Types of Bills of Lading
1. Straight Bill of Lading (Non-Negotiable): It is sometimes referred to as a non-negotiable BOL. This form of bill of lading indicates that the items are only to be delivered to the stated consignee and cannot be negotiated or transferred to another party. This procedure is utilized when the shipper does not want the products to be easily shifted or when confidential commodities are transported. For example, it is an excellent alternative for transporting military and defense equipment.
2. Order Bill of Lading (Negotiable BOL): This type of bill of lading allows for the transfer of goods to another party through a signed document. It is commonly used when the shipper wishes to allow the consignee to transfer title to the goods to another party, such as when the products are sold in transit. It’s widely utilized in international trade and banking.
3. Through Bill of Lading: Useful for commodities carried by several modes (e.g., truck, rail, ship, and aircraft) to their final destination. The paper describes the entire voyage, including several types of transportation. It is often given by a logistics company that handles the full multimodal cargo.
4. Ocean Bill of Lading (OBL): This document is used for sea-borne cargo. The paperwork provide details regarding the products, the ship, and the terms and conditions of maritime shipment. Depending on the situation, it can be negotiated or not.
5. Inland Bill of Lading (Inland BOL): This document is used for internal shipments inside a country. In the case of international shipping, it is utilized to transport goods from the point of origin to the port or airport. In other words, it merely covers part of the voyage before being handed over to an ocean or air carrier.
6. Air Waybill (AWB): This document is used only for air transportation. The document includes cargo specifics, flight information, and air transportation terms and conditions. By default, it is not negotiable.