A blank endorsement on a bill of lading is an indication that there is no specified recipient of the endorsed bill. A bill of lading is a receipt showing a list of a shipment of goods. The list contains details of the shipment and is compiled by the carrier of the gꦺoods and given to the person or com𝕴pany that consigns the goods.

Bill of Lading

A 澳洲幸运5开奖号码历史查询:bill of lading acts as a legal contract between the shipper (who is the seller or exporter of the goods) and the carrier (the company that transports goods from one place to another for a fee). A bill of lading also functions as a 澳洲幸运5开奖号码历史查询:document of title and a receipt for shipped goods. It acts as a transfer document and is administered in the same way as an acꦍtual shipment. When a bill of lading contains a blank endorsement, there is no specified rec♕ipient for the bill. The carrier becomes the owner of the bill and can thus claim ownership of the goods listed in the shipment.

For example, a carrier may agree to transport goods for a person or company. The person or company will then stamp and sign the 澳洲幸运5开奖号码历史查询:ocean bill of lading for the goods and make it out to order, thereby 澳洲幸运5开奖号码历史查询:endorsing the bill of lading to the carrier. The carrier now becomes responsible fo🃏r the shipment of goods and must act as a representative to obtain and then release the delivery of the goods. The🅺 carrier also assumes responsibility for any ancillary, freight, or accounting costs related to the shipment.

A bill of lading can be negotiated and the carrier is bound to the terms of the bill, regardle💞ss of the owner of the goods. To be valid, a bill of lading must contain a description of the goods, the weight of the shipment, the name of the shipping company, the flag of the nationality of origin of the goods, the name of the shꩵipper, freight measurements, and the notify and order party of the shipment.

Why Use a Blank Endorsement?

There are several reasons to use a blank endorsement on a bill of lading. In 澳洲幸运5开奖号码历史查询:international trade, the exporter (seller) of goods may not have a buyer at the time the goods are loaded on the vessel for transport. The seller anticipates having a buyer by the time the goods arrive at the destination. Since the recipient of the goods is yet to be determined, the consignee section of the bill of lading will si꧟mply state "to order" or "to order of."

The bill of lading is now classified as 澳洲幸运5开奖号码历史查询:negotiable, which means the ownership of the goods is being negotiated while the cargo is being transported. This process enables the seller to transfer the title of the goods once the seller has come to terms with a buyer. Additionally, a negotiable bill of lading, also known as a transferable bill of lading, allows the ownership of goods to be transferred multiple times while the goods are in transit. 澳洲幸运5开奖号码历史查询:Commodities are frequently sold multiple times during transit, a situation kno🍰wn as "string sales."

International Commercial Terms

The rules and language regarding international shipping and trade can be confusing, especially since buyers and sellers in different countries can define terms in 😼various ways. Knowing whaꦯt a bill of lading is and what a blank endorsement means is just one step in understanding the contracts surrounding international trade.

International Commercial Terms—also known as 澳洲幸运5开奖号码历史查询:Incoterms—refers to a set of international commercial terms that help buyers and sellers clarify the language used in international trade. The 澳洲幸运5开奖号码历史查询:International Chamber of Co🅰mmerce (ICC) began publishing these terms in 1936 and now regularly updates them to reflect changes in trade practices. These terms are a useful resource for anyone interested in learning more about f🔯o😼reign trade and the obligations of buyers and sellers.