Bill Of Lading

Bill of Lading Collected by macs http://animalspic.blogspot.com

It is a document issued by the shipping company or its agent acknowledging the goods mentioned there in, on board the carrying vessel, in apparent good order and condition unless otherwise indicated there in, for shipment to the consignee on terms and conditions as agreed upon as to their carriage. It is a document of title to the goods described in it. As per bill of lading Act 1856 it is the transport document of the bills which is applicable to a carriage of goods solely by sea. Bill of lading is a quasi negotiable instrument.

Particulars of Bill of lading i. Name of the shipper, consignee and notify party with address. ii. The name of the carrying ship. iii. Evidence that the goods have been loaded on board. iv.The port of shipment and discharge. v. The shipment date. vi.Amount of freight paid or unpaid. vii.

Shipping marks etc.

Different kinds of B/L i.

Clean B/L: A bill of lading which acknowledges the receipt of the goods on board the carrying vessel in apparent good

order and condition and does not indicate any defective condition of the goods or packages is called a clean Bill of lading. ii.

Claused B/L: A Bill of lading which expressly declares a defective condition of the goods and/or packages is called a claused B/L.

iii.

Combined B/L: When a B/L covers different mode of transport say, ship, Train, Truck etc it is called combined Bill of lading. Transshipment is normally allowed under combined B/L.

iv.

Through B/L: A through bill of lading is one which covers the entire voyage from the port of shipment to the port of destination. If not prohibited, transshipment and several mode of transports is allowed under through Bill of lading.

v.

Straight B/L: Bill of lading issued to the name of a certain party and which cannot be transferred by endorsement is called straight B/L.

vi.

Stale B/L: A Bill of lading is called a stale one when it is dated subsequent ot the date of shipment stipulated in the credit or when it is dated later than expiry date of the credit, or it has been hold too long before it is passed to a Bank or to the consignee. If there is no presentation period in the L/C, the B/L to be stale after 21 days from the date of shipment.

vii. Short

from B/L: A bill of lading in which the detail conditions of transportation are not listed in full ( on the back of the B/L) is called short from B/L.

viii.

Port or Custody B/L: B/L issued by the port officer or ware house supervisor stating that the goods have been received for shipment, is called port or custody B/L.

ix.

Charter Party B/L: It is a B/L of non liner vessel. Charter party is a contract between the ship owners and the charterer. Referring this contract when a B/L is issued it is called charter party B/L. It covers the whole voyages in issuers own direction and risk. a)

Time charter: If the ship is chartered for a particular time, then it is called Time chartered.

b)

Voyage charter: If the ship is chartered for a particular voyage then it is voyage Charter.

x.

Mate’s Receipt: It is issued by the agent of the shipping company receiving the goods for shipment by a specified vessel.

xi.

Forwarder Cargo Receipt (FCR): It is a receipt issued by the Forwarding Agent acknowledging receipt of the goods.