Ocean Bill of Lading (B/L), also known as bill of lading, is a document issued by the captain, shipping company or its agent to prove the establishment of a contract for the carriage of goods by sea, that the goods have been taken over or loaded by the carrier, and to ensure that the goods will be delivered to the designated consignee at the port of destination.
Nature and Function of Bill of Lading
An ocean bill of lading is a receipt for goods issued by a carrier or its agent to a shipper, confirming that the goods have been received according to the matters recorded in the bill of lading. The carrier shall deliver the goods to the consignee based on the contents listed in the bill of lading.
An ocean bill of lading is a certificate representing the ownership of the goods. The bill of lading is a certificate for the withdrawal of goods and can replace the goods themselves. Therefore, the bill of lading can be used to negotiate payment with the bank and to pick up goods from the carrier, and can also be used for mortgage or transfer.
An ocean bill of lading is a certificate of the transport contract agreed upon by both the carrier and the shipper. The transport contract is negotiated before loading, while the ocean bill of lading is issued after loading. Therefore, the bill of lading itself is not a transport contract, but only a proof of the transport contract. When the bill of lading is in the hands of the shipper, it is preliminary evidence that the carrier has received the goods according to the matters recorded in the bill of lading. When the bill of lading is in the hands of the consignee, it is the final evidence that the carrier has taken over the goods.
Format and content of ocean bill of lading
There is no unified regulation on the format of the bill of lading. Each shipping company designs its own bill of lading, but the main columns and basic contents of the bill of lading are the same. The content of the ocean bill of lading is very extensive, including the records on the front and the terms on the back. Generally speaking, the records on the front of the bill of lading can be summarized as: ship name, ship registration, port of shipment, port of destination, name of the shipper and consignee, name and address of the person to be notified, name of the goods, packaging, mark, number of pieces, weight or volume, etc.; the amount of freight, and indicate whether the freight is prepaid or paid after the goods arrive at the destination, etc.; the printed contract text as a certificate of receipt of the goods. At the same time, indicate the place of issuance of the bill of lading, the number of copies of the original bill of lading issued, and the date of issuance. The back of the bill of lading usually has the shipping terms printed on it, which serve as the main basis for the rights and obligations between the carrier and the shipper, between the carrier and the consignee, and between the holder of the bill of lading.