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A Master Bill of Lading is a critical document in the shipping and transportation industry, particularly in maritime logistics. It is issued by a carrier, usually the owner of the vessel or the shipping line, and serves several essential functions.

Firstly, it acts as a contract of carriage between the carrier and the shipper, detailing the terms under which the transport of goods will take place. This document outlines the responsibilities and rights of both parties, providing assurance that the carriers are obligated to transport the goods to the specified destination.

Secondly, it serves as a receipt for the goods, confirming that the carrier has received the cargo on board the vessel. This is a vital step in the shipping process, as it provides proof of delivery for the shipper and can be used for claims and tracking purposes.

In contrast, the other options do not accurately represent the role of a Master Bill of Lading. While it is true that a freight forwarder may issue a House Bill of Lading, this differs from the Master Bill, which is strictly a document from the carrier. Additionally, it does not solely function as a receipt for cash payment; rather, it is more accurately related to the transportation of goods. Lastly, the Master Bill of Lading is not limited