JENIS JENIS L/C

Sight A letter of credit that is payable as soon as the required documents have been presented. A letter of credit that is payable once it is presented along with the necessary documents. Sight L/C, yaitu pada saat diunjukkan segera dibayar

Confirm Jenis L/C berdasarkan jaminan pembayarannya, yaitu bila terdapat bank lain (confirming bank) selain Iss.Bank yang ikut memberikan jaminan pembayaran atas L/C tersebut, biasanya yang diminta oleh Issuing Bank untuk menambah konfirmasi pada L/C yang diterbitkannya adalah advising bank.

Upas ( Usance Payable at Sight )

yaitu L/C usance yang dapat diambil alih secara sight.

Negotiating Bank membayar kepada beneficiary secara sight Iss.Bank atau Reimb. Bank membayar Negotiating Bank secara sight Applicant/Importir membayar Iss.Bank secara Usance Dalam UPAS L/C biasanya terdapat klausula : Interest/discount charges are for account of applicant. Atau Reimbursement Clause memuat : Negotiating Bank authorize to claim on sight

Transferable

Transferable L/C, menurut pasal 38 UCP 600 adalah : "L/C yang secara khusus menyatakan transferable dan ditransfer atau dialihkan baik sebagian atau keseluruhan kepada benefiary yang lain/beneficiary kedua atas permintaan dari beneficiary pertama". Transfering Bank (Bank yang melakukan transfer) adalah bank yang secara khusus diberi kuasa oleh Issuing Bank. Issuing Bank dapat bertindak sebagai Transferring Bank. Seluruh biaya yang timbul berkaitan dengan transfer tersebut adalah menjadi beban beneficiary

pertama, kecuali L/C menyatakan lain. Transfer ini bersifat sekali artinya beneficiary kedua tidak dapat mentransfer kepada pihak lain atau beneficiary ketiga.

Revolving L/C

Revolving L/C, yaitu L/C yang berdasarkan syarat-syaratnya dapat direalisir dan dinyatakan berlaku kembali secara otomatis dalam kaitan jangka waktu atau nilai nominal L/C tanpa menunggu adanya pemberitahuan atau amendment dari Issuing Bank. Berkaitan dengan waktu, misalnya tersedia sampai jumlah US$.60,000 per-bulan selama jangka waktu 6 bulan, maka dalam waktu 6 bulan L/C tersebut secara otomatis tersedia sebesar US$.60,000 per-bulan tanpa memperhatikan apakah telah ada penarikan selama bulan sebelumnya. Berkaitan dengan jumlah, maka penggunaan revolving L/C dapat bersifat kumulatif dan non-kumulatif. Dalam hal bersifat kumulatif, maka jumlah yang tidak dipergunakan dalam periode waktu tertentu dapat ditambahkan ke dalam periode berikutnya, bila non-kumulatif, maka jumlah yang tidak dipergunakan dalam periode waktu tertentu tidak dapat ditambahkan pada periode berikutnya, sehingga sisa yang ada menjadi batal. Oleh karena itu Revolving L/C non-kumulatif harus dilaksanakan sesuai dengan periode waktunya.

Red Clause L/C

Red Clause L/C, L/C yang memberi kuasa kepada Advising, Negotiating atau Confirming Bank untuk memberikan pembayaran di muka baik sebagian atau seluruh nilai L/C kepada beneficiary sebelum pengapalan barang, sehingga pembayaran atau penarikan hanya didasarkan pada Simple Receipt. L/C jenis ini biasanya digunakan sebagai penyediaan dana bagi eksportir sebelum barang dikapalkan.

Usance Usance L/C, mengandung syarat pembayaran berjangka atau yang sering disebut dengan Usance, umumnya eksportir akan menerima pembayaran beberapa hari kemudian setelah barang dikirim.

Unconfirm Unconfirmed L/C, kebalikan dari confirmed L/C yaitu hanya Issuing Bank yang memberikan jaminan pembayaran atas L/C yang diterbitkan.

Back To Back L/C

Back to Back L/C, yaitu L/C yang diterbitkan atas dasar L/C yang lain (master L/C). Jenis L/C ini umumnya digunakan dalam kondisi, sebagai berikut :

Eksportir bukanlah supplier barang Eksportir tidak mempunyai dana untuk membayar supplier Eksportir tidak ingin supplier mengetahui nama importir dan harga barang yang sesungguhnya.

