Our glossary simplifies common industry terms in freight and logistics into clear, easy-to-understand explanations.
A Bill of Lading (B/L) is the most crucial document in maritime cargo transportation. Issued by the carrier, it serves as a transport contract, a cargo receipt, and a certificate of title. It details the cargo's name, quantity, weight, loading date, route, and recipient information, making it a crucial document for customs clearance and international settlements. Unlike an airway bill, an ocean bill of lading serves as a transfer of title, allowing the holder to legally claim the goods. Bills of lading come in various types, including straight, order, and bearer, suitable for different international trade arrangements. Banks use bills of lading as a basis for payment under letters of credit, making proper handling of bills of lading crucial. For exporters and importers, bills of lading serve not only as proof of the flow of goods but also as a crucial document for securing payment and transaction security.
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