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Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
 KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled to collect the goods and the carrier cannot refuse to deliver the goods to that person. If someone claiming to be the receiver cannot produce the bill, what evidence is there that they are entitled to the goods?
There are innumerable circumstances which may lead to a request to release cargo without the production of the original bill(s). A sale contract may have collapsed and the seller may want to sell to someone else. The consignee may be facing cash flow issues or have a financial dispute with the shipper. In extreme circumstances, the supposed receiver’s intention may be to steal the cargo and the sale proceeds, while the seller or the bank still retains the original documents.
As the original bills represent surety for the purchase price, if the carrier hands the goods over to an unauthorised party who does not hold the original, he is effectively denying the legitimate holder the security the original bills represent, by virtue of preventing that entity from themselves surrendering the bill and collecting the goods from the carrier.
Action steps
If the receiving agent asks for authority to release the cargo to a consignee who cannot present an original bill of lading, it is recommended that you consult your legal or insurance advisors in order to obtain the correct indemnity before entertaining any such request. A sound indemnity must include at least:
- Backing by a first class bank, insurance company or mutual association;
- Adequate undertaking value (usually not less than 200% of the CIF value of goods);
- Indemnity for all claims and costs in association with issuing a duplicate bill;
- Validity for at least as long as the minimum period for legal actions under contract in the relevant jurisdictions (not just the time-bar period stated in the conditions of carriage);
- An effective law and jurisdiction clause to enforce the indemnity.
- There are also some further practical comments to make and matters to be considered.
As discussed in the article on lost documents, it is always prudent to check with the exporter/shipper (where known) that payment has been made and that it is therefore in order to release the goods from that perspective.
Under no circumstances accept a ‘guarantee’ signed by the importer alone; it is critical to take robust steps to protect the legal position and secure a full bank guarantee or letter of indemnity.
“It is critical to take robust steps to protect the legal position and secure a full bank guarantee or letter of indemnity”
Implement explicit and adequate training for staff, together with a full escalation process whereby only a designated senior member of staff has the authority to approve requests for irregular releases.
Naturally, ensure you collect any charges due to you or others (freight, duty/ tax, shippers’ disbursements, demurrage etc.) before releasing goods. Conversely, do not let any debate or argument about such costs blind you to the absence of the bill of lading.
Do not succumb to any commercial pressure to release goods without the appropriate documents. Under no circumstances accept faxed or photocopied bills of lading or guarantees. Only act upon receipt of original documents.
Source: TT Club
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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1436 to 1440 news of total 6871 |
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- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
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