What type of document is an air waybill considered?

An air waybill is considered a non-negotiable document because it serves as a receipt for the goods being transported by air and outlines the terms of the carriage between the shipper and the carrier. Unlike negotiable instruments, which can be transferred to others and may facilitate the transfer of ownership rights, an air waybill does not confer title to the goods but merely acts as evidence of the contract of carriage. This means that the consignee listed on the air waybill is the only party entitled to claim the shipment from the airline.

In the context of international shipping, the non-negotiable nature of the air waybill simplifies the process of shipping goods, as it reduces the complexities associated with the transfer of ownership that negotiable documents would entail. This differentiation is crucial for professionals engaged in global trade, as understanding the types of transportation documents and their implications can affect logistics, financial transactions, and compliance with regulations.