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Video instructions and help with filling out and completing what is Bill of Lading

Instructions and Help about what is Bill of Lading

Welcome to exhibitor lounge sponsored by exhibit edge comm I'm your host and your tradeshow mixologist Michael gray here each week you receive simple practical and proven tips to improve your trade show marketing strategy maximize your budget and get better results by today's topic is the straight Bill of Lading and you may go straight what do you mean straight bill awaiting everybody just refers to it as the Bill of Lading or B of L well there's actually quite a difference between a straight violating an ability now a bill elating in general is negotiable it can have pricing information it can have lots of information on the document it is what the carrier fills out and uses to ship your Freight but also bill Freight and so on a straight bill of lading is what is used on a trade show floor and that is non-negotiable and all it is it's for transfer of title of your property from the general contractor to a shipping agent that you designate on a bill lading I want to go over a little bit about what a straight ability is and what are what it contains now it's always going to contain the shipment origin it'll contain the shipment destination and it'll contain the carrier's name that you need to put in okay now it also contains a block to prepay for collect shipments now prepay I always love the term because prepay just means bill - it's the carrier will bill you after the shipment is delivered okay or collect and then there's going to be a place for a name and address in order to take care of those arrangements now that's not pricing and that's not anything else it just tells the carrier that the general contractor is not liable for the cost of this shipment okay the other things on a bill lading are the number of pieces and they're just scription block of the shipment and it's very important to get as detailed as you can in this section okay the the general contractor will also have a reassignment block and it's the one that says you know send back to warehouse or ship via general contractor's carrier okay and there's some techniques in here I always like to put deliver back to warehouse because I can hold the the transportation company valence show up more accountable and they just go to the warehouse and they pay the small fee or surcharge which is usually about I've seen it around fifteen dollars per hundredweight for the general contractor to take it off the floor and take it back to his local warehouse so that's just a strategy that can be used but you do have to check one of those two boxes now the method of freight which is something people don't check a lot but that's very important I mean on this bill lading it talks about murder Freight air freight van line.

