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Wednesday, December 03, 2008

Overview on Bill of Lading

auto-transport-with-truckA bill of lading, simply stated, is a document that acknowledges the receipt of a shipment of goods. This document is issued by an auto hauling company or carrier to a shipper. In addition to acknowledging the receipt of goods, a bill of lading also contains details regarding the particular vessel on which the goods have been loaded, the place to which it is bound and the terms for transporting the shipment to its final destination. A bill of lading serves as evidence for a contract. This usually becomes necessary when a ship owner deploys his vessel as a general ship by announcing his willingness to accept cargo from people for a specified voyage.

When the bill of lading in the hands of the shipper, it becomes a receipt for the quantity of goods received, the condition of goods received and leading marks. Then, the carrier is responsible for the safety of goods. Eventually the consignee will surrender the bill at the port of discharge in return for delivery of the goods. The consignee may also decide to sell the goods while in transit and in which case, he may endorse the bill in favor of the purchaser. The carrier is under obligation to deliver the cargo only against the original bill of lading. In the absence of bill of lading, if a person wishes to take delivery of the goods, then he has to prove that he is entitled to the possession of the goods and there is a reasonable explanation for such absence.

A bill of lading is of various types such as - inland, ocean, through, and air waybill. An inland bill of lading is just a document that establishes an agreement between a shipper and a transportation company for the transportation of goods. An ocean bill of lading is a document that provides terms between an exporter and international carrier for the shipment of goods to any overseas location. A through bill of lading is a contract that covers the specific terms agreed to by a shipper and carrier. A through bill of lading involves the use of at least two different modes of transport from road, rail, air, and sea. This document covers the domestic and international transportation of export merchandise. An air waybill is a bill of lading that establishes terms of flights for the transportation of goods both domestically and internationally. This document also serves as a receipt for the shipper.

truck-carAir waybills cover both international and domestic transportation of goods. By contrast, ocean shipments require both inland and ocean bills of lading. Inland bills of lading are necessary for the domestic transportation of goods and ocean bills of lading are necessary for the international movement of goods. Therefore, through bills of lading may not be used for ocean shipments. It is important to know that inland and ocean bills of lading may be either negotiable or non-negotiable. If the bill of lading is non-negotiable, the transportation carrier has to give delivery only to the consignee specifically named in the document. If the bill of lading is negotiable, the person with ownership of the bill of lading has the right of ownership of the goods as also the right to re-route the shipment. The buyer can sell the goods on while they are at sea to the third party by simply endorsing the bill of lading and delivering it to the third party. The third party, by becoming the holder, can demand delivery of the goods on arrival.

posted by All America Auto Transport @ 4:58 AM permanent link  

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