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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, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
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- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
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