A bill of lading is a document issued by a carrier that details the shipment of merchandise and gives title to the specified party. It serves as a receipt for accepted cargo and must be presented for delivery. There are two types: a negotiable bill of lading requires the original document to release cargo, while a non-negotiable bill allows release with a copy, stamp, and authorization letter instead of the original. Bills of lading provide important shipment details like the shipper, container, ports, and goods description.