What is bill of lading? How does it differ from bill of entry?
Bill of lading is a document wherein a shipping company gives its official receipt of the goods put on board its vessel and simultaneously gives an undertaking to carry them to the port of destination. It is prepared and signed by the master of the ship and acts as a document of title to the goods, which is freely transferable by endorsement and delivery.
In contrast, a bill of entry is a form supplied by the customs office to the importer. It is filled in by the importer at the time of receiving the goods and submitted to the customs office. It contains information such as the name of the importer, description of goods, and the customs duty payable.
The primary difference is that the bill of lading is a receipt and contract from the shipping company, whereas the bill of entry is a statutory form for customs clearance filled by the importer.
Explanation
The answer defines both terms strictly using the provided context. The bill of lading is defined based on the chunks describing it as a receipt from the shipping company, a document of title, and signed by the ship's master. The bill of entry is defined based on the chunk describing it as a customs form for the importer. The difference highlights the issuer (shipping company vs customs office/importer) and the function (transport document vs customs clearance).