Ocean Bill Of Lading

DEFINITION of 'Ocean Bill Of Lading'

A document required for the transportation of goods overseas. An ocean bill of lading serves as both the carrier's receipt to the shipper and as a collection document. The document specifies the details of the goods being transported, such as quantity, type and destination.

BREAKING DOWN 'Ocean Bill Of Lading'

A non-negotiable ocean bill of lading allows the buyer to receive the goods upon showing identification. If the bill is deemed negotiable, then the buyer will be required to pay the shipper for the products and meet any of the seller's other conditions.

An ocean bill of lading allows the shipper to move goods across international waters. If the goods are to be initially shipped over land, an additional document, known as an "inland bill of lading", will be required. The inland bill only allows the materials to reach the shore, while the ocean bill allows them to be transported overseas.

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RELATED FAQS
  1. What's the difference between a bill of lading and an ocean bill of lading?

    Understand the difference between a bill of lading and an ocean bill of lading. Both documents serve as receipts for freight ... Read Answer >>
  2. Can I use the same bill of lading for all modes of transportation?

    Find out whether the same bill of lading can be used for all modes of transportation and when to use various types of bills ... Read Answer >>
  3. Can I have more than three original Bills of Lading?

    How many bills of lading copies are allowed when importing or exporting? Should I ship by air or sea? What type of bill of ... Read Answer >>
  4. What is the difference between a bill of exchange and a bill of lading?

    Understand what a bill of exchange and a bill of lading are and the different purposes they each serve as documents used ... Read Answer >>
  5. What statements can be used on a Bill of Lading?

    Read about statements that can appear on a bill of lading for items shipped by ocean, land and air as well as some financial ... Read Answer >>
  6. What is an endorsement in blank on a bill of lading?

    Learn how a bill of lading is an international trading tool and binding contract that ensures owners receive their merchandise ... Read Answer >>
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