A Shipping Guarantee enables the customer to take delivery of the goods before the receipt of the bill of lading. It is an indemnity that the bank executes jointly and severally with its customers in favour of the shipping company. For shipment by air, the bank would be asked to endorse the airway bill to the order of the customer to take the goods. A Shipping Guarantee or airway bill endorsement is issued against this facility made available to the customer.
Next Steps :
Benefits
Obtain goods fast and without bills of lading
Savings on port charges, storage demurrage charges etc
Why OCBC Bank ?
Service Commitment* : Issuance within 30 mins at any of our Trade Service Counters
Extended Cut-Off Time : Our improved cut-off times of 5pm allows customers greater flexibility
* Provided all terms and conditions to be complied with.
Fees and Charges
Bills routed through bank: $40 flat ($50 flat with effect 1 Nov 2006)
Bills not routed through bank: 1/8%, min. $75
Outstanding shipping guarantee one month from date of issue:1/2% for 2 months (min.$50 per 2 months; min. $70 per 2 months with effect 1 Nov 2006)
