What is the difference between a bill of exchange and a bill of lading? Are stra
ID: 346608 • Letter: W
Question
What is the difference between a bill of exchange and a bill of lading? Are straight bills of lading negotiable?
What is the significance of these documents for importers: certificate of origin, destination control statement, pro forma invoice?
What factors are likely to contribute to the growth in airfreight in future? Is it a major mode of transportation for cargo?
What are the three major types of ocean carriers?
What is the carrier’s duty under a bill of lading? Discuss the “Himalaya Clause.”
Explanation / Answer
Bill of Exchange. A bill of exchange is a document used in international trade to pay for goods or services. This is signed by the person promising to pay, and given to the person entitled to receive the money. It may specify that payment is due on demand, or at a specific future date. A bill of lading is a document issued by a carrier to acknowledge receipt of cargo for shipment. Are straight bills of lading are not negotiable.
A Certificate of Origin may be requested by your customer, from any country in the world, to establish the origin of goods being imported. It is required to know whether the goods may be legally imported ot not.
Destination control statement: It is a necessary to clarify what happens to shipments, and it essentially states that the buyer isn’t going to take the goods and forward them to another country.
you can issue a proforma invoice to offer the prices on these goods or services to your customer when you need to issue a sales document for goods or services that you have not yet supplied.
factors are likely to contribute to the growth in airfreight in future are
1. Economic condition
2. Regional Factors
3. Operating Expenses
4. Time and Temperature-Sensitive Cargo
5. Premium and Value Add Services
6. Weight and Volume
Yes it is a major mode of transportation for cargo.
Three major type of ocean carriers are
1. Container cargo
2. Liquid bulk
3. Dry bulk
Carriers duty under bill of lading
If carriage is Port to Port Transport, the responsibility of the Carrier for loss or damage to the Goods occurring from the time when the Goods are loaded on board the Vessel at the Port of Loading until the time when the Goods are discharged from the Vessel at the Port of Discharge shall be determined in accordance with the provisions of Clause 4(C).
All carriage under this Bill of Lading shall have effect subject to any legislation enacted in any country making the Hague or Hague-Visby Rules compulsorily applicable and in the absence of any such legislation in accordance with the Hague Rules or COGSA in the case of carriage to or from the United States of America.
Himalaya clause is a clause in a bill of lading or transportation contract purporting to extend liability limitations which benefit the carrier, to others who act as agents for the carrier such as stevedores or longshoremen. Such a provision is expressed to be for the benefit of a third party who is not a party to the contract.
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