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Specifically, who issues it, and the responsible parties. In summary, a bill of lading is a legal document that serves three vital purposes in the shipping process: as a receipt for shipping, as a title of goods, and as a contract of carriage. The carrier serves the bill of lading when they take control of the goods.
This may change slightly in the case of an ocean carrier, which may use intermodal transport with a house bill of lading. There are no universal regulations that limit who issues a bill of lading or set out specific requirements. However, shipping groups and certain countries set standards. The bill of lading is only legally binding once signed.
It must list the responsible parties, origin and destination, number of packages, contents of the packages, and package details to be binding.
The responsible parties in a standard bill of lading are the shipper, the consignee, the carrier, and the notify party. This post was written by Michael de Ridder.
Michael has worked in software development, data visualization, data science, research, consulting, and business analysis across healthcare, telecommunications, radio and finance. He enjoys the challenge of combining and utilizing the relationships between different domains and technology. A big fan of travel, Michael is a proponent for the benefits of work-life balance, believing that time away from a subject allows creativity to flourish.
Who Issues a Bill of Lading? April 16, What Is Bill of Lading? The bill of lading serves as a Receipt for the contents of the shipment that tracks when and where they have been loaded. Title of goods, stating that the holder of the original bill of lading has ownership of the goods. Contract of carriage that lists the amount, condition, type, and destination of the freight contents.
Who Are the Responsible Parties? Shipper: This is the party that is sending the goods. Consignee: The consignee is the other end of the freight. Without a correctly completed bill of lading, that could mean a major headache trying to get compensated for your loss. Like what you read? Subscribe today to the International Trade Blog to get the latest news and tips for exporters and importers delivered to your inbox. This article was originally published in May It has been updated to include current information, links and formatting.
Call International Trade Blog. What Is the Definition of a Bill of Lading? Here are a few common examples: Straight Bill of Lading This bill of lading is typically used to ship goods to a customer who has already paid for them.
Ocean Bill of Lading This bill of lading is used for shipping goods overseas. This is done to safeguard the shipper in case the cargo is damaged before loading it on board the vessel and to help the shipper in the claim process. For the carrier and the consignee, the bill of lading will act as the actual contract of carriage.
The popularly used conventions and rules which covers the contract of carriage for carrying goods by sea :. The convention which governs the contract of the carriage is usually stated in the first page of the bill of lading. Upon booking space for shipment by the consignee the carrier sends a booking confirmation which states Clauses sent by the carrier, it will indicate the terms and conditions that will govern the booking and contract of carriage.
Different companies use different forms of bill of lading which makes it difficult to track them unless a specific tracking service is provided by the carrier.
There are few companies which tie-up with the shipping carriers to track the bill of lading for easy trade. However, these precautions must be taken before signing the bill of lading.
The problem faced when using a paper bill of ladings are:. The paper bill uses printed bills of lading which are both costly. The bill has to be couriered which is an additional cost. It is possible to negotiate and transfer the possession of the paper bill as it is the evidence of title of the goods.
However, this is not automatically the case with e-bill. Source — A paper bill of lading is a document of title, enabling it to be negotiated and transferred as possession of the bill is evidence of title to the goods. This is not automatically the case at law with an e-bill.
If the electronic bill system is not secured, it can be hacked, and the details can be manipulated as per the convenience of the hacker, leading to fraud and loss of cargo.
Implementation of electronic bill system across the industry needs consent from all the stakeholder, which will take time. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Marine Insight do not claim it to be accurate nor accept any responsibility for the same.
The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. The article or images cannot be reproduced, copied, shared or used in any form without the permission of the author and Marine Insight. Tags: logistics. Raunek Kantharia is a marine engineer turned maritime writer and professional blogger.
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