Question

Carriers have an insurable interest in goods entrusted to them, the extent of which is indicated in the bills of lading insured by them. Define BOL and the primary three functions served by BOL.

a) Bills of Landing; Recordkeeping, Tracking, and Accountability
b) Balance of Loss; Authorization, Validation, and Confirmation
c) Bills of Lading; Documentation, Receipt, and Contract of Carriage
d) Balance of Liability; Inspection, Quality Control, and Delivery Confirmation

Answer 1

BOL stands for Bills of Lading and it serves three primary functions: Documentation, Receipt, and Contract of Carriage. Option c

Step-by-step explanation:

BOL stands for Bills of Lading. The primary three functions served by BOL are:

Documentation: Bills of lading serve as important documents that provide evidence of the contract of carriage between the carrier and the shipper. They also contain details about the goods being transported including their quantity, description, and condition.

Receipt: BOL serves as a receipt from the carrier to the shipper, acknowledging the receipt of the goods that are being transported. This is important for the shipper to have proof that the goods were indeed handed over to the carrier.

Contract of Carriage: BOL acts as a contract between the carrier and the shipper, outlining the terms and conditions of the transportation. It defines the rights and responsibilities of each party involved. Option c