• International Commerce and Information Review
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• v.16 no.1
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• pp.227-245
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• 2014

It was ten yeas ago that Bolero Bill of Lading was been introduced on the base of efforts of UN and CMI to solve the crisis of Bill of Lading, but Electronic Bill of Lading is not utilized in practice owing to the problems to be settled. Bolero Bill of Lading is not in widespread use owing to absence of collaboration model between Bolero and e-Trade service providers in each nation in the early stage. In the situation that Bolero Bill of Lading is not utilized in practice, Korean Commercial Law regulates the designation of the registration authority of Electronic Bill of Lading. Therefore, the Minister of Justice designated KTNET as Registration Authority of Electronic Bill of Lading and KTNET opened the e-B/L Korea (www.eblkorea.or.kr) to provide the Electronic Bill of Lading service to domestic trade community. But there is many problems in supplying the Electronic Bill of Lading service by the e-B/L Korea in compared with Bolero Bill of Lading. These problems are related with the characteristics of designation of Registration authority of Electronic Bill of Lading. Therefore the purpose of this paper is to contribute to the activation of Electronic Bill of Lading domestically by studying the designation of Registration authority of Electronic Bill of Lading in Korea and finding the characteristics of the designation and the issues and problems regarding the characteristics.

• Journal of Korea Trade
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• v.23 no.6
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• pp.113-130
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• 2019

Purpose - This paper investigates applicability of blockchain based bill of lading under the current legal environment. Legal requirements of electronic bill of lading will be analyzed based on the Rotterdam Rules and recently enacted UNCITRAL Model Law on Electronic Transferable Records. Using comparative analysis with the previous registry model for electronic bill of lading, this paper examines the advantages of blockchain based bill of lading. Design/methodology - This research reviewed previous efforts for dematerializing bill of lading with its limitation. Main features of blockchain technology which can make up for deficiencies of registry model also be investigated to analyze whether these features can satisfy the requirements for the legal validity of the negotiable electronic transport record or electronic transferable records under the Rotterdam Rules and the MLETR. Findings - Main findings of this research can be summarized as follows: Blockchain system operated in an open platform can improve transparency and scalability in transfer of electronic bill of lading by assuring easy access for transaction. Distributed ledger technology of blockchain makes it more difficult to forge or tamper with transactions because all participants equally shares identical transaction records. Consensus mechanism and timestamp in a blockchain transaction guarantee the integrity and uniqueness of a transaction. These features are enough to satisfy the requirements of electronic transferable records under the Rotterdam Rules and MLTER. Originality/value - This study has significance in that it provided implications for the introduction of electronic bill of lading by analyzing whether the blockchain based electronic bill of lading model meets the legal requirements under the current legal system prepared prior to the introduction of blockchain technology, and by presenting the advantages of the blockchain based bill of lading model through comparative analysis with the existing registry model.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.17
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• pp.169-195
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• 2002

The main issue relating to electronic bill of lading is to develop the system in which can transfer the title to the goods by electronically, and to support effect of electronic transfer of title by law. BBL, electronic bill of lading being operated by bolero, provides technical devices to that purpose, but current law is not recognize the effect of transfer of title by electronic communication because BBL is different from paper bill of lading naturally. For that reason Bolero has resolved the problem by Rulebook which is multilateral agreement contracted between users and BAL. The Rulebook provides solution, so called, 'attornment' and 'novation'. So, The purpose of this study is to help in understanding BBL through comparison and analysis about the legal background of transfer of title by BBL based on 'attornment' and 'novation' with transfer of bill of lading based on a endorsement and delivery.

• East Asian Journal of Business Economics (EAJBE)
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• v.11 no.4
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• pp.29-39
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• 2023

Purpose - Disputes arising from documentary letter of credit transactions are not decreasing. According to a statistical data from the ICC, 60-70% of letters of credit in use around the world, so, Incoterms rule specifically defines the bill of lading review procedure. Research design, data, and methodology - The refusal due to large or small inconsistencies in terms and conditions when first presenting documents with bill of lading. First of all, confusion was caused by the ambiguous regulation as the bill of lading is a document that serves as evidence of the transportation contract. Result - Bill of lading indicates the rights to the cargo as well as a bill of lading, which is evidence of a transportation contract concluded between carriers, is a document that allows a carrier to receive or ship cargo and ship it by sea. It is a security that promises to be delivered through transportation to the rightful holder of the bill of lading. Conclusion - Because of its importance, the Uniform customs practices for Letters of Credit stipulate acceptance requirements for transport documents, including bills of lading. In addition, the International Standard Banking Practices (ISBP) established by the International Chamber of Commerce also provide supplementary provisions.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.37
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• pp.61-85
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• 2008

Bills of lading are crucial in international sales on shipment terms since they guard buyers against loss of or damage to the goods in transit by giving them the rights against carriers. A bill of lading, as document of title, gives the buyer the right to demand physical possession of the goods from the carrier and enables the buyer who is in possession of damaged or short-delivered goods to sue the carrier. In this context the buyer in sales on CIF or CFR terms or FOB terms with additional services benefits from the bill of lading which functions as a receipt of goods and a evidence of the terms of the contract of carriage. Protection of such buyer's interests can be provided in the sale contract through appropriate express or implied terms on the seller's documentary obligations: Which transport document, a bill of lading or a sea waybill, is required? Who should be named as the consignee in the transport document and, in case of bill of lading, by whom should the bill be endorsed? What should be stated in the bill of lading for the quantity of the goods? How about a bill of lading that contains so called "unknown clause"? How many bills of lading for the entire contract goods should be tendered? Can a bill of lading stating that the goods have been shipped in apparent good order and condition also state that the goods were damaged after shipment? This paper seeks to provide answers for these particular questions.

