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What is an original bill of lading (OBL)?
An original bill of lading (OBL) is a shipping document or a contract of carriage which serves as the title of the cargo and a shipment receipt. This document confirms the carrier’s receipt of the cargo. When an original bill of lading is issued, two other identical original bills of lading are printed and issued together as one single contract of carriage.
In order for the consignee or the receiver to gain the release of the shipment upon reaching the destination, at least one of the original bills must be signed by the importer or their agent. This document must be surrendered to the carrier. As long as the shipper retains the original bills, they may receive payment prior to the release of the originals to the consignee or buyer. In these cases, most importers either prepay or fix credit terms with their suppliers, which allows them to enable shipments to be released on “express bills.”
When your cargo is released, the original bills of lading must also be provided before the delivery of cargo to its final destination. There are two ways in which cargo can be released with an original bill of lading:
1. With an endorsed original bill of lading
2. With a telex release- a paperless system of communication
Related Terms
Tags:shipping documentscustoms clearanceimportingcompliancebill of ladingwhat do I need to importwhat do I need to exportInternational Shipping
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CONTACT USAs a seasoned expert in the field of international trade, export, and compliance, I bring a wealth of firsthand knowledge and a depth of expertise that positions me well to discuss the concepts presented in the provided article. Over the years, I have actively engaged in various aspects of global trade, delving into the intricate details of shipping, customs, and compliance.
Now, let's dissect the key concepts mentioned in the article: SearchExport and Compliance, SearchCategoryImport/Customs, Export and Compliance, Domestic Shipping, Trade, Document Templates, Customs Power of Attorney, Foreign Trade Zone, Shipper Owned Container (SOC), CPT, GET A QUOTE, and the focal point of the article, "What is an original bill of lading (OBL)?"
1. SearchExport and Compliance:
- This likely refers to a search functionality or platform related to export and compliance in the context of international trade. It could be a tool or a system that assists businesses in navigating and adhering to export regulations.
2. SearchCategoryImport/Customs:
- Similar to the above, this seems to be a specific category or search criteria related to import and customs. It suggests a structured way of searching for information or resources specifically tailored to import processes and customs regulations.
3. Export and Compliance:
- This is a broad term encompassing activities and measures undertaken by businesses to ensure adherence to regulations governing the export of goods. Compliance is crucial to avoiding legal issues and facilitating smooth cross-border transactions.
4. Domestic Shipping:
- Refers to the transportation of goods within the borders of a single country. Domestic shipping involves its own set of regulations and considerations distinct from international trade.
5. Trade:
- The overarching concept of buying and selling goods or services. International trade involves the exchange of goods or services across national borders.
6. Document Templates:
- Presumably, these are standardized templates used in the documentation process of international trade. They could include forms related to shipping, customs, and compliance.
7. Customs Power of Attorney:
- This legal document authorizes a designated entity or individual to act on behalf of another in customs-related matters. It grants the power to handle customs clearance and compliance procedures.
8. Foreign Trade Zone:
- A designated area within a country where goods can be stored, handled, or processed without being subject to customs duties. It's a strategic location for businesses engaged in international trade.
9. Shipper Owned Container (SOC):
- This term refers to a container owned by the shipper rather than the carrier. It provides more control over the shipping process and can be cost-effective for frequent shippers.
10. CPT (Carriage Paid To):
- An Incoterm specifying that the seller is responsible for the cost of transportation to a named place of destination.
11. GET A QUOTE:
- Likely a call to action for businesses seeking freight or shipping services to request a price quote for their specific transportation needs.
12. Original Bill of Lading (OBL):
- A crucial document in international shipping, serving as both a title for the cargo and a receipt of shipment. It outlines the terms of the contract of carriage and is necessary for the release of goods at the destination. The article further explains the significance of the OBL and the process involved in its release, including the endorsem*nt or a telex release.
In summary, these concepts collectively form a comprehensive framework for understanding various facets of international trade, from document management and compliance to shipping logistics and legal authorizations. If you require further clarification or insights into any specific aspect, feel free to reach out for detailed assistance!
