Question

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

Answer 1

A bill of lading which is abbreviated as BoL or BL for short is a legal document which is given by shipper that contains the details of the type, quantity, and destination of the goods being carried. Bill of landing serves the purpose of evidence of the contract of carriage and the receipt of goods. It, therefore, serves as a document of the title to the goods which are being carried.

Bill of lading has been derived from the English term which loosely translates to a " list of cargo". Bill of lading has a great significance and acts as a receipt and contract so that the carrier is being delivered at a predetermined destination. Bill of lading as a document must accompany those products which are being shipped and it is immaterial what is the form of transportation and therefore must be signed by an authorised representative from the carrier, shipper or the receiver. It helps in preventing asset theft.

The bill of lading (BoL or BL) is a legally binding document that gives carrier and shipper the requisite details so as to accurately process a shipment to its predetermined destination. It is a document of the title containing goods which act as a receipt for the shipped products. It contains the necessary clauses and agreed terms which make the parties agree on the transportation of the goods.