One of the most vital documents, especially in the shipping industry is the Bill of Lading.Bill of Lading is usually created by the carrier or the responsible agent from the supplier side.It ensure all the legal proceedings as per the understanding is undertaken.The supplier or carrier is supposed to send the buyer the Bill of lading through any communication channel.The buyer has to produce this bill of lading to claim the goods that needs to be delivered.
The Bill of Lading should contain the following information:
1)Name of the Transporting company
2)Flag of the nationality
3)Shipper's name
4)Order and notify party
5)Description and weight of goods
6) Freight or other rates and taxes as applicable
There are different types of Bill of lading.We shall look at two of them.
1) Non-negotiable Bill of lading/Straight BOL- In this case, the buyer has to fulfill all the legal contract obligations(E.g Payments), to get the goods released from the port.This bill states that the goods are consigned to a specified person and it is not negotiable free from existing equities, i.e. any endorse acquires no better rights than those held by the endorser. So, for example, if the carrier or another holds a lien over the goods as security for unpaid debts, the endorse is bound by the lien although, if the endorsor wrongfully failed to disclose the charge, the endorsee will have a right to claim damages for failing to transfer an unencumbered title.
2)Bearer Bill of Lading-This document allows the goods to be delivered to the holder of it. The name of the consignee, to whom the goods have been sent, perhaps the buyer, may be stated as "bearer". It may also be an "Order bill of lading" without stating to whose specific order the bill, and delivery of cargo under it, are subject or it could be an "Order bill of lading" endorsed in blank, that is without identifying to whom the cargo should be delivered.
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