What is Bill of Lading (BOL)?

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What is Bill of Lading (BOL)?

A bill of lading is a legally binding document used for freight shipment. It is issued by the shipper and provided to the carrier during the pickup. The receipt includes valuable information about the freight to be shipped. Once they receive the bill of lading, the carrier can claim ownership of the supplied assets as well as process their total value and come up with a relevant price for the shipment. Most bills of lading include the following information:

• Shipper and receiver addresses
• Freight size, weight and count
• Description of each good
• Contact number
• NMFC code
• Billing party information

What’s crucial to have on a Bill of Lading?

First and foremost, BOL must specify the address of the delivery. This will make sure the carrier delivers the freight to the destination on time. Of course, you must also include details about the freight’s dimensions, weight, count and materials. The carrier has to be totally aware of what they ship. Information about the billing party is also required. The shipper must give payment warranty to the carrier. While a bill of lading can include much more information, these basic details are a must for all BOLs. If you, as a shipper, don’t provide accurate cargo and payment data, the logistics company can charge you a dry run.

In you have a less-than-truckload shipment, you will need to include the freight class. A full-truckload shipment must be issued by the shipper, without the involvement of the third party.We can assist you at filling out the receipt in case you lack proper knowledge.

Why is a Bill of Lading so important for freight shipment?

A bill of lading makes sure your freight reaches the destination safely and on time. By providing accurate addresses and cargo information, you avoid unforeseen costs and shipment delays. A delay is common if the shipper gives the carrier a wrong or an approximate delivery address since this will make the carrier waste time looking for the exact
delivery location.

When shipping a LTL freight, it’s of utmost importance to have the BOL of your contracted shipment company or broker at hand. Thus, you will see what services you will be provided and how much you will be charged for them. Keep in mind that the shipment costs will grow if your freight is in transit.

If a wrong BOL is used for shipment, get immediately in touch with your carrier or broker and ask them to make the needed changes. There might be the need for an authorization letter to be issued if the billing party is involved. It’s worth noting that BOL changes charge the shipper additional costs. That’s why, it’s highly important that you issue a correct bill with all the information doublechecked and approved by a shipment logistics expert. Contact us for more information about bill of lading.

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