient through forged documentchances of such fraud remains even if the consignee engages a delivery agentat the destination airport and inform them in advance of the impendingconsignment.
What is the difference between a bill of lading (quasi negotiable instrument)and an actual negotiable instrument?
Under US Law three documents are considered negotiable The Bill of Exchangethe Promisory Note and the Cheque. Other documents that have acquired thecharacter of negotiability are considered QuasiNegotiable instruments.A negotiable instrument must have the following features It must be a physical tangible document It must be transferrable without notice It must pass to the holder full legal title free of all equities Its negotiable status must be written on the document Its wording constitutes a formal promise against the maker The document and the promise it contains must constitute an independenttransactionThe Negotiable Bill of Lading meets all of these requirements except for thepassing of full legal title free of all equities to the subsequent holder.
What is the process of the bill of lading And how does it work as negotiabledocuments?
I was running a chemical company send containers to east countriers.It is like this. You can be a merchant exporter means you buy from some one export it or you can be a manufacturing exporter.In both the cases firstyou should get the order from th over seas party. Next question is how you aregoing to be paid for the goods It can be by way of Letter of redit LCWHICH MEANS the moment the goods leave the port you will gt the money yourbuyer would have paid parked the money for your goods in a bank you havetold . The other way is payment at sight .Assuming you are sending thematerial to Germany. Your customer would have specified the port also anagent in germany who will receive the containe clear give the material tothem. Now you have to first look out a clearing agent who will co ordinatewith the customs clear the goods. This involves hefty bribes for which theclearing agent will give bill as service charges. In consonence with them youshould move the goods to a place called container freight station where thegoods are stuffed in the container sent to port. similarly import also there are 32 private continer stations in areound chennai.. Here the customsauthorities will check the goods clearance. Mean time either your clearingagent or on your own will contact a shipper means who will actually shipyour container to Germany . Note that the shippers need now own the container ships they are agents it is like OLA. now once the customs give youclearance they will give an order called stuffing ordr means they willput your goods in the container.after which the customs man will come sealthe container with a special tamper proof seal. now your goods container willgo to port ready to be looaded in a ship. as the agent would be cooordinating with the port shipper of the time . shipping vessel etc. In thecase of chennai lot of containers go to srilanka unloaded reloaded to theconnecting ship. From chennai we have direct shipping to indonesia china etc it will directly reach the port there.If you opt for insurance they willcharge addtional.The freight could be pre paid also. on average for a container to Europe neigh bouring countries 60000 Rsclearing charges 30000. in addition thecontainer station will chages you for the services they made you have to payfor moving the container to port.Now coms your QUETION. ONCE YOUR CONTAINER is loaded in the ship therespective agent called shipping agent Will give you 3 copies called BILLOF LADING THIS will shortly describe the goods quty wether insured or notin which ship it is loaded time who should be contacted in the German port.this is a serious document. If you have exported under LETTER OF CREDIT justgive this to your bank they will pay you the money written in the L.C. or ifit is under other arrangement safely you have to give it to your bank theywill send with a covering letter to Germany to your customers bankers .They will just keep with them . The agent mentionedin the bill of lading will follow th emovement of the said shipwill follow with the port same setof operations will be repeated. The container will go to a similer palce likein chennai they will open check for the contents. Now according to the lawof the importing land duty taxes etc may have to be paid by them.Once thisprocess is over they will also CLEAR THE GOODS. tHEY WILL INFORM your agent WHO WILL INFORM THE BANK WHICH IS HOLD THE BILL OF MATERIAL as an Escrow whowill release the money by swift it will reach Reserver bank in chennai orMumabi etc will come to your banks specified branch who will intimate you.Now they will ask for a customs copy of export. This will be given certifiedby the customs only after 20 to 30 days after sailng of the ship. If you showthem they will pay you.Export or import is very very complicated are so manypeople govt policies are involved also it is prone for fraud also. Eveyday 20 to 30 thousand containers leave chennai so much comes also. Customsjob is also very tuff if they are too hoonest they could be killed also orthey coluld be implicated in a scandel some ONE WILL SEND A PARCEL WITHmoney in side wait till you open when you do anticorruption will catchyou.I hve been in this for 18 years even exprted to Pakistan. Life is tuffin the world arena competition is very tuff vijayakumar