Bill of Lading

A document that establishes the terms of a contract between a shipper and a transportation company under which freight is to be moved between specified points for a specified charge. Usually prepared by  the shipper on forms issued by the carrier, it serves as a document of title, contract of carriage, and a receipt for goods. Also see Air Waybill and Ocean Bill of Lading.

A document that a transportation company possesses acknowledging that it has received goods, and that temporarily serves as title during transport of the merchandise.