|
Points of Distinction |
Bill of Lading |
Charter Party |
|
1. When used 2. Negotiability 3. Types 4. Receipt of goods and document of title. 5. Clauses and warranties. 6. Colleteral security. 7. Agreement. 8. Description of goods. |
• When some space is hired in a ship to carry a small consignment. • Transferable by endorsement and delivery. Semi negotiable • (a) Clean Bill of Lading. (b) Foul Bill of Lading. • Receipt for goods and document of title to the goods. • Does not mention loading and unloading days or lay days. • It can be used as collateral security to borrow money. • Not an agreement for live of ship. • Gives details of goods to be shipped. |
• When the full ship is hired to carry a big consignment. • Not transferable or negotiable at all. • (a) Time charter. (b) Voyage charter. • Neither a receipt nor a document of title only an agreement. • States days allowed for loading and unloading of goods. Contains terms and conditions. • It cannot be used a s collateral security. • Agreement for living the full ship or a subational part of. • Does not contain details of goods. |
2. It has placed more emphasis on developing infrastructure facilities like energy, transportation and others.
3. The World Bank has decided to divert resources to bring about industrial and agricultural development in developing and underdeveloped countries. Assistance is extended to different countires for raising cash crops so that there incomes rise and they may export the same for earning foreign exchange.
4. The bank has also been providing resources for education, sanitation, health care and small scale enterprises.
5. It also helps in solving certain basic problems like, removal of rural poverty, through raising productivity, increasing income of rural poor, providing technical support etc.
1. Agreement Forming Part of GATT : The erstwhile General Agreement on Tariffs and Trade (GATT) after as substantial modification in 1994 is very much part of the WTO agreements. Besides the general principles of trade liberalization. GAIT also includes certain special agreements evolved to deal with specific non-tariff barriers. Some of the specific agreements are as under :
• Agreement on Pre-shipment Inspection.
• Agreement on Technical Barriers to Trade.
• Agreement on Import Licensing procedures.
• Agreement on Safeguards.
• Agreement on subsidies and countervailing measures.
• Agreement on Anti-dumping Duties.
• Agreement on Rules of Origin.
2. Agreement on Textile and Clothing
(ATC) : This agreement was evolved under WTO to phase out the quota restrictions as imposed by the developed countries on exports of textiles and clothing form the developing countries. The developed countries were imposing various kinds of quota restrictions under the Multi-Fibre Arrangement (MFA) that itself was a major departure from the GATT’s basis principle of free trade in goods.
3. Agreement On Agriculture (AOA) : It is an agreement to ensure free and fair trade in agriculture. Though original GATT rules were applicable to trade in agriculture, these suffered from certain loopholeas such as exemption to member countries to use some non-tariff measures such as customs tariffs, import quotas and subsidies to protect interests of the farmers in the home country. AOA is a significant step towards an orderly and fair trade in agricultural products. The developed countries have agreed to lower down the customs duties on their imports and subsidies to the exports of agricultural products.
4. General Agreement on Trade Services (GATS) : Services means acts or performances that are essentially intangible and cnanot be as such touched or smelt as goods. GATS is regarded as landmark achievement of the Uruguay Round as it extends the mutlilateral rules and disciplines to services. It is because of GATS that the basic rules governing ‘trade in goods’ have become applicable to ‘trade in services’.
5. Agreement on Trade Related Aspects of Intellecutal Property Rights (TRIPS) : The WTO’s agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS) was negotitated in 1986-1994. It were the Uruguay Round of GATT negotiations where for the first time the rules relating to intellectual property rights were discussed and introduced as part of the multilateral trading system. Intellectual property means information with commercial values such as ideas, inventions, creative expression and others. The agreement sets out the minimum standards of protection to be adopted by the parties in respect of seven intellectual properties, viz. Copy rights and related rights, trade marks, geographical indication, industrial designs, patents, layout design of integrated circuits, and undisclosed information.
Features of Special Economic Zones are as follows :
1. A duty free enclave has been created which is treated as foreign territory for trade operations.
2. Units can be set up for manufacturing trading and service activities.
3. Units are exempted from routine examination of import and export of cargo by customs.
4. Units should be a positive foreign exchange earner in three years.
5. Sale in domestic market is permitted on payment of duty.
6. Duty free goods are allowed to be utilized within the approval period of 5 years.
7. Subcontracting of production is allowed.
1. Mate’s Receipt : This receipt is given by the commanding officer the ship to the exporter after the cargo is loaded on the ship. The mate's receipt indicates the name of the vessel, berth, date of shipment description of packages, marks and numbers etc.
2. Shipping bill : The shipping bill is the main document on the basis of which customs office grants permission to the exporter.
3. Bill of lading : Bill of lading a a document wherein shipping company gives its official receipt of the goods put on board its vessel and at the same time gives an undertaking to carry them to the port of destination. It is also document of title to the goods and is freely transferable by the endorsement and delivery.
4. Airway bill : Airway bill is a document wherein the airline company gives its official receipt of the goods on board, its air coaraft and at the same time gives and undertaking to carry them to the port of distinations.
5. Marine Insurance Policy : It is necessary to get insurance of the consignment by the exporter. Marine insurance policy is a certificate of insurance contract given by insurance company who agrees in consideration of a payment to indemnity the insured against loss in respect of goods exposed to perits of the sea.
6. Cart ticket : It is also called cart chit or gate pass. It is prepared by the exporter and includes details of the export cargo in terms of the shipper’s name, number of packages, shiping bill number, port of destination etc. First of all gets assurance about the financial viability of the importer. After that he initiates the steps relating to compliance of export regulations. Export of goods in India is subject to custom laws which demand that the export firm must have an export license before it proceed with export. Important pre-conditions for getting a export license are :
a. Opening a bank account in any bank authorised by RBI and getting the account number.
b. Obtaining Import Export Code Number from the Directorate General of Foreign Trade (DGFT) or Regional Import Export Licensing Authority.
c. Registering with appropriate export promotion council such as Engineering Export Promotion Council and Apparel Export Promotion Council.
d. Registering with Export Credit and Guarantee Corporation (ECGG) in order to safeguard against risks of non-payment.
An export needs to have the Importer Exporter Code (IEC) number as it needs to be filled in various export/import documents.
Switch
