Documents
In shipping and international trade, transport documents are crucial as they serve various legal, logistical, and financial functions.
Sea Waybill
The UECC Sea Waybill serves as a contract of carriage and a receipt for the goods, and is typically issued electronically. It always names a specific consignee and is non-negotiable, meaning title to the goods cannot be transferred during transit. One of the key advantages of the Sea Waybill is its ability to streamline documentation, eliminating the need for the physical exchange of paper documents. While some local laws or practices may still require hard copies, the Sea Waybill supports and facilitates paperless trade.
Negotiable Bill of Lading
The UECC Bill of Lading functions as a contract of carriage, a receipt for the cargo, and a document of title, granting the right to take delivery of the goods. Its status as a negotiable instrument is indicated by it being consigned “to order of”, allowing the transfer of title during transit. This makes the Bill of Lading especially valuable in transactions involving letters of credit or where goods are sold while en route. Ownership of the goods can be transferred through endorsement of the Bill of Lading by the current holder and physical delivery of the document to the new party.