Bill Of Lading (Noun)
Meaning
A receipt given by the carrier to the shipper acknowledging receipt of the goods being shipped and specifying the terms of delivery.
Classification
Nouns denoting communicative processes and contents.
Examples
- The bill of lading acts as a receipt and a contract between the shipper and the carrier, outlining the terms of delivery.
- A bill of lading is essential document in international trade as it provides proof of ownership and delivery of the goods.
- Before releasing the cargo to the consignee, the carrier requires the shipper to surrender the original bill of lading.
- During the voyage, the captain keeps a copy of the bill of lading to record any damage or discrepancies during shipment.
- To process a claim, the insurance company often requires the original bill of lading as evidence of the goods' existence and value.