ABSTRACT
A bill of lading is traditionally said to have three functions: it is a receipt for the cargo, it is evidence of the existence of a contract of carriage and may be the contract of carriage itself, and it grants its holder an exclusive right to claim delivery of the cargo, which enables the bill of lading to function as a document of title. By the end of the 16th century, the bill of lading was a well-known and widely used document, both on the continent and in England. The bill of lading in its receipt function has a specific probative value with regard to third parties, but this is not particular to bills of lading, and not limited to the third-party holder of the bill of lading either. The uniqueness of the bill of lading lies in its negotiability, and the issues of transferring rights and obligations that come with it.
