Sea Waybill
Sea Waybill, also known as “Express Release Bill of Lading” or “Straight Bill of Lading,” a Sea Waybill is used when the shipper decides to release ownership of the cargo immediately.
A Sea Waybill is a crucial document used in international shipping. Unlike the traditional Bill of Lading, the Sea Waybill doesn’t confer title or ownership of goods to the bearer. This fact makes it an excellent choice for modern trade practices that require more flexibility and speed.
Key Differences Between Sea Waybill and Bill of Lading:
| Feature | Sea Waybill | Bill of Lading | |||
| Definition | A Sea Waybill is a non-negotiable document that serves as a receipt for goods shipped by sea. It does not evidence ownership of the goods. | A bill of lading is a negotiable document that serves as a receipt for goods shipped by sea. It also evidences ownership of the goods. | |||
| Transferability | The sea waybill is not transferable. This means that the consignee named on the sea waybill cannot transfer the document to another party. | The bill of lading is transferable. This means that the consignee named on the bill of lading can transfer the document to another party, such as a bank or a financial institution. | |||
| Use | The sea waybill is often used for shipments of goods that are not time-sensitive or that do not require proof of ownership. | The bill of lading is often used for shipments of goods that are time-sensitive or that require proof of ownership, such as high-value goods or goods that are being imported for resale. | |||
| Issuance | The sea waybill is issued by the carrier or its agent. | The bill of lading is issued by the carrier or its agent. | |||
| Legal implications | The sea waybill does not create a contract of carriage. This means that the carrier is not liable for any loss or damage to the goods unless it is caused by the carrier’s negligence. | The bill of lading creates a contract of carriage. This means that the carrier is liable for any loss or damage to the goods, even if it is not caused by the carrier’s negligence. | |||