A Bill Of Lading Explained For Global Trade

1. A Bill Of Lading Explained For Global Trade This is a helping article related on Bill of Lading for Global Trade. A Bill of Lading (BoL) is globally interpreted as a legitimate and crucial document in global trade and logistics issued by a carrier to the company or person responsible for shipping the goods. In global trade, a Bill of Lading is the most important document required in import and export. The Bill of Lading essentially contains all the details related to the type, quantity and destinations to which the goods are transported. However, we will discuss the

2. If you are purchasing any international or overseas products, you will come across this document. There are different types of Bill of Lading issued in the supply chain management that may not be known to a few shippers. This article will discuss all these types of Bill of Lading. But first, it is essential to understand what is meant by a Bill of Lading(BoL) and why it is necessary for Global Trade. What Is A Bill Of Lading (BoL)? Bill of Lading (BoL) is a document that legally governs the relationship between a carrier and a shipper when any goods or cargo is transported from one place to another. A Bill of Lading often serves the purpose of shipment receipt, and hence it is used to clarify whether the cargo's ownership and the products received matches as per the descriptions stated in BoL. Why Is A BoL Important In Global Trade? After gaining a clear understanding of what is a Bill of Lading(B/L), you must know why this document of title is essential in global trade. The issuance of a BoL in the international trade scenario grants the access of shipping a cargo from point A to point B.

3. For purposes involving contract of carriage, a (B/L) is crucial as it serves as an evidence. It is proof provided to the predestined destination. It is a document of the title containing the full description and detailing of the goods in the BoL. Most importantly, it represents the terms and conditions as agreed following which the transportation of goods takes place. What Are The Different Types Of BoL? The different types of Bill of Lading can be classified into the following categories: 1. House Bill Of Lading A House Bill of Lading is a negotiable Bill of Lading document, and it is produced in response to the acknowledgement of the receipt on enlisted goods that requires shipment. It is created and issued by companies like NVOCC and Freight Forwarders. 2. Surrender Bill Of Lading A Surrender Bill of Lading(B/L) is a document of title issued by exporters that grants the importers to own the items that have been shipped to them by the former legally. A transparent transfer of the ownership takes place in this procedure during the surrender of the ownership rights. 3. Straight Bill Of Lading

4. A Straight Bill of Lading is meant for a particular party. The specified party can never re-assign the responsibility to anyone else, and only they can take the duty for the shipment. Given above were some of the types of Bill of Lading(B/L) available. But the list doesn’t end here. There are many other BoL documents in global trade that you must get accustomed to, like the Master Bill of Lading, Blank Bill of Lading, etc. Read Also: A Comprehensive Guide On Bill Of Lading Consequences Of Using Inappropriate Documentation Using inappropriate documentations may lead to criminal prosecution, issuance of claims for damaged goods, and loss of certain rights. While working with the BoL, you must be vigilant at all times. Never hand any blank document to unauthorised parties, or else there can be tragic circumstances. Moreover, details within the BoL should be appropriately mentioned to avoid confusions. Reference URL: https://wakelet.com/wake/RKzqKlxle5FdrT2TATvzH