Standby L/C A guarantee of payment issued by a bank on behalf of a client that is used as "payment of last resort" should the client fail to fulfill a contractual commitment with a third party. Standby letters of credit are created as a sign of good faith in business transactions, and are proof of a buyer's credit quality and repayment abilities. The bank issuing the SLOC will perform brief underwriting duties to ensure the credit quality of the party seeking the letter of credit, then send notification to the bank of the party requesting the letter of credit (typically a seller or creditor). Also known as a "non-performing letter of credit". A standby letter of credit will typically be in force for about one year, allowing for enough time for payment to be made through standard contractual guidelines. Standby letters of credit are often used in international trade transactions, such as the purchase of goods from another country. The seller will ask for a standby letter of credit, which can be cashed on demand if the buyer fails to make payment by the date specified in the contract. The cost to obtain a standby letter of credit is typically 1-8% of the face amount annually, but the letter can be canceled as soon as the terms of the contract have been met by the purchaser or borrower.

delivery order

Definitions (2)
1. In freight-prepaid shipments, written directions from a consignor (or shipper) of a shipment to a carrier or freight forwarder to release the shipment to the named delivery party. 2. In freight-collect (free on board) shipments, order by a carrier to the port authorities to release a shipment to the named delivery party on payment of the specified freight charges. Not to be confused with delivery instructions document which pertains to inland transportation. D/O is the abbreviation for the term Delivery Order.[1] A delivery Order is a document from a consignor, a shipper, or an owner of freight which orders the release of the transportation of cargo to another party.[2] Usually the written order permits the direct delivery of goods to a warehouseman, carrier or other person who in the course of their ordinary business issues warehouse receipts or bills of lading.[3] According to the Uniform Commercial Code (UCC)[4] a delivery order refers to an "order given by an owner of goods to a person in possession of them (the carrier or warehouseman) directing that person to deliver the goods to a person named in the order."[3] A Delivery Order which is used for the import of cargo should not to be confused with delivery instructions. Delivery Instructions provides "specific information to the inland carrier concerning the arrangement made by the forwarder to deliver the merchandise to the particular pier or steamship line."[5] "A delivery order was not regarded as a document of title at common law with the result that the transfer of the delivery order did not effect transfer of constructive possession of the goods. Attornment on the part of the bailee was required (i.e., an acknowledgement that the bailee held the goods on behalf of the transferee). The Uniform Documents of Title Act permits the use of negotiable delivery orders (if the order directs delivery to a named person or order). However, it is still necessary to single out delivery orders for special treatment. Until the delivery order is accepted by the bailee, there is no basis for imposing obligations on the bailee. See discussion under sections 18 and 19. See also the definition of "issuer"."[3]

References
1. ^ "D/O Definition," MSN Encarta World English Dictionary [North American Edition]. 2007. Microsoft Corporation. Accessed 5 July 2007. Archived 2009-1031. 2. ^ McCracken, Mark. "Definition of Delivery Order." Teachmefinance.Com. 2005. markmccracken.com. Accessed 5 July 2007 (http://www.teachmefinance.com/Financial_Terms/delivery_order.html).

