What is the Bill of Lading in international trade
What is the Bill of Lading in international trade?
Bill of Lading is a very important document which is involved in shipping and logistics industry. Bill of Lading refers to a document that the “Carrier” of goods issues to the “Shipper” of the goods.
The document is usually provided as an evidence or proof of shipment. It is very important in the International trade because it provides ‘title’ as to who legally owns the cargo. Moreover, the Bill of Lading also acts as an evidence of contract of carriage, receipt of goods and document of title to the goods.
The owner/holder of the Bill of lading has the legal rights to claim the goods or arrange the transfer of the ownership to another party in supply chain.
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