There are two types of bill of lading.
1. The straight bill.
2. The order bill.
A straight bill of lading is a non-negotiable document, made out to a specifically named consignee, from which the steamship company acknowledges receipt of the freight and agrees to move it to its destination.
An Order bill of lading is a document that is made out to the order of the foreign importer or its bank, or the order of the export firm, its bank, or another designated party.
The bill of lading must contain the following information:
1. Name of the shipping company;
2. Flag of nationality;
3. Shipper's name;
4. Order and notify party;
5. Description of Goods;
6. Gross net weight;
7. Freight rate/Measurements and total freight.
A bill of lading can be used as a traded object.
1. To acknowledge receipt by the carrier of the exporter's goods.
2. To indicate the carrier's contractual obligation to transport the goods to their destination in exchange for payment.
3. To record transfer of title from the seller to the buyer when payment for the goods takes place.
A bill of lading is a contract of carriage of goods.
A bill of lading is not merely a contract of carriage of goods but also a receipt and a document of title as well. The bill of lading is a commercial document. Moreover, bills of lading are the classic contract of carriage of goods. While charter parties are the classic contract of hire of a ship and so the bill of lading is a contract in respect to the goods.
Contract of carriage' covered by a bill of lading or any similar document of title, so such document relates to the carriage of goods by sea, including any bill of lading. Such bill of lading or similar document of title regulates the relations between a carrier and a holder of the same.
Stages in a Letter of Credit Transaction
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Types of bill of lading
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