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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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Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
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Showing 1456 to 1460 news of total 6871 |
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- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
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