3. ^ a b c Dalton, Clark. "Uniform Law Conference of Canada - Proceedings of Annual Meetings." Uniform Law Conference of Canada. Aug. 1995. Uniform Law Conference of Canada. Accessed 5 July 2007 (http://www.ulcc.ca/en/poam2/index.cfm?sec=1995=1995af). 4. ^ "U.C.C. Article 7 - Warehouse Receipts, Bills of Lading and Other Documents of Title." Cornell University Law School. 2005. The American Law Institute and the National Conference of Commissioners on Uniform State Laws. Accessed 5 July 2007 (http://www.law.cornell.edu/ucc/7/7-102.html#Bailee_7-102). 5. ^ "Comprehensive Guide to International Trade Terms (Complete Text)." National Trade Data Bank's Guide to International Trade Terms. 1 September 1995. USDOC, OFFICE OF ADMINISTRATION - International Government. Accessed 6 July 2007 (http://www.ntia.doc.gov/lexcon.txt). Delivery Order adalah dokumen yang berfungsi sebagai surat perintah penyerahan barang kepada pembawa surat tersebut, yang ditujukan kepada bagian yang menyimpan barang ( Bagian gudang ) milik perusahaan atau bagian gudang perusahaan lain yang memiliki konsensus dengan perusahaan yang menerbitkan Delivery Order. Delivery order tidak berpengaruh terhadap persediaan. Selanjutnya Dokumen ini berfungsi sebagai bukti pengeluaran barang atas perintah yang menrbitkan Delivery Order. Bila Dokumen ini ditujukan kepada Gudang milik perusahaan yang menerbitkan diperlukan sebanyak 3 lembar. a. Lembar ke 3 sebagai arsip bagian yang menerbitkan b. Lembar ke 2 sebagai arsip yang mengeluarkan barang ( bagian Gudang) c. Lembar ke 1 sebagai bukti transaksi yang digunakan untuk pembuatan tagihan. Bila Dokumen ini ditujukan kepada perusahaan lain yang mempunyai konsensus dengan perusahaan yang menerbitkan diperlukan sebanyak 2 lembar. Kecuali ada permintaan khusus. Bila tidak mempunyai konsensus maka yang digunakan adalah dokumen pembelian (Purchase Order) a. Lembar ke 2 sebagai arsip bagian yang menerbitkan b. Lembar ke 1 sebagai bukti bagi perusahaan yang menyerahkan barang, bahwa perusahaan tersebut telah menyerahkan barang kepada pembawa dokumen tersebut atas perintah yang menrbitkan dokumen. Selanjutnya dokumen ini, berfungsi sebagai dasar untuk melakukan tagihan kepada perusahaan yang menerbitkan. Dalam bentuk terpisah bagian akuntansi mendapatkan 2 dokumen penyerahan barang yang memuat informasi yang sama yaitu Surat Jalan dan Delivery Order. Sehingga dengan penggabungan Delivery Order dengan Surat Jalan dalam setiap transaksi diperoleh efisiensi kerja sebesar 50%. Dan penghematan 1 lembar dokumen. Bila DO dan Surat Jalan disatukan maka dibutuhkan 5 lembar o Lembar ke 5 arsip yang menerbitkan DO/Sj o Lembar ke 4 arsip bagian yang mengeluarkan barang o Lembar ke 3 untuk Customer

o Lembar ke 2 untuk bagian akuntansi o Lembar ke 1 untuk dasar pembuatan tagihan. Dalam sistem komputer pembuatan DO/SJ didasarkan kepada Sales Order, dimana DO/SJ hanya dapat dibuat setelah sales order di entry ke sistem komputer. hanya dapat dibuat setelah sales order di entry ke sistem komputer. BILL of LADING Surat yang dikeluarkan maskapai pelayaran yang menerangkan bahwa ia telah menerima barang dari pengirim untuk diangkut sampai ke pelabuhan tujuan dan diserahkan kepada penerima; surat muatan mempunyai tiga fungsi yaitu sebagai perjanjian pengangkutan, tanda bukti penerimaan barang, dan tanda bukti pemilikan barang. A bill of lading is a type of document that is used to acknowledge the receipt of a shipment of goods. A transportation company or carrier issues this document to a shipper. In addition to acknowledging the receipt of goods, a bill of lading indicates the particular vessel on which the goods have been placed, their intended destination, and the terms for transporting the shipment to its final destination. Inland, ocean, through, and air waybill are the names given to bills of lading. An inland bill of lading is a document that establishes an agreement between a shipper and a transportation company for the transportation of goods. It is used to lay out the terms for transporting items overland to the exporter's international transportation company. An ocean bill of lading is a document that provides terms between an exporter and international carrier for the shipment of goods to a foreign location overseas. A through bill of lading is a contract that covers the specific terms agreed to by a shipper and carrier. This document covers the domestic and international transportation of export merchandise. It provides the details of the agreed upon transportation between specific locations for a set monetary amount. An air waybill is a bill of lading that establishes terms of flights for the transportation of goods both domestically and internationally. This document also serves as a receipt for the shipper, proving the carrier's acceptance of the shipper's goods and agreement to carry those goods to a specific airport. Essentially, an air waybill is a type of through bill of lading. This is because air waybills may cover both international and domestic transportation of goods. By contrast, ocean shipments require both inland and ocean bills of lading. Inland bills of lading are necessary for the domestic transportation of goods and ocean bills of lading are necessary for the international carriage of goods. Therefore, through bills of lading may not be used for ocean shipments. Inland and ocean bills of lading may be negotiable or non-negotiable. If the bill of lading is non-negotiable, the transportation carrier is required to provide delivery only to the consignee named in the document. If the bill of lading is negotiable, the person with

