BILL OF LADING: In international trade Bill of lading occupies an importing place as a mode of transport. Bill of Lading is a quasi negotiable instrument issued by shipping company which is a document of title to the goods described in it. A thorough bill of lading involves the use of at least two different modes of transport from road, rail, air, and sea. The term derives from the verb "to lade" which means to load a cargo onto a ship or other form of transportation.
A bill of lading renders the following three functions:
1) It is an evidence of contract of carriage.
2) It is a receipt for the goods received by the carrier, and
3) It is a document of title to goods.
The Bill of Lading must contain the following information:
1) The name of shipper, consignee and name and address of notify party.
2) Description of goods.
3) Identifying marks and number of B/L with date.
4) The port of shipment and discharge.
5) Evidence that the goods have been loaded on board.
6) The name of the carrying ship.
7) Amount of freight paid or unpaid.
8) The date of shipment.
9) The number of original Bill of Lading issued.
10) Flag of nationality.
11) Gross/net/tare weight; and
12) Freight rate/measurements and weighment of goods/total freight.
TYPES OF BILL OF LADING:
01) Claused Bill of Lading: A bill of Lading that bears a clause or notation either in writing, typed or stamped stating that the goods or package is in a defective condition. Such bill of lading should not be negotiated/purchased or discounted.
02) Clean Bill of Lading: When the bill of lading states that goods received on board the ship are in good condition and free from any clauses or indication suggesting damage to the goods covered / defective condition such as "boxes broken", "drums leakage", or "straps damaged" etc. is called clean bill of lading.
A clean bill of lading is one which states that the cargo has been loaded on board the ship in apparent good order and condition. Such a BL will not bear a clause or notation which expressively declares a defective condition of goods and/or the packaging. Thus, BL that reflects the fact that the carrier received the goods in good condition. The opposite term is a soiled bill of lading. It reflects that the goods were received by the carrier in anything but good condition.
BILL OF ENTRY: A bill of entry is a formal declaration describing goods which are being imported or exported. The bill of entry is examined by customs officials to confirm that the contents of a shipment confirm to the law and to determine which taxes, tariffs and restrictions may apply to the shipment. This document must be prepared by the nominated agent of the importer and exporter. When the importer submits the exchange control copy of bill of entry, its particulars should be mat ched and checked with those in the IMP form and invoice to see that the goods for which remittance was made had been duly received in Bangladesh.
This bill of entry after proper checking should be matched with the duplicate copy of the relative IMP form previously retained by the bank and kept in relative L/C file for inspection of Bangladesh Bank, Audit team. If the importer does not submit the bill of entry within 04 months, the matter should be taken up with the concerned importer and also reported to Bangladesh Bank, Foreign Exchange policy Department for further necessary action against the defaulting importer.