Glossary term
Waybill
A non-negotiable transport document naming the consignee, which does not have to be surrendered.
A transport document that evidences the contract and acts as a receipt, but is not a document of title. Goods are released to the named consignee on identification, with no original to surrender.
That makes it faster and safer to handle than a bill of lading, and useless where a bank needs to control the goods as security.