Q.What is bill of lading? How does it differ from bill of entry?

A bill of lading is the shipping company's official receipt of the goods taken on board and its undertaking to carry them to the destination; it is a transferable document of title used in EXPORT. A bill of entry is a customs form filled in by the importer when goods arrive, giving details of the goods so that import duty can be assessed; it is used in IMPORT. Bill of lading relates to shipment by the exporter; bill of entry relates to customs clearance by the importer. …

Bill of lading

• It is issued by the shipping company as an official receipt of the goods placed on board, together with an undertaking to carry them to the port of destination.
• It is a document of title to the goods — freely transferable by endorsement and delivery — so whoever holds it can claim the goods.
• It is prepared/used on the export side: the C&F agent surrenders the mate's receipt to the shipping company, freight is computed and paid, and the company then issues the bill of lading.
• (When goods travel by air, the equivalent document is the airway bill.)

Bill of entry

• It is a form supplied by the customs office, filled in by the importer (in triplicate) at the time of receiving the imported goods.
• It gives particulars such as the importer's and exporter's names and addresses, the ship's name, number and marks on the packages, description, quantity and value of goods, port of destination, and the customs duty payable.
• It is used on the import side: it is the basis on which customs import duty is assessed; an appraiser examines it, the goods are physically examined, and the importer pays the duty before the goods are released.

How they differ

• Who issues / prepares it — Bill of lading: the shipping company. Bill of entry: the customs office supplies the form; the importer fills it in. …