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An electronic bill of lading (or eB/L) is the legal and functional equivalent of a paper bill of lading. [27] An electronic bill of lading must replicate the core functions of a paper bill of lading, [28] namely its functions as a receipt, as evidence of or containing the contract of carriage and as a document of title. [citation needed]
However, under admiralty law, a bill of lading may either be a negotiable or 'order' bill of lading, or a non-negotiable or 'straight' bill of lading. Deeds and other documents conveying interests in real estate, although a mortgage may secure a promissory note which is governed by Article 3; IOUs
The Uniform Bills of Lading Act was adopted in 1909 and passed by the U.S. Uniform Law Commission.The act addressed the judicial and legislative treatment of issues such as the extent of the carrier's liability to the consignee of the goods or to the buyer of the bill of lading based upon the carrier's issuance of the bill. [1]
Initially, this was done to facilitate the use of electronic bills of lading as recommended in a report by the law firm Clyde & Co and the ICC Banking Commission. [27] MLETR adoption is now being actively promoted by the ICC Digital Standards Initiative (DSI), including as a manner to overcome the effects of the COVID-19 pandemic and to ...
Typically the letter of credit will request an original bill of lading as the use of a title document such as this is critical to the functioning of the letter of credit. [18] However, the list and form of documents is open to negotiation and might contain requirements to present documents issued by a neutral third-party evidencing the quality ...
They are usually printed as the fine print behind the shipping documents like bill of lading, air way bill, or consignment note. These standard trading conditions state the general contract terms and conditions between the two contracting parties who do a contract of transportation or storage or otherwise handling of goods.