What is a Bill of Lading (B/L)?
A B/L is a document that establishes the terms of a contract between a shipper and a carrier under which freight is to be moved between specified points for a specified charge. It serves as a document of title, a contract of carriage, and a receipt for goods. This document is usually required in order for the buyer to take possession of the shipment. Bills of Lading may be negotiable or non-negotiable. Bills that are consigned “to order” of a named party may be transferred by endorsement and delivery in the same manner as a check.
