Importance of bill of lading

How important is an original bill of lading? What is a bill of lading? The importance of bill of lading may be explained from the points of view of the exporter, importer and shipping. Importance of bill of lading. A bill of lading acts as a proof that the goods have been loaded on board the ship.

It helps the exporter to send a shipment advice to the importer. THE IMPORTANCE OF A BILL OF LADING IN INTERNATIONAL TRADE International trade dates back to centuries and has often been seen as a driving force to economic, social and political stability. While each BOL is based on the mode of transportation and the carrier used for the movement, there are a few general guidelines that should be followed all the same. It is a legal document used as proof of shipment in various authorities , as it has been approved as per Negotiable instrument Act.

Without original bill of lading, the goods can not be taken delivery at destination. Bill of lading” is an important shipping document and performs valuable functions in international trade, each of them itself is vital. It is desirable that “ Bill of lading” must be drawn in careful manners, details regarding parties, goods be entered correctly in order to avoid any complicity later. Bill - of - Lading (BOL) is a required document in the shipment process that provides all parties, the consignor, consignee and carrier, with the pertinent details needed to ship the product and invoice it correctly.

Bill of lading is one of the most important documents when it comes to shipping and freight procedures. This role of the bill of lading decides who is the owner of the title to the goods based on which cargo is released. The bill of lading serves as a receipt of shipment of goods when the goods are delivered to the prefixed destination.

So out of these functions which is the most important function of a bill of lading. This enables it to become one of the key instruments in international trade. BoLs must be issued for goods to travel from Point A to Point B. They are legally binding documents, and they often serve as proof of ownership over the goods being carried. The other two important documents in international trade would be the policy of insurance and an invoice. The Bill of Lading (BOL) is a required and legal shipping document to move freight.

This traditional shipping document describes the details of the items being move the pickup and delivery locations, payment terms including the party responsible for payment of freight charges, accessorials, and any special instructions for the shipment. A Bill Of Lading (BOL) is a legal document between the shipper of particular goods and the carrier detailing the type, quantity, date of direct shipment and destination of the goods being carried. The BOL, preferably known as ‘bill of lading’ is an important document in the shipping logistics sector.

Managing the bill of lading document has become a tiresome and constraint-involving process in the past few years. This has led to the outsourcing of the ocean bill of lading services by the shipping logistics industries. You need to sign the Bill of Lading before the move can happen. A Bill of Lading is a document that the Carrier of goods issues to the “Shipper” of the goods.

It’s a document to provide evidence or proof of shipment. This is extremely important in International Trade as it provides ‘title’ as to who legally owns the cargo. Definition: Bill of lading (BOL) is one of the most important documents in the shipping process. To ship any goods, a bill of lading is required and acts as a receipt and a contract.

A completed BOL legally shows that the carrier has received the freight as described and is obligated to deliver that freight in good condition to the consignee.