A Bill of Lading is the transportation contract between a carrier and the owner of the goods. The carrier issues it and can be negotiable and non- negotiable. Negotiable means that the goods can be traded while in transit. 

Content of the Bill of Lading/ Airway Bill Both the Bill of Lading and the Airway Bill contain the following information:

Name of the ship/ carrier; 
Name of the beneficial L/ C bank; 
Description of the goods (General description); 
Indication of Full Container Load (FCL) or Less Container Load (LCL) clauses; 
Pre- paid freight or freight collect clauses. 
The Master Bill of Lading/ Airway Bill is exchanged between shipping companies while the House
Bill of Lading/ Airway Bill includes the names of the exporter and the importer. 
The originals of the Master and the House must be sent to the importers clearing agent, through the shipping company.