Help Me With Sign Iowa Banking Bill Of Lading

Industry sign banking illinois bill of lading free

[Music] bills of lading a cornerstone of international trading and very important for identifying responsibility hi welcome back to commodity brief in this episode we're going to be carrying on our series looking at the fundamentals of commodity trading and here we're going to be focusing on bills of lading bills of lading are very very important negotiable transportation documents which allow us to transfer the ownership of goods from one party to another now a bill of lading essentially we've all seen the different bills of lading and they can have a number of different layouts number of different formats and essentially the way they look doesn't really matter it is what's include included in them and the fields which are important so starting from the very beginning Bill of Lading essentially has three functions and is vitally important to understand these three functions and to keep them in mind at all times because otherwise we can easily make mistakes so the first function is it is a receipt it is a receipt for the cargo that you have placed on board of the vessel or that you put on bought into the containers which are being transported and this is a receipt that confirms that the ship owner has to give you back the material the goods in the same condition as you gave them to them to the ship owner so you can use this at destination or somebody else it can use this to recover the goods the second is that they are an evidence of the contract conditions that have been agreed with the ship owner now on bills of lading which we are using with charged parties then we will simply have a number of clauses and refer to the chart party on the backside of the bill of lading and when we're using bills of lading for containers on liner shipping then we will have all of the terms agreed on the back of the bill of lading and we won't have a separate document which been agreed and the third function is the d the document of title and this is where the Bill of Lading can indicate to us who is the owner of the cargo which is being transported and so that's very important because that also allows us to transfer the ownership from one party to another and enable commodity trading to function as it does today now in terms of the different bills of lading essentially it boils down to two different types of Bill of Lading first of all you have bills waiting to be used with charter parties and so this is the idea that you have chartered a vessel you have the terms of the charter party agreed between the ship owner and the Charter in the chart party document and the bill of lading is just describing how the cargo is to be carried and so on the bill of lading itself you have a number of fields you have the shipper this is the party that's loaded the cargo onboard of the vessel you have the consign II which is a slightly complicated point but this allows us to transfer the ownership of the cargo by using a cassini to order and then we have notifier vests basically to say who the cargo is going to and we have details of the transportation itself we also have all of the terms on the back and I said the first one basically says all all the terms of the charter party are incorporated into this document so the second type of bill vein we have is the liner bill rating and it's very very very similar on the face of it except that hair on this backside you will have all the terms and conditions that have been agreed with the ship owner so there is not a separate negotiation for each transportation the terms are set and they are the same for every user of this document so in terms of these documents there are number of things which are very very important first of all we've already talked about the consign II and so it's important that first of all if the document is issued with a consign II to order then the ownership is go to the shipper if the document is with the consign II to the order of a bank then it means the bank is the owner of the documents because they have fine the documents and finance the cargo and then they will in turn endorse at the cargo on to a third party so we have bills of lading which are very very very basic the surveilling which are not negotiable which are simply issued with a consign II in the name of somebody this means we can't transfer the ownership on they're not very useful unless we are controlling the entire chain and we just need a document to say the cargo is on board we also have the negotiate documents which can be used under a letter of credit and this is very very useful in international trade and a couple of other points that we have on the Bill of Lading one is that we will often see a term clean on board on the Bill of Lading this is actually quite a silly thing because in letters of credit it's important to have a clean transportation document in order for a transportation document to be clean it cannot be clause they cannot have any negative clauses about the condition of the cargo and so as soon as a bill of reading doesn't actually say anything negative it is a clean bill of lading but we've gone taken the extra step of writing on it to clean on board and now a lot of letters of credit actually require a clean onboard bill of lading so we have a bit of text that doesn't serve much purpose another thing that's very important is this shipped on board this basically confirms that the cargo has been shipped it has not just been given to the carrier for transportation and this is something that does make a big big difference with the legal responsibilities of the different parties involved so bills of lading are very very important documents we don't necessary as much care to them as we should within the world of commodity trading and one thing that we see very very often is the delivery of cargo without the production of bills of lading by use of a letter of indemnity now in terms of bills of lading the way they work is they are paper documents which are printed on normal printer and they're signed by hand and stamped it's a very archaic way of doing the business and so there are a lot of steps underway at the moment to see how we can make this more more in line with the 21st century really and so how we can make digital bills of lading electronic bills of lading and there are a number of companies which are working hard on this now its 2018 today I've been working the trade since 2000 and we were talking about electronic bills of lading then as well so it's impossible to know whether they will suddenly take off or whether we will wait another 20 years before they really do take off but with all the discussion that we have at the moment about using blockchain in the world of commodity trading I think that electronic bills of lading will be a large part of it and will contribute to the reduction of thought so we have a number of companies we have bolero who are developing a system and they have a very very powerful electronic bill rating system and other electronic documents we have a company called ESS Docs which are also providing electronic document solutions and we have another company called wave which is trying to combine blockchain with electronic bills of lading so one might see a lot of new new ideas coming out over the next couple of years but the real question is will the bills of lading change or will they remain to be the same as they have been for the last 200 years for the next 200 years it's impossible to say at the moment thank you very much for watching Komachi brief I hope you'll click back soon for future episodes you