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What does it mean that the Air Waybill is a non-negotiable document?

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What does it mean that the Air Waybill is a non-negotiable document?

It serves only as a contract for transportation and does not represent the value of the goods

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It can be used as a means of payment without a bank acting as intermediary

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Its terms and conditions can be altered by any party

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It can be exchanged for the merchandise mentioned

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