Lynn Bernerd, Inc.
Lynn Bernerd, Inc., manufactures and sells reclining furniture. The company currently operates in the United States but wishes to expand overseas. The company managers have been contemplating the best way to enter the foreign market. At first, the management felt it would be in the company's best interest to let a foreign company use its product and brand in exchange for a royalty. The managers recognized, however, that before the company decided on its foreign strategy it needed to think through all the steps required to enter an international market. As such, the managers believed they needed to consult with some type of agency to help their firm compete more effectively in the global marketplace.
After all the research was completed, the senior managers realized that they wanted to export their product. The managers decided that the transport carrier would notify them when the merchandise was shipped. This would avoid any confusion about lost shipments and ensure better communication with the receiving parties.
-Refer to Lynn Bernerd, Inc. When the transport carriers notify the exporter that the product has been shipped, they use a
A) bill of lading.
B) receipt.
C) letter of credit.
D) draft.
E) shipping verification.

Question

Quizplus · Accepted Answer

A bill of lading is a document issued by the carrier that acknowledges receipt of the goods for shipment. It serves as a contract of carriage and a receipt of goods, and it contains important information about the goods being shipped, the parties involved, and the terms of shipment. When the carrier notifies the exporter that the product has been shipped, they typically include a copy of the bill of lading as proof of shipment. This helps to avoid any confusion or disputes about the quantity, quality, or condition of the goods during transit. Therefore, the best choice in this scenario is A) bill of lading.

Lynn Bernerd, Inc. Lynn Bernerd, Inc., Manufactures and Sells Reclining Furniture. the Company