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Bankers Study Material::

What is Bill of lading?

By: Raj Kumar,      Update:15 May 2013

A Bill of Lading is a type of document that is used to acknowledge the receipt of a shipment of goods.

It is a receipt of goods for carriage issued by a shipping company or its authorized agent. In Bill of Lading it is stated that the goods are shipped on the specified date and specified vessel and are deliverable to the consignee or his order against the presentation of this document.

A Bill of lading indicates the following;

1. It is a proof of receipt of goods by the carrier.

2. It contains a contract of carriage & its terms & conditions. The terms & conditions are generally printed on the back of the Bill of lading or available in some other form.

3. It is a Document of Title to Goods. Therefore it can be transferred by endorsement and delivery. But it is not a Negotiable Instrument as its transferee cannot get better title than the transferor. However, it can be termed as  a quasi Negotiable instrument.

 


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