An order bill of lading is a form of negotiable instrument. This bill is made negotiable when it states that delivery is to be made to the further order of the consignee using words such as "delivery to A Ltd” or “to order.” An order bill of lading is a document that is made out to the order of the foreign importer, its bank, the export firm, its bank, or another designated party. Under the maritime law, ocean bill of lading is a form of order bill of lading. Once a bill of lading issued under a voyage charter is negotiated to a bona fide purchaser, it becomes the governing contract between the carrier and the holder of the bill.

Source: uslegal.com