Blogs

The term ‘Bill of Lading’ (BL) is of ancient English origin and literally means ‘list of cargo’. It is one of the essential legal documents generated during the shipping of overseas bound cargo and acts both as a contract as well as a receipt. Essentially, a BL serves as a receipt for goods that change hands from the exporter to the carrier. It also acts as a contract between the shipper and the carrier for the carriage of goods, particularly in the absence of a separate contract to that effect. A BL is issued by the carrier and, in doing so, he acknowledges that the goods have been received from the shipper/exporter in good condition. Bills of Lading can be of various types, depending on the terms and conditions and circumstantial requirements that it signifies. Here are the main types: Clean Bill of Lading is provided by the shipper or its agents and does not bear any attestation regarding the defective nature of the goods on board. Claused Bill of Lading indicates that there is damage to the consignment or that all or part of it is missing altogether. Container Bill of Lading indicates that the goods are being delivered in a secure container from the port of origin to another port. Received for Shipment Bill of Lading is an acknowledgment provided by a carrier before the vessel loading with an approved receipt of goods for shipping. Through Bill of Lading allows the carrier to transport a shipment through multiple modes/ distribution centers and may include an Ocean Bill of Lading and/or an Inland Bill of Lading. Master Bill of Lading is a document issued by carriers for their shipping companies, indicating the terms of transportation and details of the shipper or consignor, consignee, and the person in possession of the goods. House Bill of Lading is generated by a non-vessel operating company or ocean transportation intermediary freight forwarder as an assertion of receipt of the goods shipped. Also known as Forwarder’s Bill of Lading, its issuance is meant for the suppliers on receipt of the shipment. Short Form/ Blank Back Bill of Lading is required when the terms of the shipping contract are not mentioned in the original Bill of Lading. Straight Bill of Lading does not grant the endorsee with any better rights than those given to the endorser. Also known as a non-negotiable bill of lading, it may be considered unsafe in a banker’s point of view. Order Bill of Lading is one where the delivery is made in line with a further order from the consignee. Charter Party Bill of Lading signifies an agreement between a vessel owner and charterer for the shipped goods. Multimodal Transport Document (also known as Combined Transport Document) is a kind of Through Bill of Lading where land or ocean transportation is involved. Stale Bill of Lading is provided 21 days after the date of shipment (or other stipulated dates) for negotiation. Surrender Bill of Lading issues the term where the negotiating bank's receipt will have to provide to the bank to release documents. Bearer Bill of Lading allows delivery to be made to the holder of the bill; it can easily be negotiated by simply delivering the goods physically. * If you think there is an important bill of lading that has been missed out here, please write to us on rohit.mccurtis@odex.co , to include that in this blog. Article via Trusted Sources