Bill of Lading: Definition and Free Template
Bill of Lading: Definition and Free Template
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Bill of Lading: Definition and Free Template
Bill of Lading Definition
A bill of lading serves several purposes in business transactions. A bill of lading is also referred to as a BOL. First a bill of lading represents a contract or legal document between the shipper of the goods, which could be the buyer or the seller depending on FOB shipping point . Second, a bill of lading is a shipping document that is used to show proof of pickup and delivery. Everything that is shipped by a trucking company, freight carrier, or company delivery trucks must have a bill of lading. To have a completed bill of lading the document must be signed by an authorized representative. A bill of lading will also list the freight that was on the truck for delivery. The shipping document will typically list how many pallets are on the truck.
Functions of a Bill of Lading
A Bill of Lading prevents theft and loss of goods.
A Bill of Lading keeps deliveries on time.
A Bill of Lading provides documented paper trail.
A Bill of Lading completes most shipping records.
A Bill of Lading serves as a receipt.
A Bill of Lading states title and ownership of goods.
Features of a Bill of Lading
Date: the date is typically when the BOL was generated or created.
BOL Number: this is the number of the BOL for reference.
Carrier Information: This is the company information for who will transport the goods.
Origin Shipper: This is the information for where the load is being picked up.
Destination Consignee: This is the information for where the load is being delivered.
Freight Charges: This section is where the Carrier can add freight charges. If the shipper specifies expedited shipping then this will typically show up in freight charges.
Pickup Date: This is the scheduled pickup date.
Delivery Date: This is the scheduled delivery date.
Inventory Description: This is where the items being shipped are described. This needs to be a detailed description so both parties can confirm receipt of the goods. Typically a company will list the number of wood pallets on the truck.
Special Instructions: This is a section for special instruction for the delivery.
Signatures: This is a section for both the shipper and receiver to sign and acknowledge the correct goods were delivered.
Reasons For a BOL
If you don’t have a bill of lading your shipment may not get picked up or it may not be received by the destination. Also, if you do not have a bill of lading then your products and goods cannot be correctly accounted for. Not having a bill of lading can become a missing link in the paperwork needed for a company.
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