Shipping & Logistics
Bill of Lading
Also known as: B/L, BOL, Ocean Bill of Lading
A bill of lading is the foundational document of ocean freight, issued by a carrier to a shipper, that serves three distinct functions at once: a receipt confirming the carrier has taken the described goods into its custody, evidence of the contract of carriage setting out the terms of transport, and — when issued in negotiable form — a document of title whose holder controls delivery of the cargo. Because a negotiable bill of lading can be endorsed and transferred, it lets goods be bought, sold, or pledged as security while they are still at sea, tying the physical movement of cargo tightly to the flow of payment in international trade.
A negotiable bill of lading is a document of title — whoever holds the original controls the goods. That is why originals go by courier and why a lost set is a genuine crisis rather than a paperwork nuisance. Most container trade would be better served by a sea waybill, and much of it still is not.
Where it matters for compliance
- The B/L number ties the entry to the manifest. On mail and other non-manifested shipments a control number takes its place.
- Consignee and notify party on the bill are not the same thing as importer of record on the entry.
Related terms
Reviewed by a licensed customs broker. Definitions are general information, not legal or customs advice for a particular shipment. Duty rates, tariff programs and agency requirements change frequently.