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Showing posts from November 12, 2016

Bill of Lading (B/L)

Introduction to Bill of Lading When buying goods internationally, there is a distance between the buyer and the seller. The exchange of goods and the payment for the goods therefore cannot take place at the same time. The seller wants to ensure that he does not transfer ownership of the goods without receiving payment, and the buyer wants to make sure that he does not pay without getting ownership of the goods that he was expecting. The seller uses the Bill of Lading (B/L) as proof that he has delivered the goods for shipment at the agreed place. The Bill of Lading (B/L) also confirms the quantity and apparent condition of the goods in the Bill of Lading (B/L). In the old days, the Bill of Lading was a document issued by the captain of the vessel for goods carried onboard his vessel. This is not practical today where instead the document is issued by an agent acting on behalf of the captain (the principal carrier). The Bill of Lading (B/L) is issued by an ocean carr