Bill of Lading

Bills of lading are contracts between the owner of the goods and the
carrier. There are two types. A straight bill of lading is nonnegotiable.
A negotiable or shipper's order bill of lading can be bought, sold, or
traded while goods are in transit and is used for many types of financing
transactions. The customer usually needs the original or a copy as proof
of ownership to take possession of the goods.

A document by which the Master of a ship acknowledges having received in good order and condition (or the reverse) certain specified goods consigned to him by some particular shipper, and binds himself to deliver them in similar condition, unless the perils of the sea, fire or enemies prevent him, to the consignees of the shippers at the point of destination on their paying him the stipulated freight. A bill of lading specifies the name of the master, the port and destination of the ship, the goo4s, the consignee, and the rate of freight.