WHAT IS BILL OF LADING?

Bill of Lading is a document generated by a shipper, detailing ashipmentofmerchandisegiving titleto the goods, and requiring the carrier to release the merchandise to a named party at the destination.As a receipt ,the principal use of the bill of lading is as a receipt issued by the carrier once the goods have been loaded onto the vessel. This receipt can be used as proof of shipment for customs and insurance purposes, and also as commercial proof of completing a contractual obligation, especially under incotermssuch as CFR and FOB.

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