Bill Of Lading

Bill Of Lading

Definition: Bill of lading (BOL) is one of the most important documents in the shipping process. To ship any goods, a bill of lading is required and acts as a receipt and a contract. A completed BOL legally shows that the carrier has received the freight as described and is obligated to deliver that freight in good condition to the consignee.

Description: The information in the bill of lading is critical as it directs the actions of personnel all along the route of the shipment - where it's going, the piece count, how it's billed, and how it's to be handled on the dock and trailers. It could be on a prepaid or collect basis.

The consignee has to check whether the shipment is collect on delivery which means that the driver will collect the cost of the merchandise on delivery of the freight.

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Industry/Domain: Financial services
Category: Finance
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