Ocean B/L

Ocean Bill of Lading (Ocean B/L) is a document issued by the carrier or its agent, which serves as evidence of the contract of carriage of goods by sea and confirms that the goods have been taken over or loaded on board by the carrier, as well as the carrier's undertaking to deliver the goods against surrender of the document. It is one of the most core documents in foreign trade transportation, with three major functions: cargo receipt, evidence of the contract of carriage, and document of title. Usage scenarios: In FOB, CIF, CFR and other sea freight trades, the seller needs to obtain the bill of lading for settlement of exchange, and the buyer needs to use the bill of lading to take delivery of the goods. Precautions: The bill of lading must indicate "Shipped on Board" or "Received for Shipment"; only a clean bill of lading (without adverse remarks) is accepted by banks; a straight bill of lading is non-negotiable, while an order bill of lading requires endorsement; the original bill of lading is usually issued in a set of three, and after taking delivery against one copy, the remaining copies become invalid. Differences from Sea Waybill: A sea waybill is not a document of title and cannot be transferred; it is only used for taking delivery of goods, whereas a bill of lading can be transferred and pledged. Differences from Air Waybill (AWB): An air waybill is not a document of title and cannot be transferred. Therefore, the ocean bill of lading has unique legal effect in letter of credit settlement and control of title to goods.