Bill of lading transferable by endorsement. There are three possibilities, how the consignee can be mentioned:

In banking, negotiation means the sale and purchase of bills of exchange and/or documents. In documentary operations negotiation means advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank. The negotiating bank has the right of recourse to the beneficiary of the documentary credit if cover is not received from the issuing bank, unless the negotiating bank has agreed to negotiate without recourse to the beneficiary, or has confirmed the credit. See UCP Art. 2 and 8.

Not a title document. Ownership of the document alone does not entitle the holder to receive the goods named therein (e.g. non-negotiable sea waybill, air waybill, forwarder's receipt, etc.).

Form of international project financing where the banks involved assume all risks, waiving the right of recourse on the company responsible for the project.

Name and address of a party in the transport document, usually the buyer of the goods (applicant in the documentary credit) or a forwarding agent taking care of the goods at place of arrival.

A carrier issuing bills of lading for carriage of goods on vessels which he neither operates nor owns.