The Wholesale Forums

[iqbal786]

HI I am a newbie thinking of importing a part container load from china and need some advice from the more experienced international traders on understanding letters of credit and bills of ladings

My questions:

Does a bill of lading specify what goods are actually in the packages and what quantity? for example if products are packaged in boxes would they be opened to see what product was inside and how many number for the purposes of issuing a bill of lading?

As one of the usual conditions of a letter of credit, is production of a bill of lading wouldnt it be possible for unscrupilous suppliers to give different/ defected or even the wrong ammount of goods and still be paid if the packages are not checked ad B/L issued.

Also can anyone tell me which Uk banks provide letters of credit? can i get one with a petrsonal account? what is the approximate charge?

Thank you in advance.

[veteran]

Apparently,the Bill of Lading would specify what goods are actually in the packages and what quantity,and the customs inspector will ensure it is true,there is no responsibility for the purposes of issuing a Bill of Lading that to opened and saw what product was inside and how many number.

Only provided the terms and conditions of the Letter of Credit have been fully complied with, and after receipt of the documents, the Issuing bank shall effect payment.

Any Uk banks can provide Letters of Credit, but the Applicant(your) must be pay the some deposits to the bank,the charge is thousandths of the Credit amount.

The Bill of Lading sample: