NEGOTIABLE B / L

The B / L a title document to the goods, issued ?to the order of? a party, usually the shipper, whose endorsement is required to effect its negotiation. Thus, a shipper?s order (negotiable) B / L can be bought, sold, or traded while goods are in transit and is commonly used for letter-of-credit transactions. The buyer must submit the original B / L to the carrier in order to take possession of the goods.