Delivery of cargo without presentation of bills of lading, which is why the new guide clearly deals with control under bill and hold agreements. For a customer to have taken control of a product under a Bill and Hold agreement, all of the following criteria must be met: due to the evolution of maritime trade, the bill of lading was designed to represent the goods themselves. Upon shipment, the shipper took the carrier`s bill of lading and it was handed over to the consignee of the goods against payment of the goods. As proof of his right to recover the goods from the carrier, the consignee, upon delivery to the destination, would return the bill of lading to the carrier for cancellation. With the development of banking trade, instead of a sender who delivers a consignment note directly to a recipient, a credit is set up for money and the invoice is handed over to a bank and, when the time comes, it will be handed over through the banking system, possibly through several banks. until it reaches the recipient who pays the last bank before being given the bill of lading and therefore the right to recover the goods. Where a consignee has not received the invoice from the carrier, he should not be allowed to recover the goods. A pervasive fraud related to the Bill and Hold deals involved Sunbeam Corporation in the late 1990s. At that time, CEO Al Dunlap (nicknamed “Chainsaw Al”), known as the turnaround management specialist, encouraged customers to place large orders at large discounts. Under the ASC number…
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