Charter Party Bill of Lading (CPBOL)

Charter Party Bill of Lading (CPBOL)

This is a contract for the hire of a whole or part of ship setting in detail the rights and obligations of the owners and liners or charterers.Charter are usually arranged by ‘ship brokers’ who have know-how of this type of work. Charters are divided into time charters and voyage charters. The former are for specified period of time, while the matter are for particular voyage.Where under a charter, the charterer virtually becomes, for the time being owner of the ship, making all arrangements for working and insuring the vessel.

Charter party bill of lading covers the shipment on chartered ships-issued subject to charter party agreements which supersede the usual memorandum of conditions  of carriage appearing on the reverse of bill of lading.These bills of  lading  are not acceptable unless specially authorised.

A charter party specifies among other details, the particular ports to which the ship is to go, the cargo to be carried and the freight to be paid for the  hire of the ship. It is open to the charterer to sublet a portion or whole of the vessel unless he is prohibited to do so under the terms of the charter party.

In voyage charters, the charterer is required to load and unload within a specified period of time known as ‘ lay days’. Where the lay days are exceeded the charter incurs a panel charge known as ‘ demurrage; where some days are saved from the lay days, the charterer is rewarded with an allowance termed as ‘ dispatch money’.

A shipper who has chartered a vessel may provide shipping space to other exporters and issue bills of  lading. If and when a bill of lading is issued by the charter of a ship, such a document will be subject to the terms and conditions of the charter party i.e. the contract between the charter and the owners of the vessel. A bank, which is called upon negotiable a bill of exchange accompanied by a charter party bill of lading or where it is offered as collateral for a loan or advance, will not accept such a bill of lading until it has examined and is satisfied with the terms and conditions of the charter party.

Import Policy Order

Import Policy Order The Import Policy Order covers a period of 5 years — the last one being for the period from July 2010 to June 2015. As per this …

H S CODE

H S CODE Classification of commodity has been introduced in early nineteenth century in Europe. Internationally accepted coding system was first introduced in 1931 as Brussels Nomenclature and in 1937 …

Post Import Finance

Post Import Finance: Some time branch faces difficulties in retiring import document against L/Cs opened under arranged post import finance facilities, due to lack of proper documentation formalities. In order …

Import Business of Islamic Bank

Import Business of Islamic Bank Import Business : All Islamic bank of Bangladesh runs their import business is mainly divided into the following three categories: i) Import of Commercial goods. …

Foreign Remittance

Foreign Remittance  Definition: Remittance represents transfer of fund from one place to another through official channel. Foreign Remittance: Foreign Remittance refers remittance of Foreign currency that are received in and …

Stale Bill of Lading

Stale Bill of Lading What is stale bill of lading A bill of lading is said to a stale it bears a date subsequent to the expiry date of credit …