A waybill is a Non-negotiable document which provides a receipt of goods by the carrier and evidence of contract; but It is not a document of title to the goods.
Sea Waybill is used when the shipper decides to release ownership of the cargo immediately. This means that the goods can be delivered to the person identified in the document, and they will simply have to verify their identity instead of presenting a document to claim the freight.
When to use Way Bills ?
When there is high degree of trust between the shipper and consignee
When the goods will not be traded or sold during the transport
When the goods are paid for with an approved line of credit