Any Difference between Bank Release Order and Bank Delivery Order?
Are there any difference between Bank release order (BRO) and Bank delivery order? What is Bank Release order / Bank Delivery Order?
The terms Bank release order and Bank Delivery Order are same in business. Bank release order/Bank Deliver order is issued by bank to release goods to the party mentioned as per the order of bank.
If a document of title consigned to a bank, such goods can not be released by carrier without the permission of ban.
Normally in international trade under LC terms, the consignee column of bill of lading is mentioned bank address as ‘To Order’. Once after receiving bill of lading and other import documents, the bank confirms the surety of payment against goods and issues a release order to the carrier of goods to deliver cargo to the final buyer. BRO (Bank release order) can be in a specified format typed. Such release order also can be hand written on bank’s letter head signed and sealed by the authorized signatory of bank. The details of such bank release order can be mentioned on reverse side of original bill of lading duly signed and sealed.
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The above information is a part of Import Export course online
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