Grain Trader Ltd is not entitled to order the carrier to deliver the cargo to a third party. It is therefore not possible for Grain Trader Ltd to sell the cargo during the shipment to a third party buyer and then order the carrier to deliver the cargo to the third party buyer. There are two distinct types of negotiable bills of lading - 'to order' bills and 'bearer' bills.
For a bill to be a 'to order' bill, it either needs to state 'to order' or 'to order of [name of the party]' in the consignee box.
Under an order bill of lading, legal title to the cargo can pass from the original bill of lading holder to a third party by means of endorsing the bill. Where the words 'to order' but no named consignee are added to the consignee box, the bill can be endorsed by the Shipper.
Where the words 'to order' are added together with the name of a consignee, the bill can be endorsed by the named consignee. Endorsing the bill simply means the Shipper of the named consignee signs the back of the bill and adds the name of the party to whom it is transferring the bill. An order bill can be endorsed many times if the party endorsing the bill adds the words 'or order' after the name of the transferee when they endorse the bill.
If the word 'order' is not added to the bill with the name of the new party, it is not possible for the new party ie the endorsee to again endorse the bill. Instead the endorsee will be obliged to take delivery of the cargo. In this case the original consignee is Wheat Import AS. Wheat Import AS can choose to take delivery of the cargo.
If Wheat Import is to take delivery it must not endorse the bill of lading to a third party. Alternatively, Wheat Import AS can choose to endorse the bill of lading to a third party. This is done by Wheat Import AS putting their stamp or signature on the bill of lading.
The stamp or signature is normally put on the reverse of the bill. If the bill is endorsed to a specified third party, Wheat Import AS must write the name of the third party on the bill when it endorses the bill and puts its stamp or signature on it. Functions This service enables customers to take delivery of goods on a timely basis without the need for ballast, minimizing the warehousing costs due to deferred delivery of goods at port and avoiding losses caused by the changes in market conditions and the quality of goods.
Procedures 1. Tips 1. Note: Please contact your local branch for detailed information about the service. Please advise. Please advise what is the process to obtain the release of goods if the shipper misses or forgot to endorse the To Order BL.
Will this be an issue when the picking up the merchandise with said bills of lading? Hello Ralph, the stamps or markings on the body of the bill of lading does not dictate who gets the release..
What is mentioned in the consignee field decides that.. However, if a shipment is under Letter of Credit and the LC demands certain clauses, then those must be present before the banks accept the original bills for negotiation.. Hariesh, these documents are not under a letter of credit, but sent to us on a collection basis Import Collection.
Endorsement does not only mean just a stamp and sign, you should also write who you are endorsing it to.. Trust this assists.. Meaning that the shipper in the US endorses it in the US, carrier takes the goods to China, the bank there endorses it? Hi Demi, no question is silly.. The consignee then takes that original to the shipping line for release..
So all this will happen after vsl sails.. Dear All, i dont know if anyone is still checking this blog or not , i am stuck in one transaction and need help. Does my company stamp and signature is required??.. Hello Mahesh, can you pls send me the website link where you are seeing this requirement, thanks.. Should use this model in the minimalistic due to its dangerous , one of the reason to use such MBL when there is no specific importer until the date of shipment. HBL is being issued by the forwarding agency with the only purpose to hide the real consignee, their client, in order to avoid some other company offering him better prices or services.
In this case MBL is being issued to the name of the forwarding agency and the agency itself issues HBL to the real consignee. That is not completly true. This is a demand from our customer: So that if anything should go wrong they can go directly to us for the claim.
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