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Bill Of Lading
A bill of lading () (sometimes abbreviated as B/L or BOL) is a document issued by a carrier (or their agent) to acknowledge receipt of cargo for shipment. Although the term historically related only to carriage by sea, a bill of lading may today be used for any type of carriage of goods. Bills of lading are one of three crucial documents used in international trade to ensure that exporters receive payment and importers receive the merchandise. The other two documents are a policy of insurance and an invoice. Whereas a bill of lading is negotiable, both a policy and an invoice are assignable. In international trade outside the United States, bills of lading are distinct from waybills in that the latter are not transferable and do not confer title. Nevertheless, the UK Carriage of Goods by Sea Act 1992 grants "all rights of suit under the contract of carriage" to the lawful holder of a bill of lading, or to the consignee under a sea waybill or a ship's delivery order. A bill of ...
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Free Alongside Ship
The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. Incoterms define the responsiblities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. They are widely used in international commercial transactions or procurement processes and their use is encouraged by trade councils, courts and international lawyers. A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the global or international transportation and delivery of goods. Incoterms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer, but they do not themselves conclude a contract, deter ...
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Letter Of Credit 3
Letter, letters, or literature may refer to: Characters typeface * Letter (alphabet), a character representing one or more of the sounds used in speech; any of the symbols of an alphabet. * Letterform, the graphic form of a letter of the alphabet, either as written or in a particular type font. * Rehearsal letter in an orchestral score Communication * Letter (message), a form of written communication ** Mail * Letters, the collected correspondence of a writer or historically significant person **Maktubat (other), the Arabic word for collected letters **Pauline epistles, addressed by St. Paul to various communities or congregations, such as "Letters to the Galatians" or "Letters to the Corinthians", and part of the canonical books of the Bible * The letter as a form of second-person literature; see Epistle ** Epistulae (Pliny) ** Epistolary novel, a long-form fiction composed of letters (epistles) * Open letter, a public letter as distinguished from private corres ...
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Letter Of Credit 2
Letter, letters, or literature may refer to: Characters typeface * Letter (alphabet), a character representing one or more of the sounds used in speech; any of the symbols of an alphabet. * Letterform, the graphic form of a letter of the alphabet, either as written or in a particular type font. * Rehearsal letter in an orchestral score Communication * Letter (message), a form of written communication ** Mail * Letters, the collected correspondence of a writer or historically significant person **Maktubat (other), the Arabic word for collected letters **Pauline epistles, addressed by St. Paul to various communities or congregations, such as "Letters to the Galatians" or "Letters to the Corinthians", and part of the canonical books of the Bible * The letter as a form of second-person literature; see Epistle ** Epistulae (Pliny) ** Epistolary novel, a long-form fiction composed of letters (epistles) * Open letter, a public letter as distinguished from private corres ...
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Letter Of Credit 1
Letter, letters, or literature may refer to: Characters typeface * Letter (alphabet), a character representing one or more of the sounds used in speech; any of the symbols of an alphabet. * Letterform, the graphic form of a letter of the alphabet, either as written or in a particular type font. * Rehearsal letter in an orchestral score Communication * Letter (message), a form of written communication ** Mail * Letters, the collected correspondence of a writer or historically significant person **Maktubat (other), the Arabic word for collected letters **Pauline epistles, addressed by St. Paul to various communities or congregations, such as "Letters to the Galatians" or "Letters to the Corinthians", and part of the canonical books of the Bible * The letter as a form of second-person literature; see Epistle ** Epistulae (Pliny) ** Epistolary novel, a long-form fiction composed of letters (epistles) * Open letter, a public letter as distinguished from private corre ...
