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What is Shipping Bill & Shipping Guarantee ?

Introduction
Shipping Bill & Shipping Guarantee mostly related with shipment. A business men should have unique knowledge about of shipping bill. Otherwise unless knowledge they will be faced lots of problem in his/her business various type of angel.
What is Shipping Bill?

Actually "Shipping Bill" is the main document which required by customs authority for clearance of goods for shipment. Where the goods are to be cleared by land customs, bill of export is prepared instead of shipping bill.

What are the Responsible of Shipping Bill?
Basically shipping managers who are a specific kind of storage and distribution manager, overseas shipping and receiving departments. Common duties of shipping managers include packing items for shipment, verifying the contents of received package monitoring subordinate employees and ordering supplies.

What is Shipping Guarantee? 
A "Shipping Guarantee" is issued by Bank on the customer instruction when the vessel carrying the goods earlier the original Bill of Lading, which require the customer to clear the goods or face  the possibility of incurring demurrage charge.

Under such circumstance the shipping documents may still be in transit to bank or may have been lost in transit. If the goods were transported by Air, bank would delivery order to authorized the release at the goods from Air Port.

Shipping Guarantee are typically only issued when bank is the LC issuing Bank, in which case the Bill of Lading should be consigned "to order " and blank endorsed or consigned to the order of bank.

Benefits:
For in this stage customer will be able to clear the goods before receipt of the original shipping documents thus avoiding demurrage charges.

Bank Requirements for Shipping Guarantee:
  • An undertaking to accept all the discrepancies.
  • If the shipping guarantee is issued against a Letter of Credit once the documents are received along with an authority to debit the customer account.
  • An undertaking to return the original guarantee duly discharged by the beneficiary (carrier) upon receipt of original Bill of Lading.

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