Commonly Used Terms
Sea Waybill
A Sea Waybill is evidence of a contract of carriage and receipt of the goods being transported. It is used when the exporter decides to release the ownership of the cargo. The goods can be delivered to the person who's identified in the document to claim the freight. It's also known as "Express Release Bill of Lading" or "Straight Bill of Lading".
Sea Waybill only plays an evidential function and does not give a title to the goods (non-negotiable). After the shipment is loaded, the exporter receives a sea waybill as a reference. No additional documents are submitted to the carrier; the cargo is released as soon as it is at the port.
It is to be noted that the sea waybill is to be used when there is a high degree of trust between the exporter and the consignee, the goods will not be traded or sold during transport, and the goods are paid for with an approved line of credit.