Ocean Bill of Lading - Explained
What is an Ocean Bill of Lading?
Written by J. Mance Gordon
Updated at April 21st, 2024
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What is an Ocean Bill Of Lading?
An Ocean Bill of Lading (OBL), also known as a cargo receipt, is a contractual document used to evidence the transport goods to any overseas destination. The bill is issued to the shipper by the ocean carrier. The shipper must present the bill of lading to receive the goods following shipment. An OBL may contain various different conditions that are agreed between trading parties according to the situation and nature of the business. As such, the bill of lading is generally a negotiable instrument (i.e., it can be tranferred to a new holder).