What is a seaway?

Answer 1

Hi, Sea way bill is a type of a B/L (bill of lading). To understand it better v must understand the key features of a bill of lading n then see how sea way will differs from a regular type of B/L. B/L performs three functions: # document of title (negotiable) # evidence of the contract of carriage # proof of receipt of the cargo (by the carrier) A sea way bill performs only '2' and '3' and is non negotiable i.e. the ownershipf othe goods cannot be transferred by endorsing the sea way bill. So the cargo consigned under it can only be released to the named consignee on the Sea way bill. As such the original document is not required. Only the receiver need to identify themselves correctly. This document is more relevant for non commercial transactions, inter company stock transfers or where the bank L/Cs are not involved. Hi, Sea way bill is a type of a B/L (bill of lading). To understand it better v must understand the key features of a bill of lading n then see how sea way will differs from a regular type of B/L. B/L performs three functions: # document of title (negotiable) # evidence of the contract of carriage # proof of receipt of the cargo (by the carrier) A sea way bill performs only '2' and '3' and is non negotiable i.e. the ownershipf othe goods cannot be transferred by endorsing the sea way bill. So the cargo consigned under it can only be released to the named consignee on the Sea way bill. As such the original document is not required. Only the receiver need to identify themselves correctly. This document is more relevant for non commercial transactions, inter company stock transfers or where the bank L/Cs are not involved. Regards, Sudesh Chaturvedi, FICS-uk