WHAT DOES A BILL OF LADING DO?

For the fist time in your life, you hear the term "bill of lading"; your mind races

back and forth but cannot picture what it means, what it does and what it can do. Let us get that sorted here and now.

According to the renowned wikipedia, "a bill of lading is a document issues by a carrier to a shipper, acknowledging that specified goods have been received on board as cargo for conveyance to a named place for delivery to the consignee, who is usually identified therein." Thus from this definition, the answers to our question can be derived and we shall expand on it.

The bill of lading serves as the main evidence of transfer and receipt of certain goods, for the purpose of transporting from one location to another. Therefore shipments not accompanied by this document can be viewed as contraband goods, especially when the movement occurs across countries. Also, its use is most common in the shipping industry even though it can also be used for cargo transportation by road, rail or air.

Apart from this, a bill of lading can be used as a negotiation instrument by the consignee, especially among dealers within the same industries. For instance, let us look at the case of a consignee whose goods are still in transit, but are already sold in a futures contract situation, i.e. guaranteed sale, but payment being subject to delivery. He can use the bill of lading and sales contract signed as a means of negotiation or getting a quick loan from his bankers.

Based on the above points, we can see that this document is of high importance in some countries, while some other countries merely view it as an advanced delivery note. Regardless of which of the locations you find yourself, it is expedient that the document is properly filled and signed by all parties involved, and clearly states the type, quantity and state of goods as at time of shipment.

WHAT DOES A BILL OF LADING DO?

By: Pinky Savika

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