Both Bill of Lading (B/L) and Waybill are among the most important documents in international trade. The key difference between a B/L and a Waybill is that a waybill does not convey title. The cargo named on the waybill can be released only to the named consignee and no original documents are required.Airway bill is a document of proof of receipt issued by air carrier of goods to shipper on receipt of goods for on carriage. Where as bill of lading is a document of proof of receipt issued by sea carrier of goods to shipper on receipt of goods for on carriage.