The extract below was taken from the Delivery Period Clause
“Should the Buyer fail to take charge of the goods on arrival, the Seller shall be entitled to demand the fulfilment of the contract and payment of the agreed price.”

CY stands for Charterer’s Yard

Two forms of Bills of Lading are; The Straight Bill of Lading and the Seaway Bill of Lading.

Under the Payment Clause the Buyer has to pay the said total price which is stated in the contract but it can be affected by three alternatives.

Transshipment may be defined as the transfer of cargo from one vessel to another so that it can get to its ultimate destination.

A Bill of Lading has ONE key function which is that it is a receipt of goods.

ICC stands for International Chamber of Commerce

A Contract of Carriage is used by a person or a company and a carrier of goods to show that both have agreed to carry goods or people from one place to another.

Multimodal as well as Intermodal Transportation utilizes several means of transportation using one single carrier for the entire journey.

A Contract for the carriage of goods by sea is called a Contract of Affreightment.