WHAT'S A BILL OF LADING (BOL)?

The bill of lading is the primary shipping document used by the shipper, carrier and receiver when goods are being transferred between them.

USES: As a receipt given by the carrier to the shipper. Evidence of contract of carriage between the carrier and the shipper. Evidence of ownership or control of goods.

As a Receipt...... It shows evidence that the carrier through the ship master has taken control of the cargo and the shipper has a record of transaction.

As Evidence Of Contract.... It shows there is a legal agreement for the services between the shipper and the carrier as it relates to freight charges. Also, it has description, weight and measurement and, how many copies were issued. At the back of the BOL indicates the responsibilities and liabilities of the carrier.

As Evidence of Ownership.... The carrier is authorized to release the cargo to whoever is in possession of the copy of the BOL that is marked original.
The receiver (buyer) obtains this original document from the shipper or his agent after having satisfied the shipper that he will pay for the goods.