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Why Bill of Lading is the Most Important Part of Logistics & Shipping?
The bill of lading is perhaps the most important document in the overall logistics and shipping setup in international trade. Putting it in simple and basic terms it is a three-way contract between the exporter, the shipper, and the importer. There are a lot of procedures involved here as it also forms the basis of creating Letters of Credit where the importer’s bank pays a part of the value of the goods to the exporter on the premise that the goods are what is purported to be and that the consignment has been shipped. All these are incorporated in the Bill of Lading and are reasons why it is so crucial if business on a global scale has to flourish to the fullest.
Historically speaking, the significance of the Bill of Lading stretches back to the Roman ages when receipts were issued as proof of cargo abroad the ship. With the exponential growth of trade and commerce in the medieval times, there arose a need for a document that could be negotiated upon as much as the goods that were traded. This slowly evolved into the modern version of the Bill of Lading along with other landmark papers such as the bill of exchange and the insurance policy.
With the emergence of the Bill of Lading as a vital cog in the wheel of the international commerce scenario, it has become very crucial to avail professional and expert Bill of Lading services. This will ensure that drawing up of this document is perfect since a lot of technicalities are involved. An error at any point can lead to crushing losses for both the exporter and importer should any litigation arise for the consignment.
But before going into these services in detail knowing the features of Bill of Lading will help you understand why it is the most important part of logistics and shipping. These can be categorized –
As a receipt for goods shipped – Every conceivable detail of the shipment are noted here – quantity, weight, the number of crates, packages or pieces and noticeable condition of the goods when loaded.
As confirmation of carriage and proof of contract – It is proof of a valid contract and agreement to deliver goods by sea and should not be linked in any manner to any contract between the seller and the buyer. Confirmation of the ship’s master with signature on the Bill of Lading corroborating receipt of goods makes the document official.
As the document of title – A Bill of Lading is a document of title that is transferable by endorsement even when the consignment is in transit. This enables the receiver to take possession as soon as the ship docks.
There are a lot of legalities involved in drawing up and processing Bill of Lading which is often beyond the comprehension of even the most seasoned businessmen. However, proficient Bill of Lading services offers guaranteed and effective solutions that makes this process so much easier for you. How does this process evolve –
You upload the scanned copy of the Bill of Lading to the server of the processing agency.
Trained and highly qualified personnel well versed in international trade documentation will scrutinize all details before data extraction. This will include such details as the number of packages and description, consignee details, freight bill number, shipping company along with information of date and time of dispatch and COD amount. These will be incorporated in the standardized Bill of Lading page in their system.
Careful scrutiny is done by the concerned to ensure that no inaccuracies have crept in.
This digitized, checked, audited and approved format is then uploaded back to the client by the Bill of Lading services.
You can be sure that this processed Bill of Lading will be precise in every respect and will fulfill the requirements of all parties concerned as well as being an iron-clad accurate document in all respects.
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