State the importance of bill of lading.

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Solution

(i) It is a document of title which gives the holder the right to possession of the goods.

(ii) It is an acknowledgement of receipt of goods on board the ship.

(iii) It is a contract of affreightment comprising the terms and conditions on which the shipping company has agreed to carry the goods to the destination port.

(iv) It may be used as collateral security for raising loans.

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What is bill of lading? How does it differ from bill of entry?

What is a bill of entry and a bill of lading?

Which of the following documents is not required in connection with an import transaction?

(a) Bill of lading

(b) Shipping bill

(d) Shipment advice

Bill of Lading acts as an acknowledgement of receipt of goods.

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