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Bill of Lading
A document issued by a carrier, or its agent, to the shipper as a contract of carriage of goods.
It is also a receipt for cargo accepted for transportation, and must be presented for taking delivery at the destination.
Among other items of information, a bill of lading contains
Consignor's and consignee's name
Names of the ports of departure and destination
Name of the vessel
Dates of departure and arrival
Itemized list of goods being transported with number of packages and kind of packaging
Marks and numbers on the packages
Weight / volume of the cargo
Freight rate and amount
It serves as a proof of ownership (title) of the cargo and may be issued either in a negotiable or non-negotiable form.
In negotiable form, it is commonly used in letter of credit transactions and may be bought, sold or traded; or used as security for borrowing money.
A bill of lading is required in all claims for compensation for any damage, delay, or loss; and for the resolution of disputes regarding ownership of the cargo.
The rights, responsibilities, and liabilities of the carrier and the shipper under a bill of lading (often printed on its back) are governed generally either by the older Hague rules, or by the more recent Hague-Visby rules.
Commercial Invoice
Is a document required by customs to determine true value of the imported goods, for assessment of duties and taxes.
A commercial invoice (in addition to other information), must identify the buyer and seller, and clearly indicate the following:
Date and terms of sale
Quantity, weight / volume of the shipment, Type of packaging
Complete description of goods. Unit value and total value, and insurance, shipping and other charges.
