The Loadstar has reported that negotiable cargo documents are one step closer to realisation, allowing goods to be sold in transit on any mode of transport.
Last week in Vienna, UNCITRAL Working Group VI continued to set out proposals which would see cargo able to be bought, sold or transferred while in transit, across all modes.
While bills of lading are used as documents of title in the maritime sector, transport documents issued by rail, road and air carriers (often known as “consignment notes”) cannot.
Instead, a new type of document of title, a negotiable cargo document (NCD), could be used across any mode or combination of modes.
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