Question

Identify two reasons to use a Released Bill of Lading:

a) Faster Customs Clearance and Lower Insurance Premiums
b) Increased Liability and Extended Transit Coverage
c) Enhanced Tracking and Reduced Risk of Damage
d) Simplified Documentation and Expedited Payments

Answer 1

A Released Bill of Lading can help achieve faster customs clearance and lower insurance premiums.

Step-by-step explanation:

A Released Bill of Lading is a document used in international trade to provide proof of shipment. It serves as a contract of carriage between the shipper and the carrier, and it can be used for various purposes. Two reasons to use a Released Bill of Lading are:

1. Faster Customs Clearance: A Released Bill of Lading allows for quicker customs clearance as it includes all the necessary information about the shipment, such as the goods, quantities, and destination. This helps customs officials review and process the shipment more efficiently.
2. Lower Insurance Premiums: By using a Released Bill of Lading, the shipper can provide evidence of the shipment's condition and prove that it was released without damage. This can lead to lower insurance premiums as insurers assess lower risk levels.