The Concept Of Negotiability And The Electronic Bill Of Lading - An Overview
Mondaq Business Briefing › United Kingdom Law Articles in English (2001)
Linked as:
Extract
The Concept Of Negotiability And The Electronic Bill Of Lading - An Overview
Abstract- Introduction
Negotiability is a very important concept in international commerce and is generally associated with payment and fiscal matters. In the course of its evolution and development, certain documents have come to be accorded negotiable status e.g. the bill of exchange.However other documents that are not directly concerned with the monetary or fiscal aspect of trade have also come to be conferred with negotiable status as a result of mercantile practice and custom. In commercial parlance, the Bill of lading is regarded as quasi-negotiable primarily because of its transferable status as a document of title. This attribute of the bill of lading has made it very attractive to traders and remains the most prominent factor for its indispensability in international commerce. Over the years the use of paper documents (particularly the bill of lading) in international commerce became burdensome due to the numerous defects and disadvantages associated with the use of paper as a medium of communication. The practice of using Bill of lading particularly became associa...See the full content of this document
Sponsored links
