postsupplyGlossary

Bill of Lading (B/L)

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The document the carrier issues for a shipment. It is three things at once: a receipt for the goods, the contract of carriage and the document of title.

Whoever holds an original bill of lading can claim the cargo, which is why it works like a title deed and why banks hold them in letter-of-credit deals. A sea waybill is the non-negotiable cousin: no originals, faster release, less control.

Source: U.S. Federal Maritime Commission