Bill of Lading
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Definition of Bill of Lading
Bill of lading defines as a legal document issued by a carrier, typically a shipping company or transportation provider, to acknowledge the receipt of goods for shipment. It serves as both a contract of carriage and a receipt, detailing the type, quantity, and condition of the goods being transported.
A bill of lading outlines the terms of the shipment, including the destination, freight charges, and delivery instructions. It also acts as a title document, allowing the holder to claim the goods upon arrival and facilitating the transfer of ownership during transit.
What is Bill of Lading?
Bill of lading is a crucial shipping document used in transportation and logistics. It functions as a receipt from the carrier, confirming the acceptance of goods for transport, and also as a contract outlining the terms of the shipment. It provides essential information such as the type and quantity of goods, the destination, and shipping instructions.
Additionally, a bill of lading holds legal significance as a transferable document of ownership, allowing the holder to claim the goods at the destination port and enabling trade transactions. It plays a pivotal role in facilitating the movement of goods while ensuring transparency and accountability in the shipping process.
