Importance of Bill of Lading in Export Process
What is Export? The definition of export is something that is shipped or brought to another country to be sold or traded. Export is one of the important sources of earning foreign exchange. Also Export plays a vital role in the economic growth of any country. The major effect of Export on the business is that it will increase the sales and give profit to Exporter which in result give better growth prospects to the Export business. What is the Bill of Lading? A bill of lading (BL or BoL) is a legal document issued by a freight carrier (transportation company) to a shipper that states the type, quantity, and destination of the goods to be transported. It is a document that provides evidence of the shipment. This is extremely important in International Trade as it provides a 'title' as to who legally owns the cargo. A bill of lading also serves as proof of shipment when the carrier delivers the goods to a predetermined destination. Bill of Lading has a crucial role in export docu...