Bearer bill of lading. This document allows the goods to be delivered to the holder of it. The name of the consignee, to whom the goods have been sent, perhaps the buyer, may be stated as “bearer”.
It may also be an “Order bill of lading” without stating to whose specific order the bill, and delivery of cargo under it, are subject or it could be an “Order bill of lading” indorsed in blank, that is without identifying to whom the cargo should be delivered.
For example, a master or agent may issue a bill of lading naming the shipper.
The bill of lading may be an “Order bill of lading”, not naming the consignee or receiver but leaving the shipper free to indorse the name of the person to whom the bill of lading will be transmitted. The shipper may then indorse the bill in blank, with no identifiable name, and transmit the document to the buyer as consignee. When the buyer has physical possession of the bill it will be a “Bearer bill of lading” and the cargo will require to be delivered to any person holding it and presenting it for cargo delivery.