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A Surrender Bill of Lading is a document that is used to officially close out the shipping process. This document is used to indicate that the goods have been received and that the quality of the goods is satisfactory. The Surrender Bill of Lading also allows the shipper to maintain ownership of the goods during transit. Once the voyage is completed, the ownership of the goods is transferred to the importer who is receiving them.
The Surrender BL is therefore necessary in order for the transfer of ownership of goods to be completed. Without this document, the exporter would still technically own the goods and could reclaim them if they so desired. Therefore, the Surrender BL protects the interests of both parties involved in the transaction and ensures that everyone understands who owns the goods once payment has been made.
How it works
Here’s how it works: on the exporter’s behalf, his local bank submits the terms of payment and documentation to the importer’s bank. Once the importer makes the payment for the goods, the exporter then surrenders and transfers ownership of the goods to the importer. This process is both safe and convenient.
However, it’s important to note that the exporter should ensure that the payment is completed before surrendering the bill. If the importer receives the surrendered BL before completing the payment, they may claim ownership of the goods – which could result in the exporter not getting paid.
In short, Surrender Bill of Lading is a great option for those shipping goods internationally – just be sure that everything is squared away in terms of payment before you go ahead and transfer ownership of the goods.
Example
The exporter transfers the items to the shipper. The shipper inspects the goods and issues a Bill of Lading as a receipt of goods that can verify his legal ownership over them throughout transit. The freight reaches its destination. After payment for the goods is received by the exporter, ownership of those items is transferred to the importer, who must then go through each step of releasing cargo from a pallet or container and claiming ownership.
The Difference between Surrender BL, Telex release BL, Seaway bill, Express BL, Original BL
When it comes to Surrender Bill of Lading, there are several different types that you might come across. Surrender BL, Telex release BL, Seaway bill, Express BL, and Original BL are all slightly different from one another. Here’s a brief explanation of each:
- Surrender BL: A Surrender Bill of Lading is a document that is used to release the cargo to the consignee without the need for the original Bill of Lading.
- Telex release BL: A Telex release Bill of Lading is a document that allows for the release of cargo without the need for the original Bill of Lading. The main difference between a Surrender Bill of Lading and a Telex release Bill of Lading is that the latter requires a telex release from the issuing carrier.
- Seaway bill: A Seaway Bill is a type of Bill of Lading that is used for shipments that are going to be transported via the St. Lawrence Seaway.
- Express BL: An Express Bill of Lading is a document that is used for express shipments. This type of Bill of Lading includes all of the necessary information for an express shipment, such as tracking numbers and contact information.
- Original BL: The Original Bill of Lading is the most important document in the shipping process. This document includes all of the pertinent information about the shipment, such as the destination, the date, the sender, and the receiver. The Original Bill of Lading must be surrendered to the carrier in order to receive the cargo.
Conclusion
Surrender Bill of Lading is a document that is used to release the cargo to the consignee without the need for the original Bill of Lading. This type of Bill of Lading is used when the payment for the goods has been completed and the ownership of the goods needs to be transferred. Surrender Bill of Lading is a great option for those shipping goods internationally – just be sure that everything is squared away in terms of payment before you go ahead and transfer ownership of the goods. There are several different types of Surrender Bill of Lading, such as Surrender BL, Telex release BL, Seaway bill, Express BL, and Original BL. Each type of Surrender Bill of Lading has its own specific use. Be sure to use the right type of Surrender Bill of Lading for your needs in order to avoid any mix-ups.
