Shipping

1. Indent

Indent is an order placed by the importers to the exports. It contains the essential information regarding the goods to be imported i.e. quality, quantity, packing, packaging, mode of payment, insurance, price of good, etc.

When the price at which the goods are to be purchased by the importer is clearly stated in an order (Indent), with no options to the exporter, then it called "Closed Indent".

If the prices are not mentioned by the importer and it is left to the discretion of the exporter, then it is known as "Open Indent".

Indent can be sent by the importer directly to the exporter or it may be sent through the indent agencies.

2. Mate's Receipt

Mate's Receipt is a receipt issued by Captain / Master / Mate of the ship.

The Mate of the ship after receiving the goods on the board and after inspection of the goods issues this receipt.

The loading of the goods on the ship is possible only after presentation of 'shipping order'. Mate's receipt contains details regarding name of ship, date on which the goods are loaded, description of goods, numbers and marks on the packages, conditions of cargo, etc. This receipt is issued to the exporter who has to present the mate's receipt in the office of shipping company by which he will get bill of lading. Mate Receipt may be clean or qualified. It is qualified if there is some defect in the cargo loaded on the ship, in such case the captain makes adverse remark on the receipt. In case of clean receipt, the cargo in good condition and the adverse remark is not mentioned. The bill of lading is always prepared on the basis of mate's receipt. In short mate's receipt is an acknowledgement of the receipt of goods on board of the ship.

3. Bill of Lading

Bill of lading is one important shipping document necessary and useful in export-import trade transactions. It is a document issued by the shipping company after the shipment of goods. In simple, Bill of lading is a contract between the exporter or the...