Delivery of cargo without bills of lading
It is common in a lot of trades to accept a Letter of Indemnity (“LOI”) for non-production of bills of lading. Although it is commonly accepted in many trades, the consequences of non-performance can be extremely serious for Members. Members are therefore reminded to be vigilant and cautious with regard to the practice of accepting LOIs for non-production of bills of lading. The above publication is a reminder of some of the risks and pitfalls with this practice.