Document background
The Ocean Bill of Lading is a critical document in maritime trade, essential for any shipment of goods by sea under Philippine jurisdiction. It is governed by the Philippine Carriage of Goods by Sea Act (COGSA) and international maritime conventions. This document becomes necessary whenever goods are transported by sea, whether in domestic Philippine waters or international routes. The Ocean BOL provides evidence of the carrier's receipt of goods, demonstrates the contract of carriage between shipper and carrier, and serves as a document of title that can be used to claim the goods. It includes vital information such as the nature and quantity of goods, shipping conditions, ports of loading and discharge, and involved parties' details. The document is particularly crucial in international trade finance, where it often serves as a key document in letter of credit transactions.
