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Importance of bill of lading in International trade
What is Bill of Lading? What is the importance of a Bill of Lading in an Import Export trade?
Bill of Lading is used in Export and Import trade under sea mode of shipments. How does Bill of Lading work in an International Trade?
Let me explain the major 3 importance of Bill of Lading in exports and imports.
Evidence for a contract of carriage.
Bill of lading serves as evidence for a contract of carriage.
So bill of lading is a document of evidence under a sea consignment. Means, Bill of Lading is proof of shipment under a sea mode of transport.
Proof of receipt of shipment by carrier
Secondly, it is proof of receipt of shipment by carrier of goods to overseas destination. Once after completion of necessary export customs formalities in an exporting country, the cargo is handed over to shipping company who carries goods to final destination. The carrier or their agent issues bill of lading as proof of receipt of cargo.
Bill of Lading is a document of title.
Thirdly, Bill of Lading is a document of title. It is a legal document used as proof of shipment in various authorities, as it has been approved as per Negotiable instrument Act. Without original bill of lading, the goods can not be taken delivery at destination.
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