Ocean Bill of Lading

Ocean Bill of Lading in International Trade

Meaning of Ocean Bill of Lading, according to the Dictionary of International Trade (Global Negotiator): A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as instrument of ownership (negotiable bill of lading) which can be bought, sold or traded while the goods are in transit. To be used in this manner, it must be a negotiable “order bill of lading”. There several types of ocean bill of lading:

Clean bill of lading is issued when the shipment is received in good order. If damaged or a shortage is noted, a clean bill of lading will not be issued.

On board bill of lading certifies that the cargo has been placed aboard the named vessel and is signed by the master of the vessel or his representative. In letter of credit transactions, an on board bill of lading is usually necessary for the shipper to obtain payment from the bank. When all bills of lading are processed, a ship's manifest is prepared by the steamship line. This summarizes all cargo aboard the vessel by port of loading and discharge.

Inland bill of lading is used to document the transportation of the goods between the port and the point of origin or destination. It should contain information such as marks, numbers, steamship line, and similar information to match with a dock receipt.

Also called marine bill of lading. See bill of lading. Model of Ocean Bill of Lading.