B/L

B/L is the abbreviation for “Bill of Lading”. A Bill of Lading is an important transport document issued by a carrier or a freight forwarder and serves as confirmation of the transportation of goods. It contains detailed information about the goods shipped, the shipper, the consignee, the port of shipment, the port of destination, the route, the freight charges and other relevant conditions for the transportation.

The functions of the B/L include:

  1. Confirmation of transportation of goods: the B/L confirms receipt of the goods by the carrier and serves as proof of commencement of transportation.
  2. Proof of ownership: The B/L can serve as proof of ownership of the goods shipped, especially in commercial transactions.
  3. Negotiability: A B/L can be issued either as an order B/L or as an “to order” B/L, depending on its type, which enables its transferability and usability as a trading instrument.
  4. Regulation of payments: The B/L can serve as the basis for payments between the parties involved, such as the sender, the receiver and the banks.

The B/L plays a crucial role in international trade and logistics, as it provides the legal basis for the transportation of goods by sea and protects the interests of the various parties.