A Bill of Lading is one of the most important documents in the world of freight shipping. However, it’s still confusing for many companies and shippers to understand a BOL meaning and what role it plays in the transportation process.
Bill of Lading (BOL) is a legitimate document that involves a shipper of certain freight and a carrier, who is responsible for transporting goods. The document is issued by the carrier (or transportation company) to the shipper and states the type, quantity, and destination of the goods being carried.
Imagine boarding a plane without a ticket. It’s not happening either way, and a BOL plays the same role in freight transportation. It serves multiple purposes, and here are the most important of them:
In the case of freight loss or damage, having accurate information in your BOL will boost claim processing and raise the chances to find the cargo. Providing correct information is essential to complete a Bill of Lading. Neglecting to do so puts you at risk for experiencing delays and unwanted headaches.
As the most important record in the shipping process, the Bill of Lading essentially includes a lot of important information. Basically, it answers every what, where, and who of the freight.
No matter if you are a large corporation, a small business or an individual shipper, if you have to ship cargo, chances are you’ll deal with the Bill of Lading. And, essentially you have to understand the BOL meaning, and know how to complete the form. Completing it is not as scary and complex as it seems, just make sure you provide correct information.