charterparty bill of lading (B/L)

  

Definition

B/L issued by the hirer (charterer), and not by the owner, of the ship (vessel) transporting the shipment. Since the owners of the vessel often have the right to lay claim to the cargo aboard the ship (in case of a dispute with the chartrer) banks generally refuse to accept such B/Ls as collateral for loans, or for payment under a letter of credit.

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