Types of BOL There are various kinds of BOL based on certain parameters. Unscrupulous parties sometimes hold a BOL hostage and claim extra money to cover costs before they provide the bill of lading. Sriganesh adds that if you are booking cargo via a third party, make sure that you validate the company well. “As there are different formats of bill of lading issued by a carrier, it is necessary to verify that the bill of lading contains all the required information and is in accordance with the charter agreement of the shipper.” Any incorrect details may delay the clearance of freight goods by port authorities and the goods may be impounded, adding to warehousing and custom fees,” says Sharma. "The shipper must provide accurate information about the details of the shipment.
The shipment date is correctly mentioned. Bill of lading is authentic and stamped correctly, showing shipped on board or received for shipment comments. At least 3/3 sets are required to be submitted to the bank and consignee. All information is correct and matches with the bill of lading and other documents (such as packing lists, commercial invoices, phytosanitary certificates, etc). Factors that need to be taken care of while filling BOL Apart from this, the BOL can be issued by freight forwarders and banks as a negotiable instrument under Article 30 of the Uniform Customs and Practice for Documentary Credits ( UCPDC). In trading jargon, they are often termed as 3/3 sets of BOL. Typically, three bills are issued: one for the shipper one for the consignee and one for the banker, broker or third party. The bill can be issued on “freight collect” (the receiver or consignee is responsible to pay the shipping charges) or on “prepaid basis” (the shipper or consignor is responsible to pay the shipping charges). The document is issued by the shipping company, to carry the consignment from port-of-receipt to port-of-discharge, and signed by the carrier. 
Most importantly, a copy of the BOL is required for customs declarations, customs clearance and receiving exemptions.
Sriganesh points out that the document can be used by certain entities such as banks for trade finance - when an exporter submits the original bill of lading to the bank, they release him the money. In case the items being transported are hazardous, the BOL has to say that and also carry the necessary certification for transport.
Document of title of goods – the title holder of the bill of lading also owns the cargoĪ BOL contains information such as details of the shipping line, the pick-up date, name of the vessel used for transport, details of the goods (number of units, weight and dimensions), nature of the consignment transported, and the kind of packaging used (crates, pallets or drums), among other details. Receipt of goods – proof that the shipping line has received the cargo. Evidence of contract of carriage – between the consignor or shipper and the shipping line. 
The three basic functionalities of a bill of lading are:
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