Hey,
A Bill of lading or BOL is a receipt that contains information about the supplier, transporter, and receiver of a cargo. It is 100% legal and acts as a Negotiable bill of lading transportation contract. Since, who, what, where, and where of the cargo is mentioned, many begin to wonder ‘is bill of lading a negotiable instrument’.
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Is a bill of lading a negotiable instrument?
It is a legally issued document that is especially important for ocean freight or cargo forwarders. All essential information is written on it and parties refer to it. I don't think any type of Bol is less important than the other. Be it Original Bill of Lading, Telex Release, or Express Release.
There are two different types of BOL : Negotiable BOL :A negotiable bill of lading is a legal document wherein the ownership of the billing document can be transferred from one individual to another. It can even be transferred to a third party.
Non negotiable BOL :On the other hand, it is a legal document wherein the ownership of the billing document cannot be transferred from one individual to another. The carrier is required to deliver the cargo as part of their obligation/ The party mentioned or carrier mentioned in the consignee box is obliged to deliver the goods.
I hope all your doubts about the topic, especially the non-negotiable bill of lading have been cleared up.
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Authors Of The Question
Is a bill of lading a negotiable instrument ?
Rahul
613Views
2 Year
2022-07-21T17:37:26+00:00 2022-08-02T09:26:30+00:00Comment
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