DEFINITION of Ocean Bill Of Lading
An ocean bill of lading is 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, or an invoice.
BREAKING DOWN Ocean Bill Of Lading
An ocean bill of lading is one kind of bill of lading that is authorizes a
Bill of Lading: The Basics
A bill of lading is a legal document between the shipper and carrier; it's a contract, detailing the type, quantity and destination of goods being carried. The bill of lading serves as a receipt of shipment when the goods are delivered at the predetermined destination. And there are different kinds of bills of lading, each type with unique stipulations and conditions.
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.