Why bl surrender

Summery Principally the original bill of lading is required to receive the shipment at the destination, however, if the bill of lading is surrendered at the origin, no original will be required. Surrender bill of lading is useful to avoid the risk of the loss or late delivery of the original bill of lading.

Once a bill of lading is surrendered, a copy of surrendered bill of lading is available and you can use a copy of it at the time of customs clearance. A shipper has an option of sending the original bill of lading to the consignee or having it surrendered so that there will be no need for sending it.

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In this case, the original bill of lading has to be surrendered to the carrier before the cargo is transferred to the cargo owner. Note: Original Bill of Lading is usually issued in 3 copies. But can any tom, dick or harry do so? When a transfer of cargo is performed, the carrier is responsible too to ensure that the cargo is transferred to the rightful owner of the cargo.

In practice, on the other hand, this procedure is undertaken by freight forwarders on behalf of the cargo owner. We surrender the Original Bill of Lading to the appointed shipping agent at the destination port.

And the shipping agent will have the requirements outlined below be met. Once the Letter of Credit terms are met, the Bill of Lading will be endorsed by the bank and instructions given by the bank to release the cargo to the beneficiary cargo owner.

The importer makes the payment for the goods and the exporter then surrenders and transfers the good's ownership to the importer.

This process is both safe and convenient. However, the exporter should ensure that the payment is completed before surrendering the bill. If the importer receives the surrendered BL before completing the payment and claims ownership of the goods, the exporter might not get paid.

To sum it up, it is safe to say that this transaction is a better option when an exporter has a trustworthy relation with the importer. The exporter sends the goods to the shipper.

The shipper examines the goods and issues a Bill of Lading as a receipt of goods that can prove his legal ownership over goods during the transit.