Forwarder's Cargo Receipt acceptance in letters of credit permits negotiation where LC and sale contract expressly allow FCR. Authorised dealers may accept Forwarder's Cargo Receipts issued by IATA approved agents in lieu of a bill of lading for negotiation or collection of shipping documents in export transactions backed by letters of credit only if the letter of credit expressly allows negotiation of the FCR and the underlying sale contract with the overseas buyer provides for acceptance of an FCR as the shipping document.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Forwarder's Cargo Receipt acceptance in letters of credit permits negotiation where LC and sale contract expressly allow FCR.
Authorised dealers may accept Forwarder's Cargo Receipts issued by IATA approved agents in lieu of a bill of lading for negotiation or collection of shipping documents in export transactions backed by letters of credit only if the letter of credit expressly allows negotiation of the FCR and the underlying sale contract with the overseas buyer provides for acceptance of an FCR as the shipping document.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.