Transfer of Rights Incorporated into a Bill of Lading as a Type of Commodity Security
Abstract
Transport documents play a crucial role in international trade of goods. Their role is particularly evident in the area of massive, rapid and reliable supply of goods worldwide. Among many diversity and heterogeneous issues related to the transport documents, the question of transfer of rights incorporate into a bill of lading has a particular meaning.
In this paper we’ll try to make analysis of some legal and economic aspects of transport documents. Through analysis of this issue, we will try to point out their function in international trade, their perception from the banking sector, and ultimately, their contribution to the rapid and stable international trade of goods.
The complexity of the issue stems from the existence of multiple legal relations and the participation of multiple stakeholders in the transport and sale agreement. Although the law explicitly governs this issue, the practice raises more contentious situations that generate numerous arbitration and litigation cases. In this sense, the question is: which of the transport document has the status of proprietary document, which of them has the status of security, and finally, which of the issued documents are legal basis for the implementation of the letter of credit, prior to the banking sector!? On the other hand, the question of the reliability of these legal documents, justification and validity of electronic waybill is raised.
Attitude towards the practice of transport documents, and resolving the issue of the responsibility of the parties, for the most part are based on the type of bill of lading issued by the carrier. Numerous judicial and arbitral decisions that determine the liability of the carrier, forwarder and logistics provider are based on the status of the transport documents issued by them. Theoretical analysis and positive law are only solutions on paper. In reality, business practice and autonomous commercial law are key instrument for executions of sale contracts.
Key words: transport documents, bill of lading, commodity security.
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