TT Club advises Japanese forwarders on revised Forwarder Cargo Receipt

FREIGHT transport insurance specialist TT Club has collaborated with the Japan International Freight Forwarders Association (JIFFA) in the revision of its Forwarder's Cargo Receipt (FCR) form.

TT Club said in a statement that JIFFA initiative to introduce a new FCR Form has provided an ideal opportunity for the club to work with forwarders and share its own expertise and global experience on the topic.

JIFFA needed to revise its FCR to meet a demand from its members following the deregulation of freight forwarding. Ian Hyslop, legal consultant to the TT Club and Suki Kwan, Claims executive in TT Club's Hong Kong office, were invited to contribute to the revision.

The revised FCR, and an accompanying publication entitled, "Guide to Understanding JIFFA FCR", were launched at seminars in Tokyo and Osaka in July.

The FCR is a document designed for a specific use in contemporary freight forwarding. Essentially, it is a confirmation by a forwarder that it has received goods into its possession or control with irrevocable instructions to forward them to a consignee.

"The FCR can be a more flexible and cost effective solution to modern trade problems than a letter of credit or bill of lading - although it is designed to be used in conjunction with both of these as required. Astute use of the FCR can allow cargo to be consolidated, for example to meet 'just in time' requirements, or to be re-shipped en route while protecting the identity of the seller," the TT Club statement explained.