FAQ

What is bill of lading?
A Bill of Lading BL or BoL document is an extremely important documentinvolved in the shipping and logistics industry. A Bill of Lading is adocument that is issued by the Carrier of goods to the “Shipper” of the goods.It’s a document to provide evidence or proof of shipment. This is extremelyimportant in International Trade as it provides ‘title‡ as to who legally ownsthe cargo. The Bill of Lading acts as evidence of Contract of Carriagereceipt of goods and document of Title to the goods. The owner of the cargothe holder of the Bill of Lading has the legal rights to claim the goods orarrange transfer ownership of the cargo to another party in the supply chain.Useful information on how the Bill of Lading is actually used…The Bill of Lading is important in International Trade when it comes to theIncoTerms that the goods are sold on and the payment terms agreed betweenbuyer and seller. In alot of cases buyers and sellers will agree to pay adeposit to the supplier then arrange the balance payment ‘upon receipt of Billof Lading’. This means that when the goods have been shipped and the shipperreceives the Bill of Lading from the carrier shipping line the shipper willuse this document as security and will only email a ‘copy‡ of the Bill ofLading to the buyer to prove that the goods have been shipped and to requestthe balance payment. The shipper will hold title to the original Bill ofLading originals and therefore legally retain ownership of the cargo. Theshipper will use this as security to ensure that they receive the balancepayment for the goods. Bill of Ladings are also used when shippers andconsignees arrange Letter’s of Credit LCs with both partys banks. Lettersof Credit are contracts written between the shipper’s bank and the consignee’sbank that will guarantee payment of goods ‘upon Bill of Lading’.Once the buyer has made the balance payment the shipper will ‘surrender‡ theBill of Lading and tell the shipping company to issue an ‘Express Release‡ orTelex Release Bill of Lading. This Express Release Bill of Lading will allowthe title of goods to be transferred to the buyer without the buyer having toactually receive the original Bill of Lading documents in the mail. The buyerwill use this Express Release Bill of Lading to arrange customs clearance andrelease of their cargo at the port of destination.Read this article to understandThe difference between Freight Collect and Freight PrePaidInformation that is included on a Bill of LadingAn example Bill of Lading
What is bill of lading's role in DA/DP Payments?
Thanks for A2A. Following link depicts the role of Bill of lading in DA DP payment modesin International Sales or ExportImport Page on credittocashadvisor.com This link will help you in understanding legal aspects and expediency of theprocess DP DA and Their Use in International Sales Transactions
What is a draft bill of lading?
A2A.What is a Draft BLIn simple a draft BL is a preliminary version Rough outline of an actualBL Normally the BL is prepared at the Place of Origin that is from where thecargo is exported.It is prepared by the liner Vessel or the FF. A typical draft BL containsthe cargo details like type dimension weight charges as agreed consigneeand consignor name POO POL Port of Discharge etc. It also includes theLC details if there is one involved.Now to the use of Draft BL.The name itself says that it is just a rough document and it can be edited inany way the customer want. It is used as a sample to confirm the actual BL.Once the draft is made it will be sent to the customer for their confirmation.The seller checks the draft details and once he is satisfied with the drafthe confirms it and then the Actual BL is prepared.Once the actual BL is prepared it will carry a unique code which can be usedanywhere in the world to track the cargo and its details.So from here after preparing the actual BL if any change has to be doneit’ll charged to the customer it also includes spelling mistakes.Types of BL.Master BL and House BLMaster BL is prepared by Liner in behalf of the Ship owner.House BL is prepared by FFAbbreviationsBL Bill of Lading FF Freight Forwarders POO Port of OriginPOL Port of Loading LC Letter of Credit 1Hope its helpful. Thanks for reading.Footnotes1 A Quick Guide to Understanding Letters of Credit
What is marine bill of lading?
When the cargo owner has to sell his cargo to a buyer whom he does not knowpersonally and cannot trust a procedure is followed for selling the cargo. For this when the cargo owner gives the cargo to a ship owner he gets a billof lading. This bill of lading is given to the buyer of the cargo and after that only theseller gets the money. It acts as a receipt of goods.
What is accomplished bill of lading?
It is generally a receipt of cargo . Only one receipt will be issued by theparty to whom the cargo has been entrusted for carriage.Any person may come to the master or other agent. or the shipowner and demanddelivery of the goods. The master would have to deliver the goods if theperson produced a title deed and there was no clear evidence of fraud or thatany other person had a better right or title to the goods. Because thedocument of title is issued in more than one part the shipowner mustprotect himself from demands made by other persons each of whom may also be inpossession of one of a set of bills of lading. This is usually done byinserting in the bill of lading.
What are the main functions of a bill of lading?
A Bill of Lading BL or BoL document is an extremely important documentinvolved in the shipping and logistics industry. A Bill of Lading is adocument that is issued by the Carrier of goods to the “Shipper” of the goods.The main function is to1 Provide evidence or proof of shipment2 Provide a receipt of goods3 Provide ‘title‡ as to which party legally owns the cargoThe owner of the cargo the holder of the Bill of Lading has the legal rightsto claim the goods or arrange transfer ownership of the cargo to another partyin the supply chain.Read this article to understand the difference between Freight Collect andFreight PrePaid information that is included on the Bill of Lading and anexample Bill of Lading.
What is the difference between a bill of lading (quasi negotiable instrument)and an actual negotiable instrument?
Under US Law three documents are considered negotiable The Bill of Exchangethe Promisory Note and the Cheque. Other documents that have acquired thecharacter of negotiability are considered QuasiNegotiable instruments.A negotiable instrument must have the following features It must be a physical tangible document It must be transferrable without notice It must pass to the holder full legal title free of all equities Its negotiable status must be written on the document Its wording constitutes a formal promise against the maker The document and the promise it contains must constitute an independenttransactionThe Negotiable Bill of Lading meets all of these requirements except for thepassing of full legal title free of all equities to the subsequent holder.
What is the difference between airway bill and bill of lading?
AWB is for Air Transport and BOL is for Sea Transport