Export-Import

 Bill of Lading

Bill of Lading is also known as BL or BOL. It is a detailed receipt given by a carrier to a consignor. Carrier is a person who transports/ master of ship and consignor is the person who owns the goods. It confirms goods have been received and ready to be shipped. It is one of the important legal documents needed in international trade. A bill of lading is a contract between carrier, consignor, and consignee and must be signed by all of them or any authorized person behalf of them. Export import training will help you in better understanding of international trade and its policies.

What does a Bill of Lading contain?

  • All details of carrier, consignor, and consignee
  • Mode of transport
  • Details of where the good were loaded and the destination
  • Details of goods
  • Delivery date
  • Any special instruction for the carrier

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Bill of Lading Importance in international Trade-

  • It is proof that goods have been loaded.
  • BoL also make sure that the consignor is paid
  • Proof of receipt of shipment by carrier

Negotiable & Non-Negotiable Bill of Lading-

A negotiable bill of lading is which is transferable to the third party. It instructs the carrier to deliver the goods to a person in ownership of the originally endorsed negotiable bill in condition the person should have original documents.

A non-negotiable bill of lading is marked for specific consignee to whom goods are to be shipped. For authentication at the time of receiving goods, the receiver to whom the bill of lading has been assigned has to verify their identity.

There are different types of Bill of Lading used in domestic and international trade. Here are some types of Bill of Lading for International Trade. 

Different types of Bill of Lading used in International Trade-

1 Ocean Bill of Lading-

Ocean Bill of Lading is required when transportation of goods is done worldwide. It is issued by a carrier to a consignor making sure all the custom documents and payment are done. The bill also to make sure that payment is made before the goods are released to the consignee.  

2 House Bill of Lading-

This Bill of Lading is generated by Ocean Transport Intermediary (OTI) or a Non-Vessel Operating Common Carrier to the supplier after receiving and inspecting the cargo. It is also known as forwarders Bill of Lading.

3 Seaway Bill of Lading-

A Seaway Bill of Lading is a contract where a consignor has no need to control the release of cargo. It is a non-negotiable document.

 

4 Master Air WayBill of Lading-

The bill is also known as MAWB. It is an airline bill issued by an airline or freight forward on post receiving the shipment to be delivered as agreed within the shipment.  

 5 House Air WayBill of Lading-

It is also known as HAWB. House Air Way Bill of Lading is issued by freight forward to a consignor after the receipt of shipment. HAWB are treated the same as MAWB.

6 Switch Bill of Lading-

A Switch of Landing is used in triangle trade. It is often used when supplier’s information needs to be kept private. In this a second bill of lading is generated by replacing the first with necessary information.

One of the consequences of not using bill of lading inaccurately is that you won’t get your product to your desired recipient.

Hope now you know about Bill of Lading for international trade. Join import export training in Ahmedabad for detail information.   

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Kavit Shah

Founder of Impexperts & Digital EximSharing the 33+ years of experience in the Exim Industry, with the aim to help every Indian Entrepreneur achieve their Business Goal!

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