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bill of lading definition
a receipt obtained by the shipper of goods from the carrier (trucking company, railroad,
ship or air freighter) for shipment to a particular buyer. It is a contract protecting
the shipper by guaranteeing payment and satisfies the carrier that the recipient
has proof of the right to the goods. The bill of lading is then sent to the buyer
by the shipper upon payment for the goods, and is thus proof that the recipient
is entitled to the goods when received. Thus, if there is no bill of lading, there
is no delivery.
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