Glossary of Shipping Terms: (Bill of Lading): Long Form B/L - Negotiable B/L

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Glossary of Shipping Terms: (Bill of Lading): Long Form B/L - Negotiable B/L

Bill of Lading (B/L)
A document that establishes the terms of a contract between a shipper and a transportation company. It serves as a document of title, a contract of carriage and a receipt for goods.

* Long Form B/L: B/L form with all Terms & Conditions written on it. Most B/L's are short form which incorporate the long form clauses by reference.
* Memo B/L: Unfreighted B/L with no charges listed.
* Military B/L: B/L issued by the U.S. military; also known as GBL, or Form DD1252.
* B/L Numbers: U.S. Customs' standardized B/L numbering format to facilitate electronic communications and to make each B/L number unique.
* Negotiable B/L: The B/L is a title document to the goods, issued "to the order of" a party, usually the shipper, whose endorsement is required to effect is negotiation. Thus, a shipper's order (negotiable) B/L can be bought, sold, or traded while goods are in transit and is commonly used for letter-of-credit transactions. The buyer must submit the original B/L to the carrier in order to take possession of the goods.

The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business through the Department of Transportation in the interest of information exchange. Neither the U.S. Government or Shipping-web.com assume liability for its contents or use thereof nor do they endorse products. We hope you will find it useful.