Shipping Guarantee

Shipping Guarantee

The need for such a guarantee arises when the goods have arrived destination before document of the title to goods i.e. Bill of Landing, Air waybill etc. Therefor in order to take delivery of the goods, the importer approaches his bank to issue a bank guarantee in favor of the carrier of goods to release the goods mentioned therein. The bank/consignee will surrender the original document of title to goods i.e. bill of landing as and when received and have the shipping guarantees for release of goods under letter of credit opened by them.