Terms used in shipping such as straight bill of lading,ocean bill of lading,inland bill of lading,freight b/l,b/l numbers,negotiable b/l etc.
This post explains about terms used in shipping such as unclean bill of lading, through bill of lading,straight bill of lading,ocean bill of lading,inland bill of lading,freight b/l,b/l numbers,negotiable b/l,duplicate b/l,domestic b/l,corrected 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 shipping
Bill of Lading (B/L or BOL):The official shipping document containing details about the shipment. It represents ownership of the goods so it’s ‘release’ to the intended recipient of the goods is often held until a final payment for the goods is complete. Without either an Original paper B/L or an electronic (see Telex) release, the goods cannot be delivered.
Bill of Lading (B/L):The official legal document representing ownership of cargo. It is a negotiable document confirming the receipt of cargoes, and the contract for the carriage of cargoes between the shipper and the carrier.
Bill of Lading (BOL) - The bill of lading or BOL is the contract between shipper and carrier, broker or agent that binds the parties together and defines all aspects of the freight shipping arrangement including what is being shipped, to whom and more.
Bill of Lading Port of Discharge:Port where cargo is discharged from mode of transport.
Bill of Lading to Order - Bill of Lading which requires an endorsement by a consignee before goods can be delivered to him by the carrying ship. Also called a “to order Bill of Lading.''
BILL OF LADING, CLAUSED(CLAUSED BILL OF LADING): A bill of lading which has exemptions to the receipt of merchandise in “apparent good order” noted.
BILL OF LADING, CLEAN( CLEAN BILL OF LADING): A bill of lading which bears no superimposed clause or notation which expressly declares a defective condition of the goods and/or the packaging (Article 18, Uniform Customs and Practice for Documentary Credits). A bill of lading that contains a clause declaring defective goods is called a Foul Bill of Lading. (2) A bill of lading that is silent as to the place of storage, indicating that the goods have been stowed under deck. (See Bill of Lading, Unclean)
BILL OF LADING, FORWARDER’S(FORWARDER’S BILL OF LADING ):A bill of lading issued by a forwarder to a shipper as a receipt for merchandise that the forwarder will consolidate with cargo obtained from other exporters and ship to his agent at the port of destination. In most cases, the Forwarder’s Bill of Lading has legal standing for banking purposes. Also called House Bill of Lading.
BILL OF LADING, FOUL(FOUL BILL OF LADING):A receipt for goods issued by a carrier bearing a notation that the outward containers or the goods have been damaged.
BILL OF LADING, INLAND(INLAND BILL OF LADING):A bill of lading used in transporting goods overland to the exporter’s international carrier.
BILL OF LADING, OCEAN(OCEAN BILL OF LADING):A document defining the terms and conditions of carriage for transport of cargo by sea freight.
BILL OF LADING, ON BOARD:A bill of lading acknowledging that the relative goods have been received on board for shipment on a specified vessel.
BILL OF LADING, ORDER(ORDER BILL OF LADING):A negotiable bill of lading. There are two types:(1) A bill drawn to the order of a foreign consignee, enabling him to endorse the bill to a third party. (2) A bill drawn to the order of the shipper and endorsed by him either “in blank” or to a named consignee. The purpose of the latter bill is to protect the shipper against the buyer’s obtaining the merchandise before he has paid or accepted the relative draft. (See also Endorsement in Blank)
BILL OF LADING, RECEIVED FOR SHIPMENT:A bill of lading acknowledging the receipt of goods by a carrier for shipment on a specified vessel. This type of bill of lading is not acceptable under a letter of credit unless it is specially authorized. English law does not regard these bills as a valid tender under CIF contracts because the CIF seller is obligated to ship the goods, and a Received for Shipment Bill of Lading is not considered proof of shipment.
BILL OF LADING, STRAIGHT(STRAIGHT BILL OF LADING):A non-negotiable bill of lading whereby the consignee named in the bill is the owner of the relative goods.
BILL OF LADING, THROUGH RAILWAY EXPORT:A bill of lading showing the place of receipt by the carrier at an inland point, with transport to the port of exit accomplished using rail/intermodal connections.
BILL OF LADING, THROUGH(THROUGH BILL OF LADING):A bill of lading that covers transportation by more than one carrier from the point of issue to the final destination (e.g., a bill from New York, via Kurabo, to Pampatar, Venezuela).
BILL OF LADING, UNCLEAN(UNCLEAN BILL OF LADING):A bill containing reservations as to the good order and condition of the goods or the packaging or both. Examples: bags torn,drums leaking, one case damaged, and rolls chafed.
bill of lading: A contract between a shipper and carrier listing the terms for moving freight between specified points.
Bill of Lading (B/L):A document that establishes the terms of a contract between a shipper and a transportation company. It serves as a document of title, a contract of carriage and a receipt for goods.
· 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.
· B/L's Type: refers to the type of B/L being issued. Some examples are: a Memo (ME), Original (OBL), Non-negotiable, Corrected (CBL) or Amended (AM) B/L.
· Canceled B/L: B/L status; used to cancel a processed B/L; usually per shipper's request; different from voided B/L.
· 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.
· Corrected B/L: B/L requiring any update which results in money or other financially related changes.
· 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.
· Government B/L (GBL): A bill of lading issued by the U.S. government.
· Hitchment B/L: B/L covering parts of a shipment which are loaded at more than one location. Hitchment B/L usually consists of two parts, hitchment and hitchment memo. The hitchment portion usually covers the majority of a divided shipment and carries the entire revenue.
· 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.
· Long Form B/L: B/L form with all Terms & Conditions written on it. Most B/L's are short form which incorporate the long form clauses by reference.
· Memo B/L: Unfreighted B/L with no charges listed.
· Military B/L: B/L issued by the U.S. military; also known as GBL, or Form DD1252.
· 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 below). 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.
· "Order" B/L::See Negotiable B/L above.
· 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.
· Short Term B/L: Opposite of Long Form B/L, a B/L without the Terms & Conditions written on it. Also known as a Short Form B/L. The terms are incorporated by reference to the long form 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 above.
· Unique B/L Identifier: U.S. Customs' standardization: four-alpha code unique to each carrier placed in front of nine digit B/L number; APL's unique B/L Identifier is "APLU". Sea-land uses "SEAU". These prefixes are also used as the container identification.
· Voided B/L: Related to Consolidated B/L; those B/L's absorbed in the combining process. Different from Canceled B/L.
The above details describes about terms called in shipping such as unclean bill of lading, through bill of lading,straight bill of lading,ocean bill of lading,inland bill of lading,freight b/l,b/l numbers,negotiable b/l,duplicate b/l,domestic b/l,corrected 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 shipping business below this post.Terms used in shipping such as Berth,Bill of Exchange,Bill of Lading ,Berth Charter Party,Beneficial Owner
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