ocean bill of lading (ocean B/L)
- A contract that demonstrates a carrier has taken receipt of cargo, signifies cargo ownership, and can be traded while the goods are being transported, if made negotiable
- The importer couldn't claim the goods without the ocean bill of lading.
- The ocean bill of lading is crucial during the shipment because it documents the ownership of the cargo.
- John transacted his ocean bill of lading, allowing the cargo to be sold while still in transit.