A bill of lading is a document issued by a shipping company to acknowledge that the seller has delivered particular goods to it. Bills of lading are used in both interstate and international shipments. The Federal Bill of Lading Act (1916, formally called the Pomerene Act) governs the transfer and transferability of bills of lading, of which there are two types: a nonnegotiable or “straight” bill of lading; and negotiable bills of lading, known as “white” and “yellow” bills because of the colors of paper on which they are printed. Both types usually represent the seller’s CONTRACT with the shipping company, setting the terms and TARIFFs of that contract.
In a nonnegotiable bill of lading, the carrier is obligated to deliver the goods to the designated destination point and is liable for misdelivery of the goods. Nonnegotiable bills of lading are sometimes called “air waybills,” “sea waybills,” and “freight receipts,” depending on the intended method of transportation. Nonnegotiable bills are used when the seller is expecting payment upon delivery, not for payment based on bill-of-lading documentation.
The carrier issues a negotiable bill of lading to a person (consignee) or “order.” This allows the person to endorse the bill of lading to “order” delivery of the goods to others. Negotiable bills can be endorsed to third parties, buyers or creditors, allowing the “holder” of the bill to receive the goods at the destination point. The shipping company is liable to the holder of a negotiable bill of lading for misdelivery if it delivers the goods to anyone but the holder. In this way the negotiable bill of lading is similar to a title document conferring ownership of the goods. Negotiable bills of lading are used when sellers are being paid at the time goods are shipped. In international business letters of credit are often used, obligating the buyer’s bank to pay the amount of the contract once bills of lading are submitted, usually by the seller’s bank to the buyer’s bank. The banks use negotiable bills of lading to control title to the goods in their contracts with buyers and sellers. In the United States, negotiable bills of lading are most often used, but some countries only allow the use of nonnegotiable bills of lading.
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