Bill of Lading (B/L)
A carrier's receipt, a contract of carriage, and — uniquely among shipping documents — a document of title.
A bill of lading does three jobs at once, which is why it causes more trouble than any other document in the set. It receipts the goods, it evidences the contract with the carrier, and where it is negotiable it represents ownership: whoever holds an original can claim the cargo.
That third function is what the consignee box controls. Naming a company makes it a straight bill, deliverable only to them. Making it out “to order” makes it negotiable and transferable by endorsement, which is what lets a bank hold cargo as security while a letter of credit settles.
Negotiable bills are usually issued in a set of three originals, and surrendering any one collects the goods. That is why they travel by courier and why losing the set is a serious and expensive problem.
Also called: ocean bill of lading, B/L, BOL.