Bill of Lading (BOL)
What is BOL?
Bill of lading, or BOL, is a required legally binding document issued by a carrier or their agent in the shipping process. Bill of lading acts as a conclusive receipt for the goods, evidence of the agreed terms, and also the goods’ title of document. With policy of insurance and an invoice together have been the three key documents used to ensure that exporters receive payment and importers receive the merchandise in international trade.
More about BOL
Bill of Lading can be categorized into Master Bill of Lading and House Bill of Lading issued by different parties. The previous, MBoL, is issued by the carrier or steamship line to an NVOCC agent or a freight forwarder when the cargo is customs cleared and loaded on the ship at the port of departure. And the latter, HBoL, is issued by an NVOCC agent or freight forwarder to the exporter or shipper to ensure the shipments and the paperworks are all done. Learn more about what is Bill of Lading.