Everything you need to know about Bill of Lading (BOL) in Export Business

The Importance of Shipping Documentation

If your business consistently ships products by freight, either from your manufacturers or to your customers, you definitely need to know about this very important document called the Bill of Lading (BOL). The term Lading is derived from the word Loading, which refers to the loading of goods into the ship.

When you are involved in shipping goods across other countries there will be a lot of paperwork involved. While each document involved in the export process has its own importance and purpose, the Bill of Lading is one document that you cannot forget.

Defining the Bill of Lading (BOL)

A bill of lading is a freight shipping document that summarizes all the information for a particular shipment. The Bill of Lading is often synonymously used as B/L or BOL. It is basically a legal transport document issued by the carrier to the shipper.

Basic Functions of a Bill of Lading Document

1. Evidence of Contract of Carriage: The bill of lading is evidence of the contract of carriage; however, it is not the contract of the carriage itself. That contract between the carrier and the shipper is created when the goods are loaded on board the ship and will therefore already exist before the bill of lading is issued. It describes the type, destination, amount, and condition of the shipment.
2. Title of Goods: Bill of Lading provides the right for the delivery to be made to the possessor. This document enables the holder or the possessor of the document to deal with the goods described in it as if he was the owner. “Title” is the right to ownership.
3. Receipt: The Bill of Lading also serves as a receipt that the goods have been properly loaded on the shipping vessel. It serves as a shipment receipt when the carrier delivers the goods at a predetermined destination.

Required Details in a BOL

• Carrier name and signature from the carrier, the ship’s master, or a legal representative.
• Date and an indication of goods being loaded onto a vessel.
• Notation of the port of loading and the port of destination.
• Terms and conditions of carriage or a reference to these conditions.
• A detailed description of the goods being shipped (value, count, weight, size, markings/numbers, etc.).
• Name of the consignee.
• Any special instructions for shipping.

Optimize Your Export with SkyERP Export Plus

Thus, the Bill of Lading is a vital document for your export process and can be efficiently created and managed by SkyERP Export Plus software for your export business. Choosing the best software for your export business can be a cumbersome task for any company. By buying SkyERP Export Plus, you can increase your efficiency by a lot of percentages. It provides an easy way to store all your documents in one place and helps you track the shipment thus delivering more prompt shipments and improved customer relationships.