Yes, a Bill of Lading (BOL) is indeed a legal document. It serves three main purposes in the field of shipping and freight transportation:
Contract of Carriage: The BOL acts as a contract between the shipper and the carrier. It outlines the terms and conditions under which the goods will be transported, including details about the goods, the agreed route, and the freight charges.
Receipt of Goods: When the carrier picks up the goods from the shipper, they provide a signed BOL as a receipt. This confirms that they have received the goods in the stated condition and are committed to delivering them as per the contract.
Document of Title: A BOL can also act as a document of title, which means it provides proof of ownership of the goods. This is particularly important in transactions where ownership of the goods changes hands during transit, such as in ‘To Order’ shipments.
Given these roles, any inaccuracies or discrepancies in a BOL can lead to legal disputes. Therefore, it’s crucial to ensure that all information on a BOL is accurate and complete.