Document background
The Bearer Bill of Lading is a fundamental document in maritime trade, particularly significant in Nigerian commercial shipping operations. This negotiable instrument is used when parties require maximum flexibility in transferring ownership of goods during transit, as it allows for transfer of title simply by physically handling over the document. The Bearer Bill of Lading must comply with Nigerian maritime regulations, including the Merchant Shipping Act 2007 and relevant international conventions ratified by Nigeria. It contains essential information about the shipped goods, parties involved, vessel details, and terms of carriage. This document type is particularly crucial in international trade financing, as banks often require it for letter of credit transactions. The bearer nature of the document means it must be handled with extreme care, as possession of the original document effectively represents ownership of the goods described within.