ownership of the bill of lading has the right of ownership of the goods and the right to reroute the shipment. A bill of lading (sometimes referred to as a BOL,or B/L) is a document issued by a carrier to a shipper, acknowledging that specified goods have been received on board as cargo for conveyance to a named place for delivery to the consignee who is usually identified. A through bill of lading involves the use of at least two different modes of transport from road, rail, air, and sea. The term derives from the verb "to lade" which means to load a cargo onto a ship or other form of transportation. A bill of lading can be used as a traded object. The standard short form bill of lading is evidence of the contract of carriage of goods and it serves a number of purposes:

It is evidence that a valid contract of carriage, or a chartering contract, exists, and it may incorporate the full terms of the contract between the consignor and the carrier by reference (i.e. the short form simply refers to the main contract as an existing document, whereas the long form of a bill of lading (connaissement intgral) issued by the carrier sets out all the terms of the contract of carriage); It is a receipt signed by the carrier confirming whether goods matching the contract description have been received in good condition (a bill will be described as clean if the goods have been received on board in apparent good condition and stowed ready for transport); and It is also a document of transfer, being freely transferable but not a negotiable instrument in the legal sense, i.e. it governs all the legal aspects of physical carriage, and, like a cheque or other negotiable instrument, it may be endorsed affecting ownership of the goods actually being carried. This matches everyday experience in that the contract a person might make with a commercial carrier like FedEx for mostly airway parcels, is separate from any contract for the sale of the goods to be carried, however it binds the carrier to its terms, irrespectively of who the actual holder of the B/L, and owner of the goods, may be at a specific moment.

Main types of bill

[edit] Straight bill of lading
This bill states that the goods are consigned to a specified person and it is not negotiable free from existing equities, i.e. any endorsee acquires no better rights than those held by the endorser. So, for example, if the carrier or another holds a lien over the goods as security for unpaid debts, the endorsee is bound by the lien. Although, if the endorser wrongfully failed to disclose the charge, the endorsee will have a right to claim damages for failing to transfer an unencumbered title. Also known as a non-negotiable bill of lading; and from the banker's point of view this type of bill of lading is not safe.

[edit] Order bill of lading

This bill uses express words to make the bill negotiable, e.g. it states that delivery is to be made to the further order of the consignee using words such as "delivery to A Ltd. or to order or assigns". Consequently, it can be endorsed by A Ltd. or the right to take delivery can be transferred by physical delivery of the bill accompanied by adequate evidence of A Ltd.'s intention to transfer.

[edit] Bearer bill of lading

This bill states that delivery shall be made to whosoever holds the bill. Such bill may be created explicitly or it is an order bill that fails to nominate the consignee whether in its original form or through an endorsement in blank. A bearer bill can be negotiated by physical delivery.

[edit] Surrender bill of lading

Under a term import documentary credit the bank releases the documents on receipt from the negotiating bank but the importer does not pay the bank until the maturity of the draft under the relative credit. This direct liability is called Surrender Bill of Lading (SBL), i.e. when we hand over the bill of lading we surrender title to the goods and our power of sale over the goods. ("Guide to Trade Terms" (PDF). p. 64. http://ww2.westpac.com.au/documents/pdf/wibnz/guide-to-trade-terms-payables. Retrieved 2007-12-13.)

[edit] Other terminology

A sea or air waybill is a non-negotiable receipt issued by the carrier. It is most common in the container trade either where the cargo is likely to arrive before the formal documents or where the shipper does not insist on separate bills for every item of cargo carried (e.g. because this is one of a series of loads being delivered to the same consignee). Delivery is made to the consignee who identifies himself. It is customary in transactions where the shipper and consignee are the same person in law making the rigid production of documents unnecessary. The UK's Carriage of Goods by Sea Act 1992 creates a further class of document known as a ship's delivery order which contains an undertaking to carry goods by sea but is neither a bill nor a waybill. A straight bill of lading by land or sea, or sea/air waybill are not documents of title to the goods they represent. They do no more than require delivery of the goods to the named consignee and (subject to the shipper's ability to redirect the goods) to no other. This differs from an "order" or "bearer" bill of lading which are possessory title documents and negotiable, i.e. they can be endorsed and so transfer the right to take delivery to the last endorsee.

