The information provided here is part of Export import business Course online
Can Bill of Lading be surrendered at port of loading?
Is original Bill of Lading required, if the amount of export proceeds received in advance?
Bill of lading is issued by carrier (ship owner or his agent) on receipt of goods after completion of customs formalities. Bill of Lading is used as a document of title, proof of receipt of goods, and contract of carriage.
As I have mentioned in detail about the procedures of release of Bill of Lading in other articles of same web site , BL is issued by carrier once after receipt of goods from shipper.
Let me explain the mechanism of movement of export documents in short:
Once after export takes place, the exporter submits all required documents to his bank – exporter’s bank sent to foreign buyer’s bank – buyer’s bank delivers to overseas buyer – buyer or his customs broker sends to submits to carrier to deliver goods.
Here, bill of lading is treated as a document of title. Means, without production of original bill of lading carrier does not release goods to consignee. Original bill of lading along with other shipping documents is sent to buyer through buyer’s bank by exporter.
Here the question is, if seller already received his full payment against exported goods, whether original bill of lading needs to be sent along with other documents to buyer?
If full payment of exported goods already received by seller in advance from buyer, dispatch of original bill of lading to buyer is not mandatory unless otherwise buyer insists to do so.
Let us discuss another example: The terms of payment under a export business contract is for 60 days from the date of bill of lading. Cargo arrived on 25th day. The consignee needs to take delivery of goods without effecting payment to overseas seller, as the maturity date is on 60th day from the date of bill of lading. Here also, the buyer needs to take delivery of goods without waiting to remit payment to his seller.
So, as per my opinion, except under DP – Documents against Payment and LC at sight, original bill of lading can be surrendered at port of loading unless otherwise buyer insists to send.
If original bill of lading is surrendered at port of loading, a surrender message can be arranged from carrier or his agent’s office at load port to their counterpart at destination port advising them not to insist for original bill of lading from consignee to release the goods.
Is there any other solution to not release original bill of lading at all rather than releasing and surrendering?. Yes, in such cases, shipper can release ‘SEA WAY BILL’ which functions as ‘Express release Bill of Lading’.
Also read - Can Bill of Lading be surrendered on LC terms? Can Original Bill of lading be surrendered under DP terms of payment? Can Original Bill of lading be surrendered under LC at sight? Surrender of Bill of Lading – Some facts
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The above information is a part of Online international business guide course
Let me have your comments on surrender of OBL, Express release BL/ Sea way BL.
STALE BILL OF LADING What does it mean? Difference between Clean On Board Bill of Lading and Shipped On Board Bill of Lading. Can Original Bill of lading be surrendered under DP terms of payment Can Original Bill of lading be surrendered under LC at sight Can Bill of Lading be surrendered on LC terms How to obtain a duplicate BL, if original bill of lading lost? Can a Bill of Lading be consigned to a customs broker? Can I get bill of lading before loading cargo Can two consignments meant for one buyer be shipped together under one Bill of Lading? Consignee To Order in Bill of Lading How to avoid delay in receiving OBL Original Bill of Lading? Amendment of Bill of Lading How to amend shipper details in Bill of Lading?. How to surrender HBL House Bill of Lading Surrender of Bill of Lading Some facts . How does Bill of Lading work in Sight LC. How does Bill of Lading work in DP payment terms? Can a Bill of Lading (BL) be predated for LC negotiation? What is the earliest date can be mentioned on Bill of Lading. Can BL date and let export date be same day? Can shipping line predate Bill of Lading,What is the earliest date can be mentioned on Bill of Lading. What is Said to weigh in Bill of Lading What is Shipper Load, stow and count in Bill of Lading What is said to contain in Bill of Lading. Can an importer take delivery of goods without original bill of lading? What is House BL House Bill of Lading Can Bill of Lading (BL) be before date of Certificate of origin GSP? What is Express Release Bill of Lading? Can Bill of Lading be surrendered at port of loading? Transferability of Bill of Lading What is charter party bill of lading ? How transshipment bill of lading works? What is Combined Bill of Lading / Multi model Bill of Lading Unclean Bill of Lading/Claused bill of lading/foul bill of lading/Dirty Bill of Lading What is Clean on board Bill of Lading? Is received for shipment Bill of Lading sufficient for LC negotiation? Different types of Bill of Lading 3 Reasons under Importance of bill of lading in international trade When can an exporter get bill of lading from shipping company?
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