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What are merits and demerits of of different types of bill of lading?
Wiki User
∙ 12y ago
A straight bill of lading is non-negotiable and used for shipments where the consignee is known and the cargo is not to be resold. This can provide more security but less flexibility compared to negotiable bills of lading, which allow for the transfer of ownership during transit and increased financial options. However, negotiable bills of lading can be risky as they can result in cargo being delivered to unauthorized parties if not handled properly.
Wiki User
∙ 12y agoA bill of lading is a document issued by a carrier to a shipper, listing and acknowledging receipt of goods for transport and specifying terms of delivery.
It serves three main functions: (1) a document of title to the goods described in the Bill of Lading; (2) a receipt for the goods; and (3) as evidence of the terms and conditions agreed upon for the transportation of the goods.
Abbreviation: B/L; plural Bs/L.
There are two basic types of bill of lading,
the straight bill and the order bill.
1. A straight bill of lading is a non-negotiable document, made out to a specifically named consignee, from which the steamship company acknowledges receipt of the freight and agrees to move it to its destination.
Unlike an order bill, the straight bill does not have to be surrendered to the carrier in order for the importer to obtain possession of the goods.
2. An Order bill of lading is a document that is made out to the order of of the foreign importer or its bank, or the order of the export firm, its bank, or another designated party.
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Negotiable Bill of LadingNon Negotiable Bill of LadingMaster Bill of LadingHouse bill of Lading
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What is meant by the term bill of lading?
A bill of lading describes a form or document used in transporting and moving goods. It is used for many types of trading, such as international trading.
What are the different types of bill of lading?
12 Common Types of Bill of Lading Forms & When To Use Them1. Straight Bill of Lading: This is typically used when shipping to a customer. The "Straight Bill of Lading" is for shipping items that have already been paid for. 2. To Order Bill of Lading: Used for shipments when payment is not made in advance. This can be shipping to one of your distributors or a customer on terms.3. Clean Bill of Lading: A Clean Bill of Lading is simply a BOL that the shipping carrier has to sign off on saying that when the packages were loaded they were in good condition. If the packages are damaged or the cargo is marred in some way (rusted metal, stained paper, etc.), they will need issue a "Soiled Bill of Landing" or a "Foul Bill of Landing."4. Inland Bill of Lading: This allows the shipping carrier to ship cargo, by road or rail, across domestic land, but not over seas.5. Ocean Bill of Lading: Ocean Bills of Lading allows the shipper to transport the cargo over seas, nationally or internationally.6. Through Bill of Lading: Through Bills of Lading are a little more complex than most BOLs. It allows for the shipping carrier to pass the cargo through several different modes of transportation and/or several different distribution centers. This Bill of Landing needs to include an Inland Bill of Landing and/or an Ocean Bill of Landing depending on its final destination.7. Multimodal/Combined Transport Bill of Lading: This is a type of Through Bill of Lading that involves a minimum of two different modes of transport, land or ocean. The modes of transportation can be anything from freight boat to air.8. Direct Bill of Lading: Use a Direct Bill of Lading when you know the same vessel that picked up the cargo will deliver it to its final destination.9. Stale Bill of Lading: Occasionally in cases of short-over-seas cargo transportation, the cargo arrives to port before the Bill of Landing. When that happens, the Bill of Landing is then "stale."10. Shipped On Board Bill of Lading: A Shipped On Board Bill of Lading is issued when the cargo arrives at the port in good, expected condition from the shipping carrier and is then loaded onto the cargo ship for transport over seas.11. Received Bill of Lading: It is simply a Bill of Lading stating that the cargo has arrived at the port and is cleared to be loaded on the ship, but has not necessary mean it has been loaded. Used as a temporary BOL when a ship is late and will be replaced by a Shipped On Board Bill of Lading when the ship arrives and the cargo is loaded.12. Claused Bill of Lading: If the cargo is damaged or there are missing quantities, a Claused Bill of Landing is issued.
What is bill of lading and its types?
A bill of lading is a type of document that is used to acknowledge the receipt of a shipment of goods. A transportation company or carrier issues this document to a shipper. In addition to acknowledging the receipt of goods, a bill of lading indicates the particular vessel on which the goods have been placed, their intended destination, and the terms for transporting the shipment to its final destination.Inland, ocean, through, and air waybill are the names given to bills of lading. An inland bill of lading is a document that establishes an agreement between a shipper and a transportation company for the transportation of goods. It is used to lay out the terms for transporting items overland to the exporter's international transportation company. An ocean bill of lading is a document that provides terms between an exporter and international carrier for the shipment of goods to a foreign location overseas.A through bill of lading is a contract that covers the specific terms agreed to by a shipper and carrier. This document covers the domestic and international transportation of export merchandise. It provides the details of the agreed upon transportation between specific locations for a set monetary amount. An air waybill is a bill of lading that establishes terms of flights for the transportation of goods both domestically and internationally. This document also serves as a receipt for the shipper, proving the carrier's acceptance of the shipper's goods and agreement to carry those goods to a specific airport.Essentially, an air waybill is a type of through bill of lading. This is because air waybills may cover both international and domestic transportation of goods. By contrast, ocean shipments require both inland and ocean bills of lading. Inland bills of lading are necessary for the domestic transportation of goods and ocean bills of lading are necessary for the international carriage of goods. Therefore, through bills of lading may not be used for ocean shipments.Inland and ocean bills of lading may be negotiable or non-negotiable. If the bill of lading is non-negotiable, the transportation carrier is required to provide delivery only to the consignee named in the document. If the bill of lading is negotiable, the person with ownership of the bill of lading has the right of ownership of the goods and the right to re-route the shipment.
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