It is the solved assignment question of SMU MBA MB0037. The question is – “Write a note on bill of lading.” The assignment question is the part of International Business Management of MBA MB0037. I have already shared some solved assignment of MB0037 like - “understanding of regional economic integration”, “How has WTO Benefited Economies? and “current issues in globalization”.
A Bill of Landing is a type of document that is used to acknowledge the receipt of a shipment of goods and is an essential document in transporting goods overland to the exporter’s international carrier. A through Bill of Landing involves the use of at least two different modes of transport from road, rail, air and sea. The term derives from the noun “bill”, a schedule of costs for services supplied or to be supplied, and from the verb “to lade” which means to load a cargo onto a ship or other form of transport.
In addition to acknowledging the receipt of goods, a Bill of Landing indicates the particular vessel on which the goods have placed their intended destination, and the terms for transporting the shipment to its final destination. Inland, ocean, through and airway bill are the names given to bills of landing.
Upon receipt of the letter of credit, the credit professional should review all items carefully to insure that what is expected of the seller is fully understood and that he can comply with all the terms and conditions. When compliance is in question, the buyer should be requested to amend the credit.
The credit professional should be familiar with two types of letters of credit: commercial and standby. Commercial letters of credit are used primarily to facilitate foreign trade. The commercial letter of credit is the primary payment mechanism for a transaction.
The standby letter of credit serves a different function. The standby letter of credit serves as a secondary payment mechanism. The bank will issue the credit on behalf of a customer to provide assurance of his ability to perform under the terms of contract.
A Bill of Landing is a type of document that is used to acknowledge the receipt of a shipment of goods and is an essential document in transporting goods overland to the exporter’s international carrier. A through Bill of Landing involves the use of at least two different modes of transport from road, rail, air and sea. The term derives from the noun “bill”, a schedule of costs for services supplied or to be supplied, and from the verb “to lade” which means to load a cargo onto a ship or other form of transport.
In addition to acknowledging the receipt of goods, a Bill of Landing indicates the particular vessel on which the goods have placed their intended destination, and the terms for transporting the shipment to its final destination. Inland, ocean, through and airway bill are the names given to bills of landing.
Upon receipt of the letter of credit, the credit professional should review all items carefully to insure that what is expected of the seller is fully understood and that he can comply with all the terms and conditions. When compliance is in question, the buyer should be requested to amend the credit.
The credit professional should be familiar with two types of letters of credit: commercial and standby. Commercial letters of credit are used primarily to facilitate foreign trade. The commercial letter of credit is the primary payment mechanism for a transaction.
The standby letter of credit serves a different function. The standby letter of credit serves as a secondary payment mechanism. The bank will issue the credit on behalf of a customer to provide assurance of his ability to perform under the terms of contract.
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