The Wallenius Wilhelmsen Ocean Bill of Lading serves 3 purposes:
* it is a transport contract (contract of carriage)
* a receipt of cargo
* 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 a simple endorsement on the document by the holder of the Bill of Lading and by handing over the Bill of Lading to the new owner, in much the same way as a personal check is endorsed.
A Sea Waybill is a transport contract (contract of carriage) - the same as a Bill of Lading. A Sea Waybill, however, is not needed for cargo delivery and is only issued as a cargo receipt. It can either be issued in hard copy format or soft copy format. A Sea Waybill is not negotiable and cannot be assigned to a third party. Wallenius Wilhelmsen Ocean will deliver the cargo at destination to the person or company described as Consignee in the Sea Waybill.