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Definition: Consolidator's Bill of Lading
Consolidator’s Bill of Lading (B/L) is a document, issued by carrier that consists of various information like shipper’s detail, receiver’s detail, quantity, measurement, invoice number etc. along with signature of shipper, receiver and carrier. The B/L also consists of terms and conditions of consolidator and can be used for resolving disputes. In this way, it serves as a binding contract. Here, the word ‘lading’ means loading of shipments.
There are different kinds of Bill of Lading:-
1. Straight B/L: It’s prepaid B/L where carrier has received the billing amount in advance.
2. Order B/L: It’s postpaid B/L where carrier has to ship goods to final destination before receiving the billing amount.
3. Clean B/L: when there’s no damage to the cargo before final shipment.
4. Soiled B/L: It’s opposite of clean B/L i.e. when the cargo received is not in good condition.
The B/L can be negotiable or non-negotiable depending upon whether it can be transferred to any number of parties or not. In case of negotiable B/L, the holder of the bill of lading remains the owner of the goods who can transfer the title to someone else.
Example: suppose company ABC wants to deliver its goods to company DEF using the services of carrier XYZ. In such case, carrier generates a bill of lading that specifies addresses and signatures of ABC and DEF, quantity and measurements of shipments, etc. B/L accompanies the shipment and can be preserved as proof for future use.
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