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The Bill of Lading Charter Exception

If, under a charter, the bill of lading, issued by the owner, is in the possession of the charterer, the charter remains the contract of carriage as between the owner and the charterer. As between the owner and charterer, the bill of lading is only a receipt for the cargo (and probably still a document of title). If, however, the bill of lading is negotiated by the charterer to a third party, the bill of lading can become the contract of carriage between the owner and the third party bill of lading holder.

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