What is sof and what all are information available

12
FOLLOW

Statement of Facts is a shipping document issued by Master/Agent of a Carrier/Vessel. It a statement detailing the complete loading/discharging status of the goods from the time vessel has arrived the port to the time the loading/unloading is completed. This is the basis for calculating the laytime and demurrage/despatch thereon (depending on the quick/delayed loading or unloading).

This statement of facts is usually exchanged between the buyer and the seller outside the LC after the goods are shipped/received. Any corrections in calculations are discussed and mutual consent is achieved by discussions on the final laytime figure.

May be the LC applicant wishes to incorporate the Statement of facts in the LC so that he is assured of correct calculations sheet and there is no scope of dispute. If the calculations are not correct, he wishes to reject the documents. (I guess its an FOB purchase for the buyer)

However this is not possible because Statement of Facts, if not explained or detailed in the LC for its purpose, is only a document to be accepted by a bank without any discrepancy. Even though the applicant may not accept it, but the bank cannot reject the document on the grounds of wrong calculations.