• International Commerce and Information Review
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• v.7 no.1
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• pp.171-194
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• 2005

The CMI Rules for Electronic Bills of Lading were drafted by the Comite Maritime International(CMI) and related specifically to EDI transfers of negotiable bills of lading. The CMI Rules are contractual in nature and the application of the CMI Rules is strictly voluntary. The method adopted in the CMI Rules to enable negotiation of the rights to cargo in a controlled method is based on the introduction of the ‘Private Key’. The Bolero service will be governed by a multilateral contract called the Bolero Rule Book which specifies the rights and responsibilities of Bolero and its users. The Title Registry and Bolero Bill of Lading provide a fully functional equivalent to the paper bill of lading. The Bolero Bill of Lading can be created, transferred, amended, and surrendered by way of designating to order party, blank endorsement, refusal by the transferee etc. In Japan, through TEDI Project, the RSP Model is introduced as e-trade solution like Bolero's Solution. The RSP Model Solution will be furnished through TC(Trade Chain) Server and RSP(Repository Service Provider) Server. The purpose of this paper is to analyze comparatively the CMI Rules and Bolero Bill of Lading and RSP Model of TEDI and to find the implications in this case study for quick introduction of electronic Bill of Lading.

• International Commerce and Information Review
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• v.6 no.3
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• pp.321-349
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• 2004

Bolero Project initially had the support of TEDIS, and now is a joint-venture between SWIFT and IT Club. After the successful testing of an original pilot project, The Bolero Association was formed in 1995 by a group of interested cross industry companies. A Bolero Bill of Lading replicates the basic functions of a paper-based bill of lading via title registry service and core messaging platform. A Bolero Bill of Lading consists of BBL Text and Title Registry Record. A Tittle Registry Record carries out the function of a document of title and a BBL may be transferred by changing the roles of users in this Title Registry Record. TEDI Project had been conducted from the April 1999 to the September 2000 on the basis of the EDEN Project(Dec.97- Mar. 1999) and International Trade Guidances Project (Nov. 1998-Mar. 1999). Through TEDI Project, the RSP Model was introduced as e-trade solution like Bolero's Solution. The RSP Model Solution will be furnished through TC (Trade Chain) Server and RSP(Repository Service Provider) Server. The purpose of this paper is to study the problems and solutions in the pilot test of electronic Bill of Lading using TEDI's RSP and to promote the introduction of electronic Bill of Lading.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.71
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• pp.107-126
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• 2016

This study is to review "on board notation" on a bill of lading under letter of credit transactions. A bill of lading is a type of document that is used to acknowledge the receipt of a shipment of goods. However, UCP 600Article 20 (a)(ii) requires the bill of lading to indicate that the goods have been shipped on board a named vessel at the port of loading stated in the credit by pre-printed wording, or an on board notation indicating the date on which the goods have been shipped on board. The shipped on board statement should relate to loading on board the named vessel at the port of loading stated in the credit. But it doesn't seem that the on board notation clause in the UCP 600 reflect current shipping practice fully because of the various kinds of on board notation and the confusion surrounding their use. There is a need to understand accurately the meanings and requirements of "on board notation" under UCP 600 and the related regulations. So, This paper will be studied the requirements and indication method of "on board notation" on the bill of lading and presented the practical implications under the bill of lading transactions. This study was based on documentary research including preceding research.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.30
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• pp.27-58
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• 2006

The purpose of this study is to identify key obstacles to the adoption of electronic bill of lading and to suggest an effective way to promote the utilization of electronic bill of lading in international trade field. This study finds that all the respondants have not used 'true' electronic bill of lading that is issued and distributed electronically, and most of them agreed the needs of e-B/L adoption, but their intentions to adopt e-B/L remain very low in the present situation. Five obstacles to the adoption of e-B/L were derived from an explanatory factor analysis: 'integration' factor, 'law institution' factor, 'usability' factor, 'economic efficiency' factor, and 'security' factor. Solutions to promote the utilization of e-B/L in international trade field are as follows; Firstly, to endow e-B/L with the legal force through amending relevant laws including the commercial law. Secondly, to conclude the relevant international agreement, and to carry out joint projects between nations are needed. Thirdly, to conduct publicity campaigns is required to increase the understanding of the concepts and benefits of e-B/L to all concerned parties. Fourthly, stable and reliable system must be constructed with high level security. Fifthly, to readjust the service fee of e-B/L system to a realistic level is to be needed in order for user companies to use e-B/L service.

• International Commerce and Information Review
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• v.2 no.1
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• pp.49-68
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• 2009

In 2003, the Uniform Commercial Code(UCC) which is a kind of model law to unify commercial law between several states in US was amended to use electronic document of title including bill of lading. It is the second following the Australia legislation in 1996. Also, the Korean government amended Commercial Act and made the Presidential Decree for using electronic bill of lading in 2008. In this paper the authors reveal the characteristics of the clause of UCC for electronic bill of lading. The characteristics of the clause are on the technical neutrality of the signature, the possibility of reissuance in alternative medium, and adoption of the concept of "control." It helps to suggest some implications for Korean government authority. The authors suggest the amendment of the Presidential Decree to the Korean government authority to use additionally digital signature authorized by non Korean government such as VeriSign. It will activate the use of electronic bill of lading issued by Korea repositary out of Korea.