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  • Section: Import-Export /Friday 12th September 2014

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    * Warehouse Receipt *

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    A warehouse receipt is a document that provides proof of ownership of commodities (e.g., bars of copper) that are stored in a warehouse, vault, or depository. The warehouse receipts system, also known as inventory credits, can facilitate credit for inventory or products held in storage. Warehouse Receipt: A receipt used in futures markets to guarantee the quantity and quality of a particular commodity being stored within an approved facility. Warehouse Receipt A written document given by a warehouseman for items received for storage in his or her warehouse, which serves as evidence of title to the stored goods. A number of warehouse receipts are negotiable instruments, and the law governing such receipts is embodied in Article 7 of the Uniform Commercial Code. The general rule is that warehouse receipts need not be in any particular form. They must, however, contain the following information: the location of the warehouse and the place where the goods are stored; the date when the receipt was issued; the consecutive number of the receipts; terms indicating whether the goods are to be delivered to the bearer of the receipt, to a particular individual, or to a particular individual on his or her order; the storage rate or handling charges; a statement describing the goods or the manner in which they are packed; the signature of the warehouseman or his or her agent; the amount of advance payment made, if any; and any other terms that do not impair the warehouseman's duty. In situations where a warehouse receipt does not contain these provisions, the warehouseman can be held liable in damages to anyone who sustains financial injury because of the omission

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