BOLERO (Bills of Lading Electronic Registry Organisation) is a pilot project funded partially by the European Union in 1994. ‘Bolero.net’ is the legal structure for paperless international trade launched in September 1999. It is operated by Bolero International Limited, which is a joint venture between SWIFT (Society for Worldwide Interbank Financial Transactions) and TT Club (Through Transport Mutual Insurance Association Limited). It provides services to Bolero Association Limited, which is a non-profit-making association owned by Bolero users. So how good is the Bolero Bill of Lading (BBL) in Australia? Can it achieve ‘electronic negotiability’? This paper will examine whether Bolero Rulebook (ie a multi-lateral contract between Bolero users) is compatible with the relevant international law and Australian law.