“Stale documents acceptable” means documents presented beyond the 21 days after the date of shipment are acceptable provided they are presented before the expiration date of the credit.

What are the types of bill of lading?

Types of Bill of Lading

• Clean Bill of Lading.
• Received for Shipment Bill of Lading.
• Through Bill of Lading.
• Claused Bill of Lading.
• Container Bill of Lading.
• House Bill of Lading.
• Master Bill of Lading.
• Charter Party Bill of Lading.

Which is the 1st page of a bill of lading?

The 1st page is what we all commonly refer to as the “back of the B/L”.. Sea Waybills issued by some carriers do not have these Terms and Conditions on the back (also known as “blank back short form B/L“)..

How long do you have to keep a bill of lading?

one year
The only real FMCSA regulation regarding bills of lading is that a carrier must retain each of them for at least one year.

What is a stale invoice?

Stale invoice provisions (i.e., if bills are not issued within a certain amount of days after delivery of the service, then the customer is not obligated to pay the bill) Obligation to timely apply credits with a right to offset. Timely and accurate imposition of taxes. Right to audit fees and back up documentation.

What happens if letter of credit expires?

LC expiry date means the last date to submit the exported documents with bank for negotiation of documents. Means, Letter of Credit is void if shipped goods before the date mentioned in LC for shipment, but not submitted documents for negotiation within the validity period of Letter of Credit.

Who should sign a bill of lading?

A bill of lading is a document of title, a receipt for shipped goods, and a contract between a carrier and shipper. This document must accompany the shipped goods and must be signed by an authorized representative from the carrier, shipper, and receiver.

When is a bill of lading is considered stale?

If a set of documents, which consists of a bill of lading as a transport document, could not be presented to the nominated bank within 21 days after the date of shipment by the beneficiary, then late presentation discrepancy is emerged. A bill of lading that is not presented within 21 days after shipment is called a Stale Bill of Lading.

When to present a bill of lading to the bank?

According to international commercial practice, Bill of Lading along with other shipping documents must be presented to the bank not later than twenty one days of the date of shipment as given in the Bill of Lading. In some cases, the Importer may indicate the number of days within which the documents are to be presented from the date of shipment.

When to release Bill of lading from carrier?

If ‘ON BOARD’ bill of lading is required, shipper can release bill of lading from carrier immediately up on the shipment gone on board the vessel. Once after releasing bill of lading from shipping carrier, exporter submits the same with his bank along with other documents to send to his overseas buyer.

When to use a Dirty Bill of lading?

Its use when the shipowner claims an objection about the condition of the cargo which is not in good condition, he can include a clause thereby stating that the bill of lading to be dirty B/L along with the remarks as per the condition of the cargo condition. E.g. torn, broken or shortage in the quantity of the goods etc.