Waybill

A Waybill is a document issued by the carrier that serves as evidence of the contract of carriage and of the carrier's receipt or loading of the goods. However, it is not a document of title, cannot be endorsed or transferred, and is not negotiable. In international trade, waybills are commonly used in air, land, express, and multimodal transport. Unlike an ocean bill of lading (B/L), a waybill usually names a specific consignee, and the carrier delivers the goods directly to that consignee without requiring surrender of the document. When using a waybill, the shipper should note that once the goods are delivered to the carrier, title to the goods passes to the consignee, and the shipper may lose control over the goods. If payment is by letter of credit, banks generally do not accept a waybill as a document of title unless the L/C provides otherwise. Therefore, waybills are suitable for high-trust transactions, prepayment, or shipments where control over title is not required. In addition, waybills include air waybills (AWB), rail waybills (CIM/SMGS), road waybills (CMR), etc., each applicable to different modes of transport.