Hi LC experts,
We have difficulties in handling surrendered B/L as we can not find any Icc publication on this type of B/L.
We highly appreciate if you dont mind to let us any update on this issue especially what banks should do in dealing with this B/L.
Many thanks for your quick feedback.
Surrendered BL
Surrendered BL
Sorry, I do not know what you are talking about.
Surrendered BL
Sorry for my bad interpretation, please read the below case for easy comment.
We recently come across many LCs with the following clause:
quote
Full set of bill of lading made out to order of shipper...
Surrendered B/L acceptable
unquote
and the LC states no definition of what is surrendered B/L
When the documents presented by the beneficiary, among other things in good order, the BL presented stating on its face the wordings "Surrender". As documents checkers, we do not have any regulations or rules for checking this type of documents (as UCP600 and ISBP do not mention any relative article), that is why we look for LC experts ideas on this issue.
Hope it is clear. Regards,
We recently come across many LCs with the following clause:
quote
Full set of bill of lading made out to order of shipper...
Surrendered B/L acceptable
unquote
and the LC states no definition of what is surrendered B/L
When the documents presented by the beneficiary, among other things in good order, the BL presented stating on its face the wordings "Surrender". As documents checkers, we do not have any regulations or rules for checking this type of documents (as UCP600 and ISBP do not mention any relative article), that is why we look for LC experts ideas on this issue.
Hope it is clear. Regards,
Surrendered BL
I wonder but I just wonder if it is the same thing as
the B/L "voyage accomplished, null and void". A bank (for ex. in oil business) send the bill of lading to the shipowner in order to have the guarantee for missing B/L released. But the bank still needs the B/L to have the guarantee for payment (DC payable against documents or LOI) released.
Therefore the B/L will be returned to the bank with a mention "voyage accomplished" signed by the owner.
Daniel
the B/L "voyage accomplished, null and void". A bank (for ex. in oil business) send the bill of lading to the shipowner in order to have the guarantee for missing B/L released. But the bank still needs the B/L to have the guarantee for payment (DC payable against documents or LOI) released.
Therefore the B/L will be returned to the bank with a mention "voyage accomplished" signed by the owner.
Daniel
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HOANGTHIANHTHU_invalid
- Posts: 189
- Joined: Fri Apr 05, 2019 5:15 pm
Surrendered BL
Hi,
Surrender BL is commonly used where the voyage is short and the original BL may not get to the consignee in time.
To avoid demurrage possibly arising from the late arrival of the original BL, the consignee would arrange with the shipper to surrender the original BL to the shipping company at the port of lading, the shipping company will send a message (or fax the BLs that have been stamped “SURRENDERED”) to its agent at the port of discharge instructing its agent to effect deliver of the cargo to the consignee without production of the original BLs (as the shipper has surrendered the original BLs).
That explains why you sometimes come across LCs allowing surrendered BLs to be acceptable.
Regards,
N.H.Duc
[edited 1/22/2010 3:57:24 PM]
Surrender BL is commonly used where the voyage is short and the original BL may not get to the consignee in time.
To avoid demurrage possibly arising from the late arrival of the original BL, the consignee would arrange with the shipper to surrender the original BL to the shipping company at the port of lading, the shipping company will send a message (or fax the BLs that have been stamped “SURRENDERED”) to its agent at the port of discharge instructing its agent to effect deliver of the cargo to the consignee without production of the original BLs (as the shipper has surrendered the original BLs).
That explains why you sometimes come across LCs allowing surrendered BLs to be acceptable.
Regards,
N.H.Duc
[edited 1/22/2010 3:57:24 PM]
Surrendered BL
N.H. Duc,
If so, why not a straight B/L or a SWB?
Daniel
If so, why not a straight B/L or a SWB?
Daniel
Surrendered BL
And how does tell a 'surrendered' BL is a 'surrendered' BL?
Surrendered BL
Hi Mr. N.H.Duc,
Many thanks for your kind identification of the process of surrendered B/L. I think it does work in reality, however please comment how we, as a banker can manage to check this kind of documents.
We are also pleased to tell you the further action under the said LC is our customer still presents to us the full sets of original B/L, stamped as "surrender" however its "number of original" field is stated with "zero". How do we deal with that, in your opinion is it acceptable ?
Thanks again, Mr. N.H.Duc and other LC experts , we appreciate your feedback to our case.
Regards,
ThuyPTB
Many thanks for your kind identification of the process of surrendered B/L. I think it does work in reality, however please comment how we, as a banker can manage to check this kind of documents.
We are also pleased to tell you the further action under the said LC is our customer still presents to us the full sets of original B/L, stamped as "surrender" however its "number of original" field is stated with "zero". How do we deal with that, in your opinion is it acceptable ?
Thanks again, Mr. N.H.Duc and other LC experts , we appreciate your feedback to our case.
Regards,
ThuyPTB
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HOANGTHIANHTHU_invalid
- Posts: 189
- Joined: Fri Apr 05, 2019 5:15 pm
Surrendered BL
Daniel,
A straight BL is issued “straight” to a named consignee. It is not negotiable. Once it is issued, the title to the cargo belongs to the consignee. The consignee may take delivery of the cargo without production of the original BL provided he indentifies himself as the consignee stated on the BL.
A surrender BL is normally issued to the order of the shipper. The shipper reserves the right to disposal of the cargo until he surrenders the duly endorsed BL to the shipping company and ask the shipping company to instruct its agent to deliver the cargo to the consignee indicated by the shipper.
In term of the right to disposal of the cargo it is obvious that an experienced exporter would prefer a surrender BL to a straight BL.
Thuy PTB,
Except for the stamped word “SURRENDERED” which is acceptable as per LC conditions, I think surrender BLs are still examined under appropriate transport articles of UCP 600. That a full set of surrendered BLs presented fails to indicate number of originals that have been issued or just indicates as “zero” is not complying with ISBP para 70 and para 93.
Best regards,
N.H.Duc
[edited 1/25/2010 5:00:44 PM]
A straight BL is issued “straight” to a named consignee. It is not negotiable. Once it is issued, the title to the cargo belongs to the consignee. The consignee may take delivery of the cargo without production of the original BL provided he indentifies himself as the consignee stated on the BL.
A surrender BL is normally issued to the order of the shipper. The shipper reserves the right to disposal of the cargo until he surrenders the duly endorsed BL to the shipping company and ask the shipping company to instruct its agent to deliver the cargo to the consignee indicated by the shipper.
In term of the right to disposal of the cargo it is obvious that an experienced exporter would prefer a surrender BL to a straight BL.
Thuy PTB,
Except for the stamped word “SURRENDERED” which is acceptable as per LC conditions, I think surrender BLs are still examined under appropriate transport articles of UCP 600. That a full set of surrendered BLs presented fails to indicate number of originals that have been issued or just indicates as “zero” is not complying with ISBP para 70 and para 93.
Best regards,
N.H.Duc
[edited 1/25/2010 5:00:44 PM]
Surrendered BL
Is it clear that the carrier is responsible for stamping a BL "SURRENDERED" and therefore responsible for whatever the stamp means? How can one tell who surrendered the stamped BL to whom?
If this is done on BLs that are issued to the order of the shipper, is it assumed that the stamped BL is not endorsed by the shipper?
Regards, Jim
If this is done on BLs that are issued to the order of the shipper, is it assumed that the stamped BL is not endorsed by the shipper?
Regards, Jim