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Question
Distinguish between Bill of Lading and Charter Party
Solution
| Bill of Lading | Charter Party | |
| 1. Meaning | This represents a document acknowledging receipt of goods on board for carrying them over to specified port of destination. | It refers to an agreement to hire a whole or major part of ship when the goods take exported is heavy. |
| 2. Transferable | It Can be transferred to third party by endorsement and delivery. | It cannot be transferred to third party. |
| 3. Loan | Loan can be raised against it. | Loan cannot be raised against it. |
| 4. Crew | Master and crew remain the agent of ship owner. | Master and crew become the agent of exporter for a temporary period. |
| 5. Lease | It is not a lease of ship. | It is a lease of ship. |
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