I have written about this couple of years ago andRead more…
Entrepreneurs in the international trade business must be aware of documents required for sea and air cargo. Basic papers are made up of invoices, licences and list of items to be packed. There are also documents of haulage. The Bill of Lading is for sea freight. Air waybill is for air cargo while the CMR Consignment Note applies to road consignments. Freight forwarders usually take on this task and are very familiar with said procedures. Forwarding agents also deal with documents related to customs clearances for import and export matters.
The Bill of Lading is the certificate of ownership for all commodities being shipped. Importers submit this document at the port of final destination to facilitate claiming of cargo. The bill also serves as negotiable document. It is also an option to sell the products by transferring it to another recognized party even if the products are still at sea. Most countries make use of negotiable Bills of Lading. This duly-signed formal receipt is intended for a specific number of packages. It is turned over to the exporter’s representative by the shipping company upon receipt of the delivery. The Bill is considered clean if the shipment is in proper order and packed according to guidelines. Ship owners acknowledge complete responsibility for the goods indicated in the bill.
Air Waybills stand for documentary evidence of conclusion with respect to contract for carriage. The bill has several purposes. It is a cargo invoice as well as proof of receipt for receipt of the consignment. The bill also doubles as insurance certificate and guide for airline personnel in handling, transmittal and delivery of merchandise. This document includes three original and nine duplicate copies. The first original signed by the exporter’s agent goes to the carrier. The second is the copy of the consignee. It is also signed by the exporter’s agent and goes together with the cargo. The carrier signs the third original and given to the exporter as receipt for the products.
Commercial invoices are bills for commodities that come from the seller. Government agencies use said invoices to establish the real value of your cargo for assessment of customs tariff. It is also utilized to regulate imports and stipulate form, contents, number of copies, language and other vital details. The insurance certificate or policy is extracted either by the buyer or seller. Blank insurance certificates come from the insurer. These documents have been pre-signed and carry the exporter’s (open) policy number. Insurance certifications are given out as confirmation of marine insurance coverage. This policy serves as formal agreement between insured shipments and the insuring company.
The packing list denotes the specific number of goods in each package together with corresponding measurements and weights. This listing allows customs personnel to identify packs for inspection. Letters of Credit are used by banks to facilitate payments to designated beneficiaries within the prescribed period. It protects both importers and exporters although it is an additional expense.
Study these documents for air and sea cargo. It pays to be familiar with all these requirements to avoid any issues in the future.
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