Things To Know About The Bill Of Lading

by Andrew S. Customs & Freight Forwarder NSW

Bill of Lading is one of the legal documents that is mainly issued by the freight forwarder to the shipper. It mainly works as contract evidence for the transportation of products and goods. According to the professional customs brokers in Sydney, the bill of lading can be used as a shipment receipt. In this article, we are going to discuss major facts about the Bill of Lading or BOL.

Functions of BOL

Bank of Lading or BOL has 3 major functions. They include.

Evidence of contract: BOL is a document of essential contract evidence between carrier and shipper. This means it helps to prove that there is an agreement between 2 parties.
Receipt verification: BOL is a conclusive receipt, that is an acknowledgement that the cargos or products have been loaded.
Title documentation: Bank of Lading serves as title documentation to the goods. This means the buyer mainly receives the goods by identifying the good’s title at the port.

What does a bill of lading consist of?

The bank of lading or BOI mainly consists of several things. They include:

Details of the freight forwarding company, the shipper and consignee
The place where the cargo is loaded
Destination
Mode of transportation mode (i.e. air, road, rail, sea, etc.)
The shipment terms
The goods descriptions (including their classification, weight, dimensions, etc)

Types of BOL

Based on the circumstantial requirements, terms and conditions, the BOL is classified into different types. They include:

Clean Bill of Lading: This bill is issued by the shipper
Claused Bill of Lading: It shows that there is damage to the consignment
Container Bill of Lading: It shows that the good is being delivered in a proper container
Received for Shipment Bill: This is offered by the carrier before loading the vessel
Through Bill of Lading: It allows transport a shipment via several modes
Master Bill of Lading: This is issued for the shipping companies, indicating shipper transportation details
House Bill of Lading: Also called Forwarder’s Bill of Lading, issued by the non-vessel operating companies
Short Form or Blank Back Bill: It works when the shipping contract isn’t mentioned in the original BOL
Charter Party Bill of Lading: It represents an agreement between a vessel charterer and owner for the goods.
Multimodal Transport Document: This is also called Combined Transport Document where ocean or land transportation is mainly involved