A bill of lading, sometimes abbreviated as B/L or BOL, is a legal document issued by a carrier to a shipper that specifies the type, quantity and destination of the goods being carried.
The goods will be delivered by the carrier to a consignee (i.e. the person who bought the goods in the first place), for whom the bill of lading serves as a receipt.
A bill of lading also acts as a title to the goods. The consignee will need to present the bill of lading in order to secure the release of the shipment by the carrier and claim ownership.
Last but not least, the bill of lading helps the shipper to receive payment. The shipper can hold the original bill of lading, which prevents the consignee from accessing their goods, until payment has been made.