[edit] A sample of the issues

In most national and international systems, a bill of lading is not a document of title, and does no more than identify that a particular individual has a right to possession at the time when delivery is to be made. Problems arise when goods are found to have been lost or damaged in transit, or delivery is delayed or refused. Because the consignee is not a party to the contract of carriage, the doctrine of privity of contract states that a third party has no right to enforce the agreement. However, whether this is a problem to the consignee depends on who owns the goods and who holds the risks associated with the carriage. This will be answered by examining the terms of all the relevant contracts. If the consignor has reserved title until payment is made, the consignor can sue to recover his or her loss. But if ownership and/or the risk of loss has transferred to the consignee, the right to sue may not be clear in contract, although there could be remedies in tort/delict (the issue of risk will have been most carefully considered to decide who should insure the goods during transit). Hence, a number of international Conventions and domestic laws specifically address when a consignee has the right to sue. The legal solution most often adopted is to apply the principle of subrogation, i.e. to give the consignee the same rights of action held by the consignor. This enables most of the more obvious cases of injustice to be avoided. In the municipal law of the U.S., the issue and enforcement of bills which may be documents of title, is governed by Article 7 of the Uniform Commercial Code. However, since bills of lading are most frequently used in transborder, overseas or airborne shipping, the laws of whatever other countries are involved in the transaction covered by a particular bill may also be applicable including the Hague Rules, the Hague-Visby Rules and the Hamburg Rules at international level for shipping, The Warsaw Convention for the Unification of Certain Rules for International Carriage by Air 1929 and The Montreal Convention for the Unification of Certain Rules for International Carriage by Air 1999 for air waybills, etc. It is customary for parties to the bill to agree both which country's courts shall have the jurisdiction to hear any case in a forum selection clause, and the municipal system of law to be applied in that case choice of law clause. The law selected is termed the proper law in private international law and it gives a form of extraterritorial effect to an otherwise sovereign law, e.g. a Chinese consignor contracts with a Greek carrier for delivery to a consignee based in New York: they agree that any dispute will be referred to the courts in New York (since that is the most convenient place the forum conveniens) but that the New York courts will apply Greek law as the lex causae to determine the extent of the carrier's liability.

[edit]
A document that a transport company possesses acknowledging that it has received goods, and serves as title for the purpose of transportation.

A written receipt issued by a carrier, a transport company, that it has taken possession and received a item of property and usually also confirming the details of delivery (such as method, time, place or to whom), and serves as the carrier's title for the purpose of transportation. In Mills & Co., English judge Selbourne wrote:
"The primary purpose of a bill of lading, although by mercantile law and usage it is a symbol of the right of property in the goods, is to express the terms of the contract between the shipper and the shipowner."

In Aman, the Supreme Court of North Carolina defined the word and added the statement of the law that a bill of lading is not a necessary thing for the carrier to be liable for the safe delivery of the item of property.
"An instrument issued receipt for the goods shipment to the place is not essential that by the carrier to the consignor, consisting of a and an agreement to carry them from the place of of destination, is a bill of lading. Of course it a bill of lading be issued.

"(T)he relationship of carrier and shipper may be created without any written bill of lading."

Canada has a Bill of Lading Act which states that (RSC 1985 Chapter B-5, at 4), and in a marvelous and timeless legalese experience:
"Every bill of lading in the hands of a consignee or endorsee for valuable consideration, representing goods to have been shipped on board a vessel or train, is conclusive evidence of the shipment as against the master or other person signing the bill of lading, notwithstanding that the goods or some part thereof may not have been shipped, unless the holder of the bill of lading has actual notice, at the time of receiving it, that the goods had not in fact been laden on board, or unless the bill of lading has a stipulation to the contrary, but the master or other person so signing may exonerate himself in respect of such misrepresentation by showing that it was caused without any default on his part, and wholly by the fault of the shipper or of the holder, or of some person under whom the holder claims."

REFERENCES:

Aman v. Dover & Southbound R. Co. 179 N.C. 310 (1920) Duhaime, Lloyd, Maritime Law - A Glossary Mills & Co. v East and West India Dock Co. (1882) 7 A.C. 596