There are two basic types of bill of lading.
1. The straight bill of lading.
2. The order bill bill of lading.
A straight bill of lading is a non-negotiable document, made out to a specifically named consignee, from which the shipping 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.
• Name of the shipping company
• Flag of nationality
• Shipper's name
• Order and notify party
• Description of Goods
• Gross/net/tare weight,and
• Freight rate/Measurements and total freight of goods.
The bill of lading has three characteristics:
(1) Receipt for the goods shipped.
(2) Evidence of the terms of the contract of affreightment.
(3) Document of title to the goods specified in the Bill of Lading.
Stages in a Letter of Credit Transaction
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Types of Bill of Lading
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