180SupremeWarrior
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Simple English definitions for legal terms
order bill of lading
Read a random definition: first of exchange
A quick definition of order bill of lading:
An order bill of lading is a document that shows what goods are being shipped and where they are going. It is like a receipt for the things being sent. The word "order" means that the person who has the document can give it to someone else, like a gift. When a court makes a decision, they use the words "ordered, adjudged, and decreed" to say what they have decided. This is like a rule that everyone has to follow.
A more thorough explanation:
An order bill of lading is a document that serves as a receipt for goods being shipped and as a contract between the shipper and the carrier. It specifies the type, quantity, and destination of the goods being transported. The "order" part of the name means that the document can be transferred to another party, allowing them to take possession of the goods.
For example, if a company orders a shipment of goods from a supplier, the supplier might use an order bill of lading to arrange for the goods to be transported to the company's warehouse. If the company decides to sell the goods to another party before they arrive, they can transfer the bill of lading to the new buyer, who can then take possession of the goods when they arrive.
This type of bill of lading is commonly used in international trade, where goods may change hands multiple times during transport. It provides a way for buyers and sellers to transfer ownership of the goods without physically handling them.