Bank Guarantee For Lost Bill Of Lading for South Africa

Bank Guarantee For Lost Bill Of Lading Template for South Africa

A Bank Guarantee for Lost Bill of Lading is a formal undertaking issued by a bank under South African law, providing security to a shipping company or carrier when delivering cargo without the original bill of lading. This document serves as a financial safeguard, protecting the carrier against potential claims arising from the delivery of goods without the original document. The guarantee is structured according to South African banking and maritime regulations, incorporating elements from the Bills of Exchange Act and Sea Transport Documents Act, while also adhering to international trade practices.

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What is a Bank Guarantee For Lost Bill Of Lading?

The Bank Guarantee For Lost Bill of Lading is a crucial document in international trade scenarios where the original bill of lading has been lost, destroyed, or delayed. This guarantee, governed by South African law, enables the release of cargo without presenting the original bill of lading, preventing costly delays and demurrage charges. It is typically requested when importers need to take delivery of goods but haven't received the original documentation, often due to postal delays or other logistical issues. The bank, acting as guarantor, commits to indemnifying the carrier against any claims that might arise from releasing the cargo without the original bill of lading. This document must comply with South African banking regulations, maritime law, and international trade practices, making it a complex but essential tool in international trade finance.

What sections should be included in a Bank Guarantee For Lost Bill Of Lading?

1. Bank Details and Reference: Full details of the issuing bank, including branch, reference numbers, and date

2. Addressee Details: Complete details of the shipping company or carrier to whom the guarantee is addressed

3. Shipment Identification: Specific details of the shipment including vessel name, voyage number, port of loading/discharge, and cargo details

4. Lost Bill of Lading Details: Information about the lost bill of lading including its number, date of issue, and circumstances of loss

5. Guarantee Statement: The formal guarantee statement from the bank, including the amount and duration of the guarantee

6. Indemnity Clause: Bank's commitment to indemnify the carrier against claims arising from delivering cargo without original bill of lading

7. Governing Law and Jurisdiction: Statement that the guarantee is governed by South African law and subject to South African jurisdiction

What sections are optional to include in a Bank Guarantee For Lost Bill Of Lading?

1. Counter-Indemnity Reference: Reference to counter-indemnity from the cargo owner/receiver, used when the bank requires additional security

2. Multiple Bill Sets Declaration: Required when the lost bill of lading was issued in multiple originals

3. Time Extension Clause: Optional clause allowing for extension of the guarantee period if needed

4. Electronic Bill of Lading Reference: Required when the lost bill was in electronic format

5. Claim Procedure: Detailed procedure for making claims under the guarantee, included for high-value shipments

What schedules should be included in a Bank Guarantee For Lost Bill Of Lading?

1. Schedule A - Cargo Details: Detailed description of the cargo including quantity, value, and packaging details

2. Schedule B - Vessel Details: Complete details of the carrying vessel and voyage

3. Schedule C - Lost Bill of Lading: Copy or reconstruction of the lost bill of lading details

4. Appendix 1 - Supporting Documents: Copies of relevant shipping documents (commercial invoice, packing list, etc.)

5. Appendix 2 - Bank Authorization: Internal bank documents authorizing the guarantee issuance

6. Appendix 3 - Letter of Indemnity: Copy of the letter of indemnity from cargo owner to bank

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

South Africa

Publisher

Genie AI

Document Type

Bank Guarantee

Sector

Banking

Cost

Free to use
Relevant Industries

Banking & Financial Services

Maritime & Shipping

International Trade

Logistics & Supply Chain

Insurance

Import/Export

Commodities Trading

Transportation

Relevant Teams

Trade Finance

Legal

Shipping Operations

Risk Management

Compliance

International Trade Operations

Document Processing

Marine Insurance

Customer Service

Credit

Relevant Roles

Trade Finance Manager

Shipping Manager

Import/Export Coordinator

Documentation Officer

Bank Guarantee Officer

Maritime Lawyer

Trade Operations Manager

Logistics Manager

Risk Manager

Compliance Officer

Trade Finance Specialist

Supply Chain Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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