Law · International Trade Law
Under international trade law, which statement most accurately describes the legal function of a negotiable Bill of Lading?
- 1It is an unconditional guarantee of payment issued by the shipper to the bank.
- 2It is a non-transferable receipt ensuring risk stays with the seller until written buyer confirmation.
- 3It provides evidence of the contract of carriage and serves as a document of title to the goods.✓
- 4It constitutes the actual contract of carriage and transfers risk automatically upon issuance.
Correct answer
It provides evidence of the contract of carriage and serves as a document of title to the goods.
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