Question

QUESTION A

bill of lading sometimes abbreviated as B/L or BOL, is a document issued by a carrier (or their agent) to acknowledge receipt of cargo for shipment. Although the term historically related only to carriage by sea, a bill of lading may today be used for any type of carriage of goods. A comprehensive article on Bill of Lading Bills of lading are one of three crucial documents used in international trade to ensure that exporters receive payment and importers receive the merchandise. A bill of lading must be transferable and serves three main functions:

 It is a conclusive receipt, i.e. an acknowledgement that the goods have been loaded, and

 It contains or evidences the terms of the contract of carriage; and

 It serves as a document of title to the goods.

DEFINE AND DISCUSS the Bill of Lading in modern commerce era of maritime industry.

Answer 1

Explanation:

Bill of lading is the most important document in the modern commercial world for exporter and importers as well as a shipping company. It shows that exporter had paid the required cost of freight to ship their merchandise to the importer. It serves as receipt and contract between shipper and shipping company in the maritime industry without it cargo won't be delivered to the importer and in modern time it is considered as the worth of whole cargo. Bill of lading is a guarantee that a particular amount of goods/product is in that cargo and buyer will receive those good upon payment of that amount worth of goods.