Do you have any confusion regarding the bill of lading? If yes, then you have come to the right article. In this article, you will get to know everything about the bill of lading. Along with this, most of the frequently asked questions related to it will also be answered. So if this sounds compelling. Then keep reading this article. Now without wasting any moment. Let’s jump into the main deal.
What is Bill of Lading?
A bill of lading is a very important document used in the shipping and logistics industry. The carrier of the goods issues documents to the shipper of the products, which is also denoted as B/L or BoL. It works as a document of proof or evidence of the shipment. The main reason why this document is so important is that it provides helps in identifying who is the legal owner of the cargo. The bill of lading acts as proof or evidence of the receipt of goods, contract of carriage and document of title of the products.
Another important thing that you should know is that the Bill of Lading holder (owner of the cargo) has all the legal rights to claim goods or arrange cargo transfer ownership to the other party. The Bill of Lading ensures that all the products are sold as per the agreement between both traders.
Purposes of Bill of Lading
So after discussing the basic information about BoL. It’s time to talk about the purposes of a bill of lading. So here are three main purposes of BoL
• Contract of carriage proof- It works evidence between the shipper and carrier to carry out the entire process without any confusions.
• Receipt of goods- In exchange for the cargo’s receipt, the carrier or their agent issues a bill to the shipper. The bill insurance is proof that the shipper has delivered the goods or products to the carrier. It also makes sure that all the goods received by the carrier were in good condition.
• Document of the title- It means that the bill of lading holder has received the products and the holder has all the rights to claim the products or move them to other people
Types of Bill of Lading
• Ocean Bill of lading- This bill is used when the consignment or the products are transferred through water routes
• Direct Bill of lading- This bill is used when you know your goods will be transferred by the same vessel that picked them
• Clean on board Bill of lading- This bill is issued by the carrier of products when a consignment gets delivered without any damage or harm
So this was all the information regarding the bill of lading that you should know. As mentioned above that B/L is an important document, and no trade can be conducted without it. It helps in making the whole shipment efficient and less chaotic. I hope this article will solve some of your doubts and queries and you will get some helpful information.