Definition
The carrier’s document that acts as a receipt for cargo, a contract of carriage, and a document of title.
A Bill of Lading does three jobs at once: it acknowledges the carrier received the goods, sets the terms of carriage, and (for a negotiable original B/L) represents title to the cargo, so whoever holds it can claim the goods.
Variants include the straight B/L, the negotiable “to order” B/L, and the electronic/telex-release seawaybill. The air-freight equivalent is the Air Waybill, which is not a document of title.
Related terms
Air Waybill (AWB)
The non-negotiable transport document and contract of carriage for an air freight shipment.
Sea Waybill (SWB)
A non-negotiable ocean transport document that lets cargo be released without surrendering an original B/L.
Consignee
The party named to receive the goods at destination, as stated on the transport document.
Incoterms
ICC-published trade terms (EXW, FOB, CIF, DDP…) that define who pays and bears risk at each step.
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