In short-sea trades, for example within the Asian countries, it is not uncommon for the goods to arrive at the port of destination before the bill of lading (B/L). Under this circumstance the B/L is known as a stale bill of lading or late bill of lading.
The shipper or its agent may receive the B/L from the carrier or its agent in about 2 days after the customs closing date. If the shipper is to arrange for marine insurance, 1 to 4 days may elapse before the shipper receives the insurance policy. The negotiating bank may dispatch the documents to the issuing bank in 1 to 7 banking days following the day of receipt of the documents. Furthermore, taking into account the mailing time needed for the documents to reach the issuing bank, the vessel may have arrived at the port of destination without the B/L. Consequently, a delay in customs clearance of the goods and the payment of warehousing charges may occur, and the cargo may be exposed to the risk of loss or damage at destination.
The remedy to the problem of a stale bill of lading is for the importer to use the Guarantee for Delivery of Goods (this or similar form is available at the issuing bank) and the posting of a bond, both of which must be countersigned by the issuing bank, in order to clear the goods through customs in the absence of the B/L. However, the importer is obliged to surrender to the carrier the original B/L upon receipt, or to procure a replacement of the original B/L in case of loss. The bill of lading must be properly endorsed.
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