Document background
The Ocean Bill of Lading is a fundamental document in maritime trade, essential for transactions involving the carriage of goods by sea. It is regulated under Indian law through the Indian Bills of Lading Act 1856 and the Indian Carriage of Goods by Sea Act 1925, which incorporate international maritime conventions including the Hague Rules. This document is required whenever goods are transported by sea, particularly in international trade, and contains crucial information such as the nature and quantity of goods shipped, shipping terms, and conditions of carriage. It serves multiple purposes: as a receipt for goods, evidence of the contract of carriage, and a transferable document of title that enables the trading of goods while in transit. The document is particularly important for letter of credit transactions and customs clearance procedures.
