Pob homework done by Brandonn fahie

1. Transportation Documents:
a) Transportation documents are legal documents that serve as evidence of the
transportation of goods from one location to another in business transactions.

b) Functions of Transportation Documents:

- Bill of Lading:
Acknowledgment of Receipt: It serves as proof that the carrier has received the
goods for shipment.
Title Document: It can serve as a document of title, enabling the transfer of
ownership of the goods.

- Air Waybill:
Contract of Carriage: It outlines the terms and conditions of the transportation
agreement between the shipper and the carrier.
Customs Clearance: It facilitates customs clearance by providing details about the
shipment.

- Consignment Note:
Instructions to Carrier: It provides instructions to the carrier regarding the delivery of
goods to the specified destination.
Proof of Delivery: It serves as evidence that the goods have been delivered to the
consignee.

c) Information Contained in Each Document:

- Bill of Lading typically contains details such as the names and addresses of the
shipper and consignee, description of goods, quantity, weight, and destination.
- Air Waybill includes information about the shipper, consignee, flight details,
description of goods, weight, and special instructions.
- Consignment Note contains details like the names and addresses of the sender
and receiver, description of goods, quantity, and any special instructions for
delivery.

2. Instruments of Payment:
a) Instruments of payment are various methods used to settle financial transactions in
business.
b) Obtaining Each Instrument:
Cash: Obtained through physical currency transactions at banks, ATMs, or through
cash withdrawals.
Cheque: Issued by an account holder to pay a specified sum to another party,
obtainable by opening a bank account and ordering chequebooks.
Bank Draft: Issued by a bank on behalf of a payer, obtained by visiting a bank and
requesting a bank draft for a specified amount.
Electronic Transfer: Initiated through online banking platforms, obtained by accessing
one's bank account and initiating a transfer to another account.
Letter of Credit: Obtained through negotiation between the buyer and seller, typically
arranged through banks or financial institutions.

c) Advantages and Disadvantages of International Payments:

Bank Draft:
Advantages: Secure method of payment, widely accepted internationally.
Disadvantages: Can be costly due to bank fees, may take longer for funds to clear.

Electronic Transfer:
Advantages: Quick and efficient, reduces paperwork, suitable for large transactions.
Disadvantages: Vulnerable to cyber threats, potential for errors in inputting account
information.

d) Postal Money Orders available for use in the BVI:

International Postal Money Order (IPMO)
Domestic Postal Money Order (DPMO)
Priority Mail Express International Money Order (PMEXIMO)