The UECC Sea Waybill is a transport contract (contract of carriage) and is issued as a cargo receipt and sent electronically (email). The Sea Waybill will always have a nominated consignee. It is not negotiable and the title to the goods cannot be transferred during the transit. The advantage of the Sea Waybill is that it simplifies the documentation procedure through eliminating the need for physical transfer of paper documentation. Although local law and practice may require the presentation of paper documents, the Sea Waybill does facilitate paperless transactions.
Negotiable Bill of Lading
The UECC Bill of Lading is a transport contract (contract of carriage) and receipt of cargo in addition to being a document of title (right to take delivery). This feature is recognised by the Bill of Lading being consigned "to order of" which means that it is a negotiable document that transfers the title to the goods. This feature is commonly used when transactions are financed through letters of credit and/or goods are traded during the transit. The title to the goods can be transferred by an endorsement on the document by the holder of the Bill of Lading and by handing over the Bill of Lading to the new owner.