How to determine date of shipment on a Bill of Lading?
Date of shipment can be determined in two ways on a bill of lading. In the first scenario we will face a situation where bill of lading does not contain any date of shipped on board notation. In the second scenario we will be having a bill of lading which contains a dated shipped on board notation.
Date of shipment is one of the key definitions in a letter of credit transaction. It is used to determine
whether shipment made on time or not (in other words a late shipment has been effected or not)
whether documents presented within the presentation period or not (in other words a late presentation has been effected or not)
maturity date of the time draft
maturity date of a deferred payment letter of credit.
Option 1 => There is no shipped on board notation exists on the bill of lading:
The date of issuance of the bill of lading will be deemed to be the date of shipment.
Option 2=>Bill of lading indicates, by stamp or notation, a date of shipped on board: Notation date will be deemed to be the date of shipment as specified below:
Date of shipped on board notation/stamp => this date will be deemed to be the date of shipment
Example: On the below figure you can see a shipped on board notation which is located on the bottom of a bill of lading. As there is a dated on board notation exist on the bill of lading, date of shipment will be deemed to be this shipped on board notation date which is 30.December.2012.