Maritime Glossary
Bill of Lading
Also known as: B/L, BOL
A document issued by a carrier acknowledging receipt of cargo, evidencing the contract of carriage, and serving as a document of title.
Status: ActiveVerified: Source confidence: high (97%)
Full Definition
A bill of lading (B/L) performs three legal functions: (1) receipt for cargo shipped; (2) evidence of the contract of carriage; (3) document of title enabling transfer of ownership during transit by endorsement. Negotiable (order) B/Ls can be traded; sea waybills are non-negotiable and faster to release cargo but cannot be used as title documents. Electronic bills of lading (eBLs) are increasingly accepted under UNCITRAL MLETR rules and platforms such as WAVE, Bolero, and essDOCS.
Domain Tags
commercialcargolegal