With the evolution of modern multimodal transport, attempts made globally have not succeeded in creating an international legal instrument for the use of negotiable transport document that is not limited to marine transport. This prompts the proposal to draft a new convention for negotiable multimodal transport documents, but lessons from previous failures shall not be ignored. This article reviews and analyzes previous failures in attempts made to create legal recognition for negotiable transport documents internationally. It is found that practical and legal elements are equally significant in enabling the ocean bill of lading to perform its role in the financial settlement function. It then investigates the evolutionary history of the ocean bill of lading, and critically discusses the modality-neutral and “dual track” approach adopted by the drafters of the new instrument. It is suggested that reaching a legal and practical consensus involving cooperation between those responsible for the legal and practical aims will be the way forward, with an interaction among legislations, government policies and practice promotions.
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