(d) negotiation to the buyer of any negotiable document of title covering the goods.
The waybill is a receipt only and not a document of title, and the goods are delivered to the named consignee without further formality once customs clearance has been obtained.
Sellers may reestablish the time balance by demanding "payment against documents"—that is, payment when the buyer receives the documents of title, although the goods themselves may still be with the seller or in transit.
Such a negotiable document of title, which calls for the delivery of goods, must be distinguished from negotiable commercial paper such as notes and bills of exchange, which call for the payment of money.
Whereas negotiable instruments embody a claim for the payment of money, documents of title embody claims to goods.
It must be noted that a CIF contract is not a sale of goods itself but a sale of the documents of title.
When referring to documents, use the title of the documents rather than calling them 'document 1' etc.
While in China, Petersen made a valuable discovery: All of the shipping manifests, or the documents that contain title information on goods entering the U.S., are public record in the United States.
Under the Carriage of Goods by Sea Act 1971, any sea waybills, data freight receipts, house bills, forwarding agents' receipts or similar non-negotiable documents, not being bills of lading or title documents, are nonetheless, subject to the Hague Rules relating to bills of lading where the non-negotiable documents provide evidence that they relate to contracts of carriage of goods by sea.
This is a document that legally binds the transfer of title to the recipient.
