switched bill of lading (B/L)
Definition
B/L substituted by a carrier for an original B/L in accordance with the terms of a letter of credit (L/C). In a back-to-back L/C, for example, the original B/L (which shows the actual supplier as the shipper) is switched with another B/L that shows the middleman as the shipper and protects the identity of the actual suppler.
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