Application for Shipping Guarantees / Air Waybill Endorsement - Terms and Conditions

Please take a moment to read through the Terms and Conditions and download the form at the bottom of the page.

In consideration of your so doing, we, our successors and assigns hereby irrevocably agree and/or warrant as follows:

1. to hold the full set of original title documents on receipt and the Goods in storage on trust for you and as your property with liberty to sell the Goods whereupon we shall account for and pay the proceeds over to you as soon as they are received.
2. to keep the Goods insured against fire, theft and pilferage at our charge, the Policy money being payable in case of loss to you and to do all other acts and things necessary to protect and preserve unimpaired the property and lien of the Bank in the Goods, and the title documents thereto.
3. to indemnify and keep you indemnified against all proceedings, actions, payments, claims and/or demands which may be made against you by any party in whichever jurisdiction or in arbitration, in respect of the Goods or the delivery thereof, or the issuance of the letter of indemnity/ guarantee or endorsement of the title documents including losses, damages, costs (including legal costs as between Solicitor and Client) or any other expenses or liabilities of any kind whatsoever which you may sustain or incur either directly or indirectly in connection with or arising from you acceding to our abovementioned request.
4. to allow you at your sole discretion without reference to us notwithstanding any instructions by us to the contrary, to compromise settle pay or resist any claim arising out of the release of the Goods to us without releasing us from our liabilities to or obligation to indemnify you.
5. that until your liability in respect of the letter of indemnity/ guarantee, and taking delivery of the goods is ascertained and the amount thereof debited against us, we shall remain indebted to you in the sum of at least the Declared Value of the Goods and you shall be entitled (with or without further notice to us) to set off the said amount against any credit which we may have provided that our liability hereunder shall not be limited to the above said sum.
6. to authorise you from time to time and at any time without reference to us to debit our current account to make a deposit/ to earmark our current account with S$ equivalent to the extent of all such sum or sums of monies which you have paid and all or any sums of monies demanded by you pursuant to clause (a) hereof;
7. to provide you with sufficient funds on demand to defend any proceedings instituted against you at any time in respect to the Goods, covering all legal fees and costs. If called upon, we undertake at any time while the Goods are in our possession to deliver the same to you and to procure for you all warehouse receipts and attornment in your favour in respect of the Goods.
8. to waive all irregularities and discrepancies as regards the value, numbers, marks, contents, weight, quantity and quality of the Goods under any contractual arrangement we may have with the supplier thereof, and we further agree that you may pay or accept as compliant any draft and/or other documents received by you with respect to such Goods tendered under letter of credit/ pursuant to a collection notwithstanding any discrepancy or irregularity in the draft or documents and/or whether or not all the documents required under the Letter of Credit are presented, which discrepancy, irregularity and/or failure to present all the documents shall be deemed to have been irrevocably waived by us. Such discrepancy or irregularity shall be deemed to include any delay in such tender or presentation of any documents and/or drafts beyond what is permitted by the terms of the Letter of Credit or the Collection.
9. that the Goods and the documents relating to the Goods have not been pledged, mortgaged, charged, hypothecated or the subject of any other form of security to or in favour of any other Bank, firm or person. We further promise and agree that they will not hereafter be so pledged, mortgaged, hypothecated or otherwise encumbered without your written consent.
10. that we have full and unencumbered title to the Goods and that there is no other party with title, rights and interests in the Goods superior or ranking in higher priority to ours.
11. to hold the said goods under trust in your favour pursuant to the prevailing terms and conditions of the Bank’s trust receipt, which are deemed incorporated herein.
12. for avoidance of doubt and subject to the proviso appearing below, it is the intention of the parties that any terms, interests, rights, benefits, defences, exemptions or limitations in this Agreement shall not be enforceable by a third party (save and except for a third party as defined below) pursuant to the Contracts (Rights of Third Parties) Act 2001 of Singapore (“the Act”), provided always that nothing herein operates to prevent or limit your right to assign, novate, otherwise confer any benefit or interest in favour of any other party, apart from the Act. The terms, interests, rights and benefits referred to above shall include but are not confined to any banking facilities, advances, loans, financing or any other form of financial accommodation that you provide or may provide under this Agreement.
13. to procure the return of letter of indemnity/ guarantee to you for cancellation upon receipt of the original title documents or such documents as demanded by the bank in order to satisfy itself at its sole discretion that there will be no further claims made for the above shipment.
14. This Agreement shall be governed and construed in accordance with the laws of Singapore. We agree to submit to the non-exclusive jurisdiction of the courts of Singapore for any disputes arising out of or in connection with this Agreement.