A Bill of Lading
is a legal document issued by a carrier, usually a shipping company or freight forwarder
, to acknowledge the receipt of goods for shipment. It serves as both a contract of carriage and a receipt of the goods being transported. A Bill of Lading is essential in exports because:
• If there is an agreement between the shipper and the carrier, the Bill of Lading will serve as Evidence of Contract.
• The carrier hands it to the person who is receiving the goods, thus, making BL as a receipt. The goods are loaded, as indicated in this document.
• It serves as the Document of the list of goods, which is used for verification purposes after the importer has received the goods.
Information on export products
, number of products, billing details, payment details, special instructions to be taken care of while storing or transporting them, etc. are all included in a Bill of Lading (BOL) to facilitate this process.