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Terms used in freight forwarding such as Amended B/L,Clean B/L,Bill of Material,Bill of Material Accuracy etc.
This post explains about terms used in freight forwarding such as Bill of Exchange ,Bill of Health,Amended B/L,Clean B/L,Bill of Material,Bill of Material Accuracy,Duplicate B/,Domestic B/L etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in freight forwarding
Bill of Exchange -A unconditional order in writing, addressed by one person to another, signed bythe person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time, a certain sum to or to the order of a specified person, or to the bearer.
Bill of Health:The Bill of Health is the certificate issued by local medical authorities indicating the general health conditions in the port of departure or in the ports of call. The Bill of Health must have been visaed before departure by the Consul of the country of destination. When a vessel has free pratique, this means that the vessel has a clean Bill of Health certifying that there is no question of contagious disease and that all quarantine regulations have been complied with, so that people may embark and disembark.
BILL OF LADING - The document issued on behalf of the carrier describing the kind and quantity of goods being shipped, the shipper, the consignee, the ports of loading and discharge and the carrying vessel. It serves as document of title, a contract of carriage, and receipt for goods. if it is straight B/L, the foreign can obtain the shipment from the carrier by simply showing proof of identity. If a negotiable B/L is used, the 
buyer must first pay for the goods, post a bond, or meet other conditions agreeable to the seller.
Bill of Lading ("BOL" or "BL" or "B/L"):Document that serves to identify the details of the shipment (shipper, consignee, description of goods, payment terms) and acts a binding contract between the parties by specifying the terms and conditions governing the transportation of the shipment.
Bill of Lading Clause:A particular article, stipulation or single proviso in a Bill of Lading. A clause can be standard and can be pre-printed on the B/L.
Bill of Lading: 1. B/L Terms & Conditions: the fine print on B/L; defines what the carrier can and cannot do, including the carrier's liabilities and contractual agreements. 2.Express B/L: Non-negotiable B/L where there are no hard copies of originals printed. 3.Negotiable B/L: The B/L is a title document to the goods, issued "to the order of" a party, usually the shipper, whose endorsement is required to effect its negotiation. Thus, a shipper's order (negotiable) B/L can be bought, sold, or traded while goods are in transit and is commonly used for letter-of-credit transactions. The buyer must submit the original B/L to the carrier in order to take possession of the goods. 4. Non-Negotiable B/L: Sometimes means a file copy of a B/L. See Straight B/L.5.Original B/L: The part of the B/L set that has value, especially when negotiable; rest of set are only informational file copies. Originals must be presented for the consignee to receive cargo. Abbreviated as OBL.6. Straight B/L - A non-negotiable bill of lading which states a specific identity to whom the goods should be delivered.
BILL OF LADING (B/L) :Document issued by a ship-owner to a shipper of goods. It serves as a receipt for the goods, evidence of the contract of carriage and document title. As a receipt, it contains the description and quantity of the goods as well as suitable notations if goods are not in apparent good condition when received by the ship. As evidence of the contract of carriage, the bill of lading contains the terms and conditions of the contract.
Amended B/L: B/L requiring updates that do not change financial status; this is slightly different from corrected B/L.
- B/L Terms & Conditions: the fine print on B/L; defines what the carrier can and cannot do, including the carrier's liabilities and contractual agreements.
- B/L's Status: represents whether the bill of lading has been input, rated, reconciled, printed, or released to the customer.
- Clean B/L: A B/L which bears no superimposed clause or notation which declares a defective condition of the goods and/or the packaging.
- Combined B/L: B/L that covers cargo moving over various transports- Consolidated B/L: B/L combined or consolidated from two or more B/L's.
- Domestic B/L: Non-negotiable B/L primarily containing routing details; usually used by truckers and freight forwarders.
- Duplicate B/L: Another original Bill of Lading set if first set is lost. also known as reissued B/L.
- Express B/L: Non-negotiable B/L where there are no hard copies of originals printed.
- Freight B/L: A contract of carriage between a shipper and forwarder (who is usually a NVOCC); a non-negotiable document.
- House B/L: B/L issued by a freight forwarder or consolidator covering a single shipment containing the names, addresses and specific description of the goods shipped.
- Intermodal B/L: B/L covering cargo moving via multimodal means. Also known as Combined Transport B/L, or Multimodal B/L.
- B/L Numbers: U.S. Customs' standardized B/L numbering format to facilitate electronic communications and to make each B/L number unique.
- Negotiable B/L: The B/L is a title document to the goods, issued "to the order of" a party, usually the shipper, whose endorsement is required to effect is negotiation. Thus, a shipper's order (negotiable) B/L can be bought, sold, or traded while goods are in transit and is commonly used for letter-of-credit transactions. The buyer must submit the original B/L to the carrier in order to take possession of the goods.
- Non-Negotiable B/L: See Straight B/L. Sometimes means a file copy of a B/L.
- "Onboard" B/L: B/L validated at the time of loading to transport. Onboard Air, Boxcar, Container, Rail, Truck and Vessel are the most common types.
- Optional Discharge B/L: B/L covering cargo with more than one discharge point option possibility.
- Original B/L: The part of the B/L set that has value, especially when negotiable; rest of set are only informational file copies. Abbreviated as OBL.
- Received for Shipment B/L: Validated at time cargo is received by ocean carrier to commence movement but before being validated as "Onboard".
- Reconciled B/L: B/L set which has completed a prescribed number of edits between the shippers instructions and the actual shipment received. This produces a very accurate B/L.
- Split B/L: One of two or more B/L's which have been split from a single B/L.
- Stale B/L: A late B/L; in banking, a B/L which has passed the time deadline of the L/C and is void.
- Straight (Consignment) B/L: Indicates the shipper will deliver the goods to the consignee. It does not convey title (non-negotiable). Most often used when the goods have been pre-paid.
- "To Order" B/L: See Negotiable B/L.
- Voided B/L: Related to Consolidated B/L; those B/L's absorbed in the combining process. Different from Canceled B/L
Bill of Material (BOM): A structured list of all the materials or parts and quantities needed to produce a particular finished product, assembly, subassembly, or manufactured part, whether purchased or not.
Bill of Material Accuracy: Conformity of a list of specified items to administrative specifications, with all quantities correct.
Bill of Material:A list of all parts, sub-assemblies and raw materials that constitute a particular assembly, showing the quantity of each required item.
The above details describes about terms called in freight forwarding such as Bill of Exchange ,Bill of Health,Amended B/L,Clean B/L,Bill of Material,Bill of Material Accuracy,Duplicate B/,Domestic B/L etc.These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in overseas trade below this post. Terms used in freight forwarding such as B13,back to back,Bunker adjustment factor,Bank Guarantee,Bar Coding
The above information is a part of Guide on howtoexport and import
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