A legally binding document that offers the shipper and the carrier all of the information they need to dispatch a package appropriately is called the bill of lading, abbreviated as BOL. It serves three main purposes. It is, first and foremost, a title document for the items mentioned in the bill of lading. It’s also a receipt for the things that have been shipped. Lastly, the bill of lading contains the agreed-upon terms and conditions for the cargo shipment.
Internal controls must be in place in every organization to avoid theft. Internal control includes the separation of responsibilities, which prohibits any individual from exerting too much authority within a company. Internal control systems are not all created equal.
Most, however, adhere to a set of core beliefs that have evolved into standard management practices. Internal controls can aid in the efficiency of operations as well as the prevention of fraud. To combat asset theft, a bill of lading is among the many important documents that must be carefully handled and inspected. As a result, it’s quite feasible for a shipper to have even more than one BOL for a shipment, whether it’s two full truckloads under one BOL or a truckload under two BOLs.
A bill of lading is often provided per container, shipment, or truckload, but this is subject to the shipper’s requirements. The letter of credit, the type of products being shipped, purchase order, and several other factors can all influence this.