B/L (Bill of Lading)

Bill of Lading (B/L) is a legal document issued by the carrier, acknowledging the receipt of goods for shipment or loading, and undertaking to transport the goods to the destination and deliver them to the consignee. It is one of the most important documents in international trade, with three main functions: receipt of goods, evidence of the contract of carriage, and document of title. Its usage scenarios include ocean shipping, multimodal transport, etc. Especially in letter of credit (L/C) settlements, the B/L is a key document for bank payment. Precautions: The B/L must be correctly filled out with the consignee, notify party, goods description, freight terms, etc.; depending on the consignee, it is classified into straight B/L, bearer B/L, and order B/L, among which the order B/L can be transferred by endorsement and is the most commonly used. Differences from other terms: The B/L is different from the Sea Waybill, which is non-negotiable and serves only as a receipt and contract, and cannot be used to claim goods; it is also different from the Delivery Order (D/O), which is a document exchanged by the consignee against the B/L for taking delivery of goods. Foreign trade practitioners must ensure that the B/L strictly complies with L/C requirements to avoid discrepancies.