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Simple English definitions for legal terms
ocean bill of lading
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A quick definition of ocean bill of lading:
An ocean bill of lading is a document that acknowledges the receipt of goods by a carrier or shipper's agent and serves as a contract for the transportation of those goods. It is issued by a person engaged in the business of transporting or forwarding goods and indicates the receipt of goods for shipment. A negotiable bill of lading is a document of title that allows the owner of the goods to deal with them while they are still on board the ship and upon the high seas. It is used in shipment by water and is often shortened to ocean bill.
A more thorough explanation:
An ocean bill of lading is a document that acknowledges the receipt of goods by a carrier or shipper's agent and the contract for the transportation of those goods. It is a type of bill of lading used in shipment by water.
For example, if a company in the United States wants to ship goods to a customer in Europe, they would use an ocean bill of lading to document the shipment and the terms of the transportation contract. The bill of lading would include information such as the name of the carrier, the name of the shipper, the destination, and the type of goods being shipped.
The ocean bill of lading serves as a receipt for the goods being shipped and also as a document of title, which means that it can be used to transfer ownership of the goods while they are still in transit. This is important for companies that need to finance their shipments or sell their goods before they arrive at their destination.