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B/L Bill of Lading
- Receipt: It acknowledges that the carrier has received the goods for shipment.
- Contract of Carriage: It outlines the terms and conditions of the transportation agreement between the shipper and the carrier.
- Title Document: It serves as a document of title to the goods, enabling the consignee to take possession of the goods upon arrival at the destination.
- Negotiable Instrument: In some cases, the B/L can be negotiable, allowing it to be used as a financial instrument in international trade transactions, such as letters of credit and documentary collections.
- Straight (Non-Negotiable) B/L: This type of B/L is issued to a specific consignee and is not negotiable.
- Order (Negotiable) B/L: This type of B/L is made out “to order” and can be transferred to another party through endorsement.
- Through (Combined) B/L: This type of B/L covers the transportation of goods through multiple modes of transport, such as sea, rail, and trucking.
Legal Aspects: The B/L is a legally binding document that establishes the terms and conditions of the transportation contract. It is governed by international conventions, such as the Hague Rules and the Hague-Visby Rules, as well as national laws and regulations. Overall, the Bill of Lading plays a central role in global trade and logistics, providing a framework for the movement of goods and ensuring the rights and obligations of all parties involved in the transportation process.
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