What is Bill of Lading

Even though the borders of countries become clear again during the COVID-19 pandemic, the international borders lose their importance as we have witnessed in the European Union and in the ASEAN Area. The volume of the global trade is increasing rapidly as borders lose their meaning gradually. According to Statista's data, the world trade volume grew with a very high acceleration between 1950-2022. During commercial activities, the bill of lading in export is essential for a healthy conclusion of commercial transactions. Bill of lading documents are very important for companies operating in business, and TradeAtlas is a database that contains more than 3 billion bill of lading and shipments data. Additionally, the hs code bill of lading is essential for ensuring accurate classification of goods using Harmonized System codes, which facilitates smooth customs processes and compliance in international trade.

 

What Is a Bill of Lading?

It is a valuable document containing all the information related to the relevant commercial transaction, especially the information such as the loader, the buyer, the notification authority, in the blank bill of lading or otherwise known as the bill of carriage. In other words, the freight bill of lading document is actually a loading instruction. The word bill of lading, which comes to our language from the Italian conoscimento word, means "recognition, confirmation, confirmation in maritime trade". Although documents similar to the bill of lading date back to the ancient Roman years, in 1063, with the Ordinamenta et consuetudo maris law, ship owners in all city states in Italy were obliged to record the quality and amount of cargo loaded on their ships.

 

Types of Bills of Lading

There are three main types of bill of lading: road bill of lading, maritime bill of lading and air waybill. The following information is included on the bill of lading:

·        Shipping company name

·        Weight and monetary value of the goods carried.

·        Name and address of the exporter

·        Name and address of the importer

·        Loading date of the goods

·        Terms of payment

·        Loading and destination port information

·        Freight payment information

·        Signature and document issuance date

·        Number, dimensions, full name, feature, delivery type, weight of the goods, etc.

 

How to Fill Out Bill of Lading?

The bill of lading instructions, the biggest guarantee for the delivery of goods sent abroad, must be filled with complete and accurate information, as it is essential for the correct and safe shipment of overseas goods. Serving as a contract between the shipper and carrier, a receipt of goods, and a document of title, the BOL is prepared in three copies: one for the shipper, one accompanying the goods, and one retained by the carrier. To fill out a BOL, include the shipper’s and consignee’s full details, carrier information, bill of lading number, purchase order, pickup date, shipment description (number of packages, weight, dimensions, freight class, packaging type), special instructions, declared value, and payment terms. For hazardous materials, proper declaration is required. All copies allow parties to verify that goods are transported under agreed conditions, received in good condition, and that the carriage contract is fulfilled, with signatures from the shipper, carrier, and consignee ensuring accuracy and compliance.

 

How to Query the Bill of Lading?

In order to inquire about the bill of lading, it is necessary to have a copy of the bill of lading example filled out or to know the bill of lading number. After obtaining the bill of lading document, you should enter the website of the carrier firm and access information about the bill of lading and the status of the cargo.


Bill of Lading Example

Why Is a Bill of Lading Important?

A Bill of Lading (BOL) is important because it serves as a legally binding contract between the shipper and carrier, ensuring that goods are transported under agreed terms. It acts as a receipt, confirming that the carrier has received the goods in good condition, and as a document of title, allowing the consignee to claim the shipment upon arrival. For international shipments, a BOL is essential for facilitating customs clearance, ensuring accurate tracking, and verifying that the correct goods are delivered to the intended destination. Additionally, it provides legal protection in case of disputes, as all shipping details, terms, and responsibilities are clearly documented, making it an essential tool for safe, efficient, and transparent shipping operations.


What Is the Purpose of a Bill of Lading?

The purpose of a Bill of Lading (BOL) is to provide detailed documentation of the goods being shipped, ensuring that all relevant information such as the type, quantity, and destination is clearly recorded. It acts as proof that the carrier has received the goods and gives the consignee the authority to take possession upon delivery. Additionally, the BOL plays a vital role in tracking shipments, clearing customs in international trade, and protecting the interests of all parties by offering a reliable record of the shipping agreement.

 

Who Pays for the Bill of Lading?

The responsibility for paying the Bill of Lading (BOL) is determined by the shipping terms agreed upon by the parties involved. Payment can be made by the shipper if the charges are prepaid, by the consignee if the freight charges are collected upon delivery, or by a third party, such as a freight forwarder, depending on the arrangement specified in the shipping contract.

 

Who Keeps the Bill of Lading?

The Bill of Lading (BOL) is typically issued in three copies, each kept by different parties involved in the shipment. The shipper retains one copy as proof of shipment and as evidence in case of damage or loss during transit, which can be used for filing claims with the carrier or insurance company. The carrier or driver receives the BOL upon pickup to ensure proper handling and delivery throughout the journey, while the consignee holds the final copy upon delivery to verify and claim the goods. This distribution ensures that all parties have a record of the shipment and its terms throughout the shipping process.

 

How TradeAtlas Streamlines Access to Shipment Data?

In today’s rapidly growing global trade environment, where borders are becoming increasingly irrelevant, accurate shipping documentation like the Bill of Lading (BOL) is vital for seamless commercial transactions. TradeAtlas becomes indispensable by offering an extensive database with over 3 billion BOL and shipment records, enabling companies to access and analyze BOL data to monitor competitors, explore new markets, and enhance their competitive edge, transforming what was once just a legal document into a strategic business tool.

For detailed information on the subject of find hs code, you can review the content “What is HS Code?”.