Bill of Lading

Document executed by a carrier, such as a railroad or shipping line, acknowledging receipt of goods and embodying an

agreement to transport the goods to a stated destination.*

A document signed by a carrier (a transporter of goods) or the carrier's representative and issued to a consignor (the shipper of goods) that evidences the receipt of goods for shipment to a specified designation and person. *

It can serve as a formal receipt for the goods by the ship owner, a memorandum of the contract of carriage, and documentary evidence of control over the goods. The holder or consignee of the bill has the right to claim delivery of the goods from the shipping company when they arrive at the port of destination. Bills of lading may be negotiable (order B/L) or nonnegotiation (straight B/L). Bills of lading may also be distinguished by the mode of transport used for the shipment. See marine bill of lading, multimodal transport bill of lading, air waybill, railway consignment note and sea waybill. *

Important Terms of Bill of Lading :

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