Bill of lading: What it is and what purpose it solves ?

Bill of lading is perhaps the most important document related to the shipping industry as someone can lose money if attention is not given while handling these bills of lading. To define "bill of lading" "It is a document issued to the shipper by the Master of the vessel on behalf of the carrier for the goods shipped on board that vessel"  A Bill of lading serves mainly three functions It acts as the receipt of goods It is document of title It is an evidence of contract of agreement or contract of carriage To proceed further it is expected that one is well versed with the terms like Shipper, consignee, Receiver, carrier. Very brief introduction about these three functions 1) It acts as the receipt of goods Receipt of goods is the straightforward thing. Whether we leave our car for servicing, pay our utility bills or buy an electronic item, we want a receipt for all these. Similarly, when we receive the goods on board, we are supposed to issue a receipt. Bill of lading acts as the receipt of the cargo received on board. 2) It is evidence of contact of carriage So it acts only as evidence that there is a contract of carriage between shipper and carrier but it is not the contract of the carriage itself. Q: Can you think of the last time you saw actual contact of carriage? 3) It is document of title The title ...