A Bill of Lading
serves as a legal contract between a shipper and a carrier, stating detailed information regarding the shipment being transported. A type of BOL, a Surrender Bill of Lading, is an official document issued by exporters allowing importers to legally be the owner of the goods shipped. As importers pay for the shipment, exporters surrender their respective ownership rights of the goods to the importer.
While transferring ownership of goods during shipment, a Surrender Bill of Lading becomes essential. As the name suggests, the term ‘surrender’ means to return the document in exchange for the goods shipped. With a container-based shipment, you cannot board a ship, deliver the document to the ship’s captain and request the goods on the spot. There are methods for surrendering a BoL. The carrier’s responsibility ends when the Bill of Lading is handed over. Thus, they implement a list of conditions before delivering the shipment.