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   BOC Singapore >> Corporate Banking >> Trade Finance >> Trade Settlement

Shipping Guarantees


 

Introduction

Goods arrive in port earlier than the transport documents, the bank counter-sign letter of indemnity (from the shipping agent) for the importer to obtain the release of the goods without Bills of Lading.

Product Features

1) Reduce capital utilization. Importer could unload the goods earlier for sale under the bank credit.
2) Seize market opportunity with early release of the goods.
3) Reduce financial expenses. Assist importer to take the goods and avoid port expenses.

Eligible Applicants

Suitable for trade where the shipping mileage is relatively shorter, goods arrives earlier than the transport documents.

Application requirements

1) Legally registered in Singapore.

2) Maintain current account with our bank.

3) Granted Trust Receipt facility by our bank.

Application Procedures

1) Goods arrive in port earlier than transport documents; importer submits application for Shipping Guarantee.

2) Bank counter-signs indemnity for the importer.

3) Importer presents indemnity to the shipping company/agent for unloading of goods from the port.

4) On the receipt of the Bills of Lading, the importer could proceed to arrange for shipping guarantee redemption.

Download Forms

Form_Application and Indemnity for Shipping Guarantee.doc

Form_Application and Indemnity for Endorsement of Air Waybill Bill of Lading.doc

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