Negotiable/Non-Negotiable

Negotiable documents can be transferred to a third party unless the phrase non-negotiable is added. For example, bills of lading used in sea transportation differ from other lading bills. Because the sea waybill is a negotiable document with the document's endorsement and the ownership of the goods changes, it is added to the terms of the letter of credit that the bills of lading are non-negotiable, especially in the letter of sale sales.