Bill of Lading
Definition - What does Bill of Lading mean?
A Bill of Lading, abbreviated as B/L or BoL is a legal document signed between a manufacturer and a carrier stating the type, quantity of material and the destination where it needs to be transported to. This is common a term that is mostly used in the transportation business when the goods are to be sent from one location to another via trucks, rail or cargo vessels.
Petropedia explains Bill of Lading
When any industrial product has to be transported from the company factory gates to the end user, a way to transport it has to be decided and all the legal documents such as bill of lading, documents certifying custom clearance, taxes, insurance, etc., have to be worked upon. Bill of lading is one of the very important documents from the point of view of the manufacturer or the shipper because of following reasons:
- It is treated as a proof that a particular manufacturer has actually manufactured a product or equipment and shipped it to a certain location.
- It is considered as a reference proof for a manufacturer and acts as a proof of his experience level and expertise.
- It acts as receipt of shipment.