As a matter of fact, the document which has been developed to resolve the obvious conflicts between the interests of buyer and seller is the bill of lading. The bill of lading provides the seller with some security against default by the buyer and the buyer with some assurance of performance of the seller before the buyer is required to make payment. So to speak, the B/L provides some extent protection for both seller and buyer. This is a study on the construction of Liner Bill of Lading(Code name : CONLINEBILL) adopted by BIMCO(The Baltic and International Maritime Conference) and is using a basic bill of lading in the liner ships operation. In this study, the writer makes a wider and deeper study of rights of rights and obligations of Contract Parties by means of the rules of construction, specially focusing the Carriers liability under Carriage of Goods by Sea Act 1971(COGSA 1971), Hague-Visby Rules and Korea Commercial Law.