News - How to Read a Bill Of Lading

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How to Read a Bill Of Lading

time2020/05/19

: A bill of lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type, quantity and destination of the goods being carried. A bill of lading also serves as a shipment receipt when the carrier delivers the goods at a predetermined destination.

A bill of lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type, quantity and destination of the goods being carried. A bill of lading also serves as a shipment receipt when the carrier delivers the goods at a predetermined destination.

1. Shipper

A shipper (also known as a consignor) is a person or a company responsible for organising and transporting goods from one point to another. Generally, the shipper bears the cost of freight, except otherwise stated in the transport contract before shipment. Usually the bill of lading will include the following information :Name, address, zip code, telephone, fax, email.

2. Consignee

The consignee is the receiver of the shipment and is usually the owner of the goods. This may be an individual or a company. Usually the bill of lading will include the following information as above :Name, address, zip code, telephone, fax, email.

3. Notify Party

The notify party is the contact person to be notified when the shipment arrives at destination. This field is usually only required if it's different from the party listed in the consignee field. The notify party can be the buyer himself, the shipping agent, or any other entity. Here is's the same as receiver , so we can fill it with"same as consignee".

4. Lading Number

A unique number shown on a bill of lading at the time the merchandise is accepted for shipment.

5. Vessel/Voyage

Name of vessel and voyage number sent to the shipper by customer services when booking the freight.

Place of receipt of the goods

Place of delivery of the goods

Port of Discharge

Port of Delivery

6. Description

Marks and numbers: Letters, numbers, and other symbols placed on cargo packages to facilitate identification

Number and kind of packages

Description of goods

Gross weight

Container No. /Seal No

7. Others

Place and date of issue

8. Forwarder Information

Why electronic bills of lading getting more common nowadays.

With the modernisation of the shipping industry as a whole, the bill of lading is also modernised to the electronic bill of lading to solve the issues occurring while using a paper bill of lading under the latest iteration of International Group of P&I Clubs. The problem faced when using a paper bill of ladings are:

1. The paper bill uses printed bills of lading which are both costly. The bill has to be couriered which is an additional cost.

2. The slow movement of the paper-based bill of lading.

3. Carriers are obligated to release the goods only on the production of an original bill of lading, which if not received in time will slow the process.

As there are no papers involved, it saves paper cost as well the cost involved in sending the paper to a different destination by courier

The electronic bill of lading can be transmitted instantaneously around the word in the presence of an internet connection, enabling a quick trade and ease of multiple transfers of ownership during the carriage of the cargo.

If there are any modifications required in the bill, it can be made quickly and cost-effectively as compared to the paper system of the bill of lading.

If the electronic bill of lading system is drawn correctly, such as introducing audit trials, PIN, electronic signature etc., it will be difficult to commit any type of fraud.