What is NEGOTIABLE BILL OF LADING (B/L)

Transferrable B/L from consignee to another party by signing, called endorsing, and delivering it to that other party, who becomes the new consignee. The new consignee can then transfer the instrument to another party … and so on. A B/L is negotiable if written, or drawn, ‘To Order’ of the consignee and must be clean. Any B/L failing to fulfill these two conditions is termed non-negotiable