Negotiable bill of lading

Negotiable bill of lading

Contract that grants title of merchandise to the holder, which allows banks to use the merchandise as collateral.
References in periodicals archive ?
In other words, UPS Capital issues a negotiable bill of lading once the inventory is loaded into an ocean or airfreight container.
The Convention lays down a framework regarding the usage and setup of two types of electronic alternatives to paper documents, the negotiable electronic transport record, which is equivalent to the negotiable bill of lading, and a non-negotiable electronic transport record, which is an equivalent to the sea waybill.
So when the exporter presents documents required by the documentary credit to the bank for payment, the exporter is essentially turning over the goods by virtue of turning over the order bill, which is a negotiable bill of lading. The order bill demonstrates that the seller performed his/her obligation to deliver to the buyer by virtue of the goods crossing over the rail of the vessel at the port of shipment and so evidenced through the issuance of a clean bill of lading by the carrier.