Question

A bill of lading sometimes abbreviated as B/L or BOL, is a document issued by a carrier (or their agent) to acknowledge receipt of cargo for shipment. Although the term historically related only to carriage by sea, a bill of lading may today be used for any type of carriage of goods. A comprehensive article on Bill of Lading Bills of lading are one of three crucial documents used in international trade to ensure that exporters receive payment and importers receive the merchandise. A bill of lading must be transferable and serves three main functions:

 It is a conclusive receipt, i.e. an acknowledgement that the goods have been loaded, and

 It contains or evidences the terms of the contract of carriage; and

 It serves as a document of title to the goods.

DEFINE AND DISCUSS the Bill of Lading in modern commerce era of maritime industry

Answer 1

Bill of lading is a bill issued by shipping carrier on receipt of goods and services after completion of export customs formalities of the country. Shipper obtains shipping bill once after handling over cargo to them.

functions- There are several purposes and its main functions are:-

A) contract of carriage

B) evidence of reciept of goods- when the shipper deleivers goods to be forwarded,he will get a receipt. The receipt is the proof that the shipment was handed over in good order and condition and also that the shipping instructions,as contained in the shipper's letter of instruction, are acceptable. After completion,and original copy of the bill of lading is given to the shipper as evidence of the acceptance of goods and as proof of contract of carriage.

C) freight bill- The bill of lading may be used as a bill or invoice together with supporting documents since it may indicate charges to be paid by the consignee, charges due to the agent or the carrier. An original copy of the bill of lading is used for the carrier's accounting.

D) customs declaration- although customs authorities requires various documents like a commercial invoice,packing list etc.the bill of lading too is proof of the frieght amount billed for the goods carried and may be needed to be presented for customs clearance.