The WWL Bill of Lading serves 3 purposes:
- it is a transport contract (contract of carriage)
- a receipt of cargo
- a document of title (right to take delivery)
This feature is recognised by the Bill of Lading being consigned "to order of" which means that it is a negotiable document that transfers the title to the goods. This feature is commonly used when transactions are financed through letters of credit and/or goods are traded during the transit.
The title to the goods can be transferred by a simple endorsement on the document by the holder of the Bill of Lading and by handing over the Bill of Lading to the new owner, in much the same way as a personal check is endorsed.