Shipping Guarantee

Download the product fact sheet for Shipping Guarantee.

1. Application Requirements

• Customers must submit a request for the issuance of a Shipping Guarantee along with the following supporting documents:
  • Copy of Invoice
  • Copy of Bill of Lading
  • Letter of Indemnity from the shipping company or carrier
  • Trust Receipt application form (if applicable)

2. Cargo Release

• Customers may collect goods immediately upon issuance of the Shipping Guarantee, even if the original Bill of Lading has not yet arrived.
• The original Bill of Lading must be submitted to the bank to exchange for the Shipping Guarantee at a later date.

3. Cargo Insurance

• Customers must arrange cargo insurance that covers potential damages, with UOB named as the beneficiary.

4. Custody of Goods

• Goods received under the Shipping Guarantee are considered the property of the bank. Customers must safeguard them under the terms of the Trust Receipt and deliver them to the bank upon request.

5. Restrictions on Use

• Customers must confirm that the goods and related documents are not pledged or encumbered to any third party, and will not be, without prior written consent from the bank.

6. Repayment

• Customers must repay the amount disbursed by the bank under the Shipping Guarantee, including interest at the rate specified by the bank.

7. Bank’s Rights

• The bank reserves the right to debit the customer’s account to settle any outstanding obligations under this service without prior notice.

8. Fees and Charges

• Additional fees may be charged if the customer fails to submit the original Bill of Lading within the specified timeframe.