Export LC

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Sanjay (Querist)
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08 February 2011 I need Clarificationon Follwing clause in Export LC.

" FULL SET (3/3) ORIGINALS CLEAN SHIPPED ON BOARD BILL OF LADING PLUS 3 NON NEGOTIABLE COPIES, "MADE OUT TO ORDER AND BLANK ENDORSED, NOTIFY": APPLICANT (NAME AND ADDRESS AS PER FIELD 50) , MARKED 'FREIGHT COLLECT' AND SHOWING TOTAL GROSS AND NET WET."

Regards,

Sanjay

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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08 February 2011 LC IS :-A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.

BILL OF LADING :

A legal document between the shipper of a particular good and the carrier detailing the type, quantity and destination of the good being carried. The bill of lading also serves as a receipt of shipment when the good is delivered to the predetermined destination. This document must accompany the shipped goods, no matter the form of transportation, and must be signed by an authorized representative from the carrier, shipper and receiver.

IN View of above shipping line issued the 3 copy set 1 for shipper 2nd for buyer and 3rd for custom.

for more info:-

http://shippingtradeguide.com/list/Kind_of_Bills_of_Lading/Kind_of_Bills_of_Lading.html

http://theworldofshipping.wordpress.com/category/bill-of-lading/

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