Bill of Lading – Its purposes and Importance
The definition of Bill of Lading or commonly referred to as B/L or BoL is, so-to-speak, a receipt of cargo that has been loaded on a ship and it is also proof of ownership of the cargo and an evidence of a contract or agreement to transport goods by sea. Because the B/L is needed by the consignee to receive the goods it has a feature of an exchange ticket of the goods.