Glossary term
Ocean Waybill
A non-negotiable sea transport document releasing goods to a named consignee.
A sea transport document that is not a document of title. Goods are released to the named consignee on identification, with no original document to surrender.
It removes the risk and delay of couriering originals, which suits shipments between related companies or where payment is already secured. It cannot be used where a bank needs to control the goods, which is why letters of credit call for a bill of lading instead.