·         Functions

-          Acts as a receipt for the goods being shipped

-          Acts as a proof of transportation contract

-          Acts as document of title

·         Fully guarantee

-          Banks as a consignee or at least consignee through shipper’s order

-          3 originals of BL must be submitted

·         Control of goods: where an issuing bank is looking to obtain some measure of security from the goods by means of BL, it may insist that:

-          The BL show goods are on board

-          BL cover the entire voyage

-          All originals (if issued in more than 1 original) are to be received by them