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Multi-modal Transport
Multimodal transport (also known as combined transport) is the transportation of goods under a single contract, but performed with at least two different modes of transport; the carrier is liable (in a legal sense) for the entire carriage, even though it is performed by several different modes of transport (by rail, sea and road, for example). The carrier does not have to possess all the means of transport, and in practice usually does not; the carriage is often performed by sub-carriers (referred to in legal language as "actual carriers"). The carrier responsible for the entire carriage is referred to as a multimodal transport operator, or MTO. Article 1.1. of the ''United Nations Convention on International Multimodal Transport of Goods'' (Geneva, 24 May 1980) (which will only enter into force 12 months after 30 countries ratify; as of May 2019, only 6 countries have ratified the treaty) defines multimodal transport as follows: "'International multimodal transport' means the ca ...
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Freight Forwarder
A freight forwarder, or forwarding agent, is a person or company who, for a fee organizes shipments for individuals or corporations to get goods from the manufacturer or producer to a market, customer or final point of distribution."Freight forwarder."
''Random House Unabridged Dictionary'' (1997). Random House, Inc., on Info, please. Retrieved 21 December 2012.
Forwarders contract with a or often multiple carriers to move the goods from one country to another. A forwarder does not move the goods but acts as an expert in the network. The carriers can use ...
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Bill Of Exchange
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings depending on the use of the term as it is used in the application of different laws, and depending in which country and context it is used. Concept of negotiability William Searle Holdsworth defines the concept of negotiability as follows: #Negotiable instruments are transferable under the following circumstances: they are transferable by delivery where they are made payable to the bearer, they are transferable by delivery and endorsement where they are made payable to order. # Consideration is presumed. #The transferee acquires a good title, even though the transferor had a defective or ...
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Charterparty
A charterparty (sometimes charter-party) is a maritime contract between a shipowner and a "charterer" for the hire of either a ship for the carriage of passengers or cargo, or a yacht for pleasure purposes. Charter party is a contract of carriage of goods in the case of employment of a (charter boat). It means that the charter party will clearly and unambiguously set out the rights and responsibilities of the ship owner and the charterers and any subsequent dispute between them will be settled in the court of law or any agreed forum with reference to the agreed terms and conditions as embodied in the charter party. The name "charterparty" is an anglicisation of the French ''charte partie'', or "split paper", i.e. a document written in duplicate so that each party retains half. Types of charterparty There are three main types of charterparty: time, voyage and demise and another. * In a demise (or bareboat) charter, the charterer takes responsibility for the crewing and maintena ...
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Rotterdam Rules
The "Rotterdam Rules" (formally, the United Nations Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea) is a treaty proposing new international rules to revise the legal framework for maritime affreightment and carriage of goods by sea. The Rules primarily address the legal relationship between carriers and cargo-owners. The aim of the convention is to extend and modernize existing international rules and achieve uniformity of International trade law in the field of maritime carriage, updating or replacing many provisions in the Hague Rules, Hague-Visby Rules and Hamburg Rules. The convention establishes a comprehensive, uniform legal regime governing the rights and obligations of shippers, carriers and consignees under a contract for door-to-door shipments that involve international sea transport. Although the final text was greeted with much enthusiasm, a decade later, little has happened. As of December 2018, the rules are not yet in ...
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United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of ...
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Hamburg Rules
The Hamburg Rules are a set of rules governing the international shipment of goods, resulting from the United Nations International Convention on the Carriage of Goods by Sea adopted in Hamburg on 31 March 1978. The Convention was an attempt to form a uniform legal base for the transportation of goods on oceangoing ships. A driving force behind the convention was the attempt by developing countries' to provide all participants a fair and equal chance of succeeding. It came into force on 1 November 1992. History The first of the international conventions on the carriage of goods by sea was the Hague Rules of 1924. In 1968, the Hague Rules were updated to become the Hague-Visby Rules, but the changes were modest. The convention still covered only "tackle to tackle" carriage contracts, with no provision for multimodal transport. The industry-changing phenomenon of containerization was barely acknowledged. The 1978 Hamburg Rules were introduced to provide a framework that was bo ...
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