Write short notes on the following :
(i) Bill of lading
(ii) Mates receipt
Write short notes on the following :
(i) Bill of lading
(ii) Mates receipt
(a) Bill of lading: Bill of lading is a document wherein the shipping company gives its official receipt of the goods put on board its vessel and at the same time gives the undertaking to carry them to the port of destination. It is also a document of title of the goods and as such is freely transferable by the endorsement and delivery.
(b) Mates Receipt: This receipt is given by the commanding officer of the ship to the exporter after the cargo is loaded on the ship. The mate's receipt indicates the name of the vessel, berth, date of shipment, description of packages, marks and numbers, the condition of the cargo at the time of receipt on board the ship. The shipping company does not issue the bill of lading unless it receives the mate's receipt.
(a) Bill of lading: Bill of lading is a document wherein the shipping company gives its official receipt of the goods put on board its vessel and at the same time gives the undertaking to carry them to the port of destination. It is also a document of title of the goods and as such is freely transferable by the endorsement and delivery.
(b) Mates Receipt: This receipt is given by the commanding officer of the ship to the exporter after the cargo is loaded on the ship. The mate's receipt indicates the name of the vessel, berth, date of shipment, description of packages, marks and numbers, the condition of the cargo at the time of receipt on board the ship. The shipping company does not issue the bill of lading unless it receives the mate's receipt.
