A CIF grain contract, shipment period: July. The vessel is brought alongside on 30 July, loading runs all night, and the final tonnes drop on board at 01:30 on 1 August. The master signs the bill of lading and dates it “31 July”. Formally everything looks clean: the B/L is dated the last day of the shipment period. But the loading was actually finished in August. The question is simple and uncomfortable at the same…
A bill of lading is a document issued by the carrier or its agent to the shipper after the cargo is loaded onto the vessel for maritime transportation. It serves as proof that the carrier has undertaken the obligation to deliver the cargo to a specified port of destination and release it to the lawful consignee. The role of the bill of lading in maritime transportation is fundamental, as it performs several important functions. Three…
This article will discuss how the Gafta extension of the delivery/shipment clause works. We will also examine whether the discount applies to the whole shipment or only to a portion loaded outside the original delivery period. Extension of delivery period clauses are contained in the most commonly used Gafta proforma. These are contracts 48, 49, 64, and 100. In this article, I use Gafta 48 for illustration. General rules for extending the delivery period under…
