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Bearer bill of lading states that delivery will be made to whosoever holds the bill. Such bill may be created explicitly or it is an order bill that fails to nominate the consignee whether in its original form or through an endorsement in blank. A bearer bill can be negotiated by physical delivery.
This document allows the goods to be delivered to the holder of it. It may also be an "Order bill of lading" without stating to whose specific order the bill, and delivery of cargo under it, are subject or it could be an “Order bill of lading" indorsed in blank that is without identifying to whom the cargo should be delivered.