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Warehouse Receipts

Many letters of credit stipulate that payment shall be made against negotiable warehouse receipts. In general, a warehouse receipt is a receipt for commodities deposited with a bonafide warehouseman and which identifies the commodities deposited. A warehouse receipt in which it is stated that the commodities referred to thereon will be delivered to the depositor or to any other specified person or company is a non-negotiable warehouse receipt; but a warehouse receipt on which it is stated that the commodities will be delivered to the “bearer” or to the order of any specified person or company is a negotiable warehouse receipt. There is no difference between a Warehouse Receipt and a Bill of Lading in this respect.



Insurance policy which covers goods over the entire journey from the seller's to the buyer's premises.


Weight Note

Document issued by either the exporter or a third party declaring the weight of goods in a consignment. This much tally with the weight declared on the transport document and shown on the invoice.


Without Recourse

When drafts are negotiated without recourse, the beneficiary is relieved of responsibility to the holder of the draft to the extent that this is permissible under the contract involved and under the law governing the transaction. On the other hand, when drafts are negotiated with recourse, any bona fide holder has full recourse against the drawer of the draft until the instrument is paid finally by the drawee.



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