Bill of Lading

(redirected from BOL (acronym))
Also found in: Dictionary, Thesaurus, Legal, Financial, Wikipedia.

bill of lading

(in foreign trade) a document containing full particulars of goods shipped or for shipment

Bill of Lading

 

a document containing conditions of a maritime shipping contract. It is used mostly in foreign trade.

The bill of lading is issued by the shipper to the sender after the cargo is received for shipping; it serves as a proof of receipt of the cargo and confirms that the contract has been concluded. The bill of lading is a document of title to goods and gives its holder the right to dispose of the cargo.

The types of bills of lading include the straight bill of lading, in which a certain consignee is mentioned and the transfer is accomplished by an endorsement or in another manner as established by the rules for the transfer of an active debt; the order bill of lading (issued to the shipper’s or consignee’s order), in which case the transfer is also accomplished by an endorsement; and the bill of lading made out to bearer (if transferred by actual delivery to the new holder of the bill of lading).

In the USSR, the procedure for drawing up the bill of lading and its essential elements are established by the Maritime Code of the USSR.


Bill of Lading

 

(1) Commodity bill of lading—an original bookkeeping document for the registration of shipping and receiving of valuable commodities. The bill of lading contains the name of the issuing agency; the registry number and date; the names of sender and recipient; quantity, grade, and price information; shipping authorization; and receipt forms specifying the individuals actually responsible for shipping and receiving.

(2) Transportation bill of lading—in the USSR, a basic transport document (nakladnaia) that accompanies freight shipped by rail, inland waterway, air, or motor vehicle. The bill of lading is used to register and verify the shipping agreement and is presented by the freight dispatcher to the transporter along with the freight. In accordance with the law, it is drawn up in the name of a specific recipient and is signed by the dispatcher. The bill of lading accompanies the freight throughout transit and is surrendered to the recipient at the destination with the freight. The bill of lading must be submitted with any claim or suit regarding shortage of goods or any spoilage or damage resulting from transport.