Bill of Lading
Bill of Lading for Hazardous Materials
When a company ships a product, particularly a hazardous material, it needs to know that the company that ordered it has received it. It also needs to ensure the product makes its way safely to the recipient. Shippers, carriers and retailers rely on Bills of Lading (BOLs) to ensure a product is shipped safely and securely and that it arrives at its destination in one piece.
An accurate and automated Bill of Lading is critical for companies that transport hazardous materials. The software make sure you meet all of the requirements necessary to correctly complete this important document.
Finale Inventory is a top inventory management solution that will walk you through compliance and management of your BOL.
What Is the Hazmat Bill of Lading?
A Bill of Lading serves as a contract between the shipper and the recipient. It details what is in the shipment, where the shipment originated and where it is going, plus the shipping cost. A bill of lading is important for inventory management because it serves as proof of ownership and shipment of goods. It acts as a contract between the shipper and the carrier, specifying the type and quantity of goods being shipped, and it also serves as a receipt for the goods once they have been received by the designated party. The Bill of Lading is a legally binding document that gives the carrier and driver all the information they require to process the freight delivery.
The bill of lading can also be used to track the shipment and ensure that the goods have been received in good condition. Additionally, it can be used as a document of title, which can be used to transfer ownership of the goods. This is important for inventory management because it helps to ensure that goods are received and tracked correctly, and that any issues with the shipment can be addressed in a timely manner.
Why a Bill of Lading Is Important for Warehouse Inventory Management
Finale Inventory integrated the BOL into our system because it plays a crucial role in administrative tasks for managing inventory. A BOL plays three key roles that make it important for inventory management:
- It acts as proof of title: The company or individual holding the BOL has title or ownership of the inventory contained in the shipment. For a BOL to be an effective proof of title, the information it contains must be accurate.
- It acts as a receipt: Once the shipment gets to the intended recipient and someone signs for it, the BOL becomes a receipt, providing proof that the shipment made it to its destination without any issues. When the recipient signs the BOL, any responsibility for the goods is transferred away from the carrier.
- It acts as contract of carriage: The BOL provides evidence that the shipper and carrier have entered into an agreement and that there is a purchase agreement between the shipper and recipient.
Why Print a Bill of Lading?
Although electronic Bills of Lading are available and have their benefits, such as allowing a shipper and recipient to track shipments in real-time, there are also benefits to printing a BOL. With a printed BOL, a carrier can access the documentation anywhere, even if there isn’t an internet connection. A printed document is also more difficult to alter, meaning there’s less chance of product theft in a shipment.
Schedule a Demo Today
Whether you are shipping hazardous materials or not, a BOL serves as the contract between you and the purchaser and proof of contract between you and the carrier. To see how Finale Inventory can help you produce Bills of Lading quickly and efficiently, schedule a demo today.