A shipping guarantee is issued by Standard Chartered Bank on the customer instruction when the vessel carrying the goods arrives earlier than the original bill of lading, which requires the customer to clear the goods or face the possibility of incurring demurrage charges.
Under such circumstances, the shipping documents may still be in transit to Standard Chartered Bank or may have been lost in transit. If the goods were transported by air, Standard Chartered Bank would issue Delivery Orders to authorize the release of goods at the airport.
Shipping Guarantees are typically only issued when Standard Chartered Bank is the LC Issuing Bank, in which case the Bill of Lading should be consigned “to order” and blank endorsed or consigned to the order of Standard Chartered Bank.
The customer will be able to clear the goods before receipt of the original shipping documents thus avoiding demurrage charges
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