Ocean Bill of Lading Law and Legal Definition

Ocean bill of lading is a receipt for the cargo and a contract for transportation issued by an ocean carrier. An ocean bill of lading issued in negotiable form functions as an instrument of title. It is required for the transportation of goods overseas and serves as both the carrier's receipt to the shipper and as a collection document. The document evidences the details of the goods being transported, such as quantity, type, and destination.