Original bills of lading

Original bills of lading are the signed, negotiable copies of a bill that function as documents of title, conventionally issued in a set of three originals, with delivery of cargo against presentation of any one rendering the others void. The full set travels through the banking chain under a letter of credit or sale on documents, and the holder of an original controls the goods. Their use creates the recurring problem that documents lag behind fast voyages, which is why carriers accept a letter of indemnity for delivery without production. Sea waybills, which are non-negotiable and need no surrender, avoid the issue.