Bill Of Lading Flashcards
What is a Bill of Lading?
A bill of Lading acts as….
A Receipt of Goods Shipped: showing a description / quantity of the good.
Evidence that a Contract Exists: between the shipper and the carrier. (it s not the contract of carriage, the contract is the Charter Party Agreement)
Document of Title: Evidence of Ownership of the goods)
What is a Non-Negotiable bill of Lading?
The Cargo, will be be specifically owned by the individual mentioned on the BoL. It has be received by this person named on the BoL.
What are the 3 functions of a Bill of Lading?
Receipt of goods shipped.
Evidence that a contract exists.
Document of title.
What would you do as masters once you have arrived in the destination port with the cargo and have received the original Bill of Lading?
Hand over the cargo to the person bearing the original copy of the bill of Lading. And sign the Bill as “Completed” (or an “Accomplished BoL”)
What is the significance of a Negotiable Bill of Lading?
There will be no name stipulated on the BoL and the bearer of this BoL is the Owner of the goods.
He may sell the Cargo on whilst the vessel is out at sea and the Person who is ready to receive goods on the receiving end will now be the bearer of the goods if he has the purchased BoL in his hand.
What is the Basis Required for Making up a clean BOL?
It will have no super imposed marks on it.
The figures will Match a Clean Mates Receipt.
What would you do if there was an issue with the Caro Figures when signing the BoL on completion of Loading the Cargo?
Contact the local P&I Club representative.
(P&I Club responsible for Cargo Claims)
Contact an independent Draft Surveyor.
Once the figures finally Match up sign the BoL.
