Q.What is a Bill of Lading?

A Bill of Lading is a shipping document issued by the shipping company to the exporter, acknowledging receipt of goods for carriage by sea. It acts as a receipt for the goods, as evidence of the contract of carriage, and as a document of title to the goods.

The Bill of Lading is studied among export-trade documents under International Business in the TS Intermediate 2nd-year Commerce course, which aligns closely with the NCERT/CBSE commerce curriculum.

Meaning of Bill of Lading

A Bill of Lading is a document prepared and signed by the shipping company (or its agent) and given to the exporter after the goods are loaded on the ship. It states details such as the name of the ship, the exporter and importer, the description and quantity of goods, the ports of shipment and destination, and the freight. Its three important functions are:

• Receipt — it acknowledges that the shipping company has received the goods for shipment.
• Contract of carriage — it is evidence of the terms on which the goods are to be carried. …