- abbreviated as B/L or BOL.
- a document issued by a carrier which details a shipment of merchandise and gives title of that shipment to a specified party.
- one of three important documents used in international trade.
- Purpose? To guarantee that exporters receive payment and importers to receive merchandise.
Order of BOL
- used when shipping merchandise prior to payment, requiring a carrier to deliver the merchandise to the importer, and at the endorsement of the exporter the carrier may transfer title to the importer.
Endorsed Order BOL
- can be traded as a security or serve as collateral against debt obligations.
Attributes of BOL
- on board – merchandise has been physically loaded onto a shipping vessel, such as a freighter or cargo plane.
- received-for-shipment – merchandise has been received, but is not guaranteed to have already been loaded onto a shipping vessel.
- clean – merchandise is in good condition upon being received by the shipping carrier
- foul – merchandise has incurred damage prior to being received by the shipping carrier. Letters of credit usually will not allow for foul bills of lading.
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