Types of Bills of Lading

Types of Bills of Lading

Types of Bill of Lading

 

Bill of Lading is a legal document between the shipper of used car from Japan and the carrier specifying the type, quantity and destination of the cars being carried.

Purpose of Bills of Lading

The carrier does not require to submit all the originals before the delivery. The exporter has to retain control over the full set of the originals until the payment is effected or a bill of exchange is accepted or some other assurance for payment has been made.

So, the bill of lading is very important when making shipments. The bill acts as an agreement between a carrier and a shipper for the transportation of goods and on other conditions, it serves as a receipt that is issued by a carrier to the shipper. There are many types of Bill of Lading.

 

1. Original Bill of Lading

The Original Bill of Lading is issued in three copies. It comes in a set of three. You may have the 3 copies in 2 deliveries to avoid loss risk as a business custom. Original B/L or BOL, as the name implies, is original. An importer must have Original document, not a copy to pick up a cargo.

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2. Surrender Bill of Lading

Surrender Bill of Lading works under the term ‘import documentary credit’, where the bank releases documents on receipt from the negotiating bank. The importer does not make the payment to the bank until the maturity of the draft under the relative credit.

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3. Clean Bill of Lading

A Clean Bill of Lading is issued by the Shipping Company or by its agents without any declaration on the defective Constitution of the goods/ packages taken on Board/ stuffed in containers.

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4. Received for Shipment Bill of Lading

The Received Bill of Lading is a document that is issued by a carrier as evidence of receipt of goods for shipment. Received Bill of Lading is issued prior to the vessel loading and is therefore not an onboard bill of lading.

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5. Through Bill of Lading

The Bills of Lading are complex than most BOLs. The document permits the shipping carrier to pass the cargo through several modes of transportation or through several distribution centers. So, this bill includes an Inland Bill of Lading and an Ocean Bill of Lading depending on the destination.

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6. Claused Bill of Lading

The Claused Bill of Lading is issued when the cargo is damaged or when the quantity of cargo goes missing.

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7. House Bill of Lading

The House Bill of Lading is a document generated by an Ocean Transport Intermediary freight forwarder or non-vessel operating company. The document is an acknowledgment of the receipt of goods that are shipped, issued to the suppliers when the cargo is received. Thus, this Bill of Lading is also known as Forwarders Bill of Lading.

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8. Master Bill of Lading

Master Bill of Lading is a document that is created for shipping companies by their carriers as a receipt of the transfer. The document specifies the terms that are required for transporting the freight, details of the consignor or the shipper, the consignee, and the respective person who possesses the goods.

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9. Sea Waybill

The Sea Waybill is a bit different from the Bill of Lading and it is not a security. This will be explained at another time, but Sea Waybill is not used for any trade using L/C. Once the Sea Waybill is issued and the importer is identical to the consignee in the document, Cnee can easy to pick up the cargo. In addition, there is no courier delivery cost of Original B/L and surrender costs for Surrendered B/L. Anyway, quick and easy is what makes Sea Waybill so special. However, there is also a risk associated with it. Because, once Sea Waybill is issued, the cargo can be picked up.

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10. Charter Party Bill of Lading

The Charter Party Bill of Lading is an agreement between a charterer and a vessel owner. The document is issued by the charterer of the vessel to the shipper for the goods/products that are shipped on board the vessel.

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11. Multi modal Transport Document / Combined Transport Document

The Multi-Modal Transport Document is also known as the Combined Transport Document, which is a type of Bill of Lading that involves a minimum of 2 different modes of transport, land, or ocean. However, the modes of transportation can be anything from freight boat to air.

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12. Stale Bill of Lading

A Stale Bill of Lading is presented for negotiation after 21 days from the date of shipment or any other date/number of days stipulated in the documentary credit.

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13. Short-term/Blank Back Bill of Lading

The Short term or Blank Back Bill of Lading is issued when the detailed terms and conditions of the carriage contract are not given on the body of the Bill of Lading or on the back of the B/L.

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14. Straight Bill of Lading

A Straight BOL indicates that the goods are consigned to a particular person and it is not negotiable free from the existing equities. This means that an endorsee acquires no better rights other than those that are held by the endorser. This BOL is also called as a non-negotiable bill of lading.

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15. Order Bill of Lading

The Order Bill of Lading is the bill that expresses words that make the bill negotiable. This explains that the delivery is to be made to the further order of the consignee using terms such as ‘delivery to A Limited or to order or assigns.

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16. Bearer Bill of Lading

A Bearer Bill of Lading is a bill that states that the delivery shall be made to whosoever holds the bill. These bills are specially created or it is an order BOL that does not nominate the consignee in its original form or through an endorsement in blank. A bearer bill can be negotiated by physically delivering it.

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