Table of Contents
Why is the BOL important?
The bill of lading also serves as evidence that products are transferred to the carrier to await movement. Once a carrier has picked up the shipment, they take responsibility for its condition. The BOL is the legal document that indicates when and where the shipment is received by the carrier or agent.
What is the purpose of bill of lading?
A bill of lading has three main purposes. First, it is a document of title to the goods described in the bill of lading. Secondly, it is a receipt for the shipped products. Finally, the bill of lading represents the agreed terms and conditions for the transportation of the goods.
What is bill of lading in supply chain management?
A Bill of Lading is a required document provided by a carrier to a shipper detailing a type of shipment, quantity and the destination of the shipment. One of the key importance of BOL is to ensure the delivery of goods to the importer and the receipt of payment by the exporter.
What happens if the BOL is missing information?
The bank guarantee is a financial instrument that guarantees the protection for the transporter from all costs and liabilities of shipping the goods without the bill of lading. Typically, the transporter could be held liable if another company claimed the goods.
What are the functions of an air waybill?
An air waybill (AWB) is a document that accompanies goods shipped by an international air courier to provide detailed information about the shipment and allow it to be tracked. The bill has multiple copies so that each party involved in the shipment can document it.
Are straight bills of lading negotiable?
A straight bill of lading is essentially the non-negotiable bill of lading. It is a bill of lading that limits the carrier’s liability. It cannot be transferred to any consignee, receiver, or purchaser; it must be transferred to the specific recipient.
Who is responsible to provide a BOL?
The BOL is issued by the carrier to the shipper in exchange for the receipt of the cargo. This is proof that the carrier has received the goods from the shipper in apparently good condition. Evidence of the contract between carrier and shipper.
What is BOL number?
/ Bill of Lading number – a BOL number is specific to the generated BOL and used for a specific load or shipment. It is a reference number that helps tie the shipment to a tracking system.
What is the difference between POD and BOL?
A BOL is a written receipt that confirms the transportation of goods by a carrier, while a POD is a receipt that the consignee signs after delivery of the cargo.
What is BOL in manufacturing?
Beginning of life (BOL), in the context of manufacturing and product lifecycles, is the first stages of a product’s existence. BOL includes the initial conception of a product, its development, testing and initial marketing. The beginning stage finishes when the product is released to the market.