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. Can I use the same bill of lading for all modes of transportation?

    The same bill of lading cannot be used for all modes of transportation. There are several types of bills of lading, including ... Read Full Answer >>
  2. How Do I fill out a Master Bill of Lading?

    A master bill of lading is an ocean bill of lading containing key information concerning the shipper's identity, port and ... Read Full Answer >>
  3. What's the difference between a bill of lading and an ocean bill of lading?

    A bill of lading serves as the standard document required for the transportation of a freight shipment. An ocean bill of ... Read Full Answer >>
  4. Can I have more than three original Bills of Lading?

    There is no restriction on the number of bills of lading that can be issued, but the number issued must be stated on the ... Read Full Answer >>
  5. What statements can be used on a Bill of Lading?

    One type of statement often found on a bill of lading is a statement of the condition of items being shipped. The statement ... Read Full Answer >>
  6. What is comparative advantage?

    Comparative advantage is an economic law that demonstrates the ways in which protectionism (mercantilism, at the time it ... Read Full Answer >>
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