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Describe a scenario where a 'dirty-signed' bill of lading might be issued, even if the goods arrived with visible damage.
Describe a scenario where a 'dirty-signed' bill of lading might be issued, even if the goods arrived with visible damage.
A 'dirty-signed' bill of lading might occur if the damage was not immediately apparent upon initial inspection but discovered later during the unloading or unpacking process. The recipient might sign for the goods without noting the damage, leading to a 'dirty-signed' bill of lading despite the subsequent discovery of the damage.
Differentiate between a 'voyage charter' and a 'time charter' in the context of international trade.
Differentiate between a 'voyage charter' and a 'time charter' in the context of international trade.
A voyage charter is for a single journey, whereas a time charter is for multiple journeys or a specified period.
Explain the primary purpose of demurrage charges in a charter party agreement.
Explain the primary purpose of demurrage charges in a charter party agreement.
Demurrage charges compensate the ship owner for delays caused by the hirer exceeding the agreed-upon time for loading or offloading goods.
How does a consular invoice assist the importing country's customs authority?
How does a consular invoice assist the importing country's customs authority?
In foreign trade, why is it important for a consular invoice to be signed by a representative of the importing country who resides in the exporting nation?
In foreign trade, why is it important for a consular invoice to be signed by a representative of the importing country who resides in the exporting nation?
Flashcards
What does 'dirty-signed' signify?
What does 'dirty-signed' signify?
Signing for goods 'dirty' means accepting them even when they're damaged.
What is a Charter Party?
What is a Charter Party?
A contract for ship hire between the ship owner and the goods sender.
Voyage Charter Party
Voyage Charter Party
Ship is hired for only a single journey.
Time Charter Party
Time Charter Party
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What is a Consular Invoice?
What is a Consular Invoice?
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Study Notes
- Goods can be "dirty-signed" even if received in bad condition.
Charter Party
- A charter party is used in foreign trade when goods are sent by sea using a hired ship.
- It represents a contract of carriage.
- The agreement is between the shipowner and the sender but is not a document of title.
- The charter party is for either:
- Voyage: ship hired for a single journey.
- Time: Ship is hired for several journeys or a certain period.
Functions of the Charter Party:
- Contains names of the shipowners and hirer.
- Lists parts of loading and discharge of goods.
- Shows the details of goods to be carried
- Stipulates time limits for loading and offloading the ship.
- If loading/offloading days have elapsed, the hirer charges extra money called demurrage.
- It specifies the amount of hiring charges of the ship.
- Stipulates the date and place of the hiring ship.
- Shows the signature of the ship owner and hirer.
Consular Invoice
- Consular invoice is a document used in foreign trade.
- It is prepared by the exporting country.
- It is signed by the representative of the importing country.
- This representative resides in the exporter's country.
- It is vital because it:
- Allows the correct customs duty to be charged on imported goods.
- Prevents the importation of prohibited goods.
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