A bill of lading is a document issued by a carrier to confirm the receipt of cargo, acting as a receipt, proof of contract, and evidence of ownership. Historically linked to maritime trade, it continues to play a crucial role in global commerce, ensuring payment and delivery.
Legal experts such as Charles Evans Hughes and Melville Fuller highlighted its significance in determining liability and ownership, while historical perspectives illustrate its development from medieval trade practices. Contemporary regulations, such as the Carriage of Goods by Sea Act, emphasize its dual role as both a commercial tool and a legal agreement, obliging parties to adhere to contractual terms and allocate risks accordingly.