A bill of lading is a type of document/receipt issued by the ship-owner or by the master, captain of the ship or other agent after the goods have been placed on board for being carried to a specific destination. The term derives from the noun “bill”, a schedule of costs for services supplied or to be supplied, and from the verb “to lade” which means to load a cargo onto a ship or other form of transport. Although bill of lading involves the use of at least two different modes of transport from road, rail, air, and sea.
A bill of lading is used when the goods shipped from only a part of the cargo of a general ship. It must be stamped and signed by ship-owner or his agent. [The An Jang (2003) 45 SLR 348].
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.
Stages in a Letter of Credit Transaction
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What is Bill of Lading? | What is B/L?
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