Hi, expert
I have one case , we have a client , open a L/C through us, B/L made out order , blank endorsed , and notify applicant ( our client) , when they receive the docs, they switch docs from import to export using the same B/L , and when they present export doc to us , the B/L made out to order, blank endorsed , notify beneficiary ( now applicant, our client become to a beneficiary) and this export B/L blank endorsed by beneficiary , not only one of our client do it like this,
anybody can explian to me , why notify party need to blank endorsed. my point of view is that because B/L is goods of title , blank endorsed by bene , the B/L can be used by import docs by next applicant , i means our client's applicant ?
am i right?
vivian
tks
blank endorsed by notify party
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vivian
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Lee
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Blank endorsed by notify party
Hi Vivian,
Regarding this case, I think the client (applicant) acts as middle man or intermediary,
and he gets goods from one person and selling it to another person.
So he issues LC, and request for the neccessary document and on receipt of the same
presenting under Export LC drawn in his favour.
In this case, B/L is made as "To order " and blank endorsed, so its title to goods, and bearer document. So who ever bears this document can claim the goods from the carrier.
So your client (applicant) under Import LC uses this under Export LC (where he acts as beneficary)
and the client's applicant (ie. applicant of export LC) can gets the goods by providing the B/L to carrier.
But in this case, when goods reach the port of destination, carrier will inform your client (ie. applicant of Import LC issued by you, and beneficiary of Export LC). So your client has to inform his client (applicant of export LC) regarding the arrival of goods without delay in order to avoid any demurrage charges.
And also this B/L can be further be used under another import lc by your client's applicant.
Its workable.
Regarding this case, I think the client (applicant) acts as middle man or intermediary,
and he gets goods from one person and selling it to another person.
So he issues LC, and request for the neccessary document and on receipt of the same
presenting under Export LC drawn in his favour.
In this case, B/L is made as "To order " and blank endorsed, so its title to goods, and bearer document. So who ever bears this document can claim the goods from the carrier.
So your client (applicant) under Import LC uses this under Export LC (where he acts as beneficary)
and the client's applicant (ie. applicant of export LC) can gets the goods by providing the B/L to carrier.
But in this case, when goods reach the port of destination, carrier will inform your client (ie. applicant of Import LC issued by you, and beneficiary of Export LC). So your client has to inform his client (applicant of export LC) regarding the arrival of goods without delay in order to avoid any demurrage charges.
And also this B/L can be further be used under another import lc by your client's applicant.
Its workable.