The part of carriage by sea of the current draft revision of the Korean Maritime Code include, inter alia, contract of carriage by sea, charterparty, voyage charterparty, time charterparty, limit of liability, contents of bill of lading, seaway bill and electronic bill of lading. Two points of the draft revison are remarkable. First, an attempt has been made to modernize the Korean Maritime Code in conforming with Hamburg rule of 1978. The amount recoverable under the limitation regime under the current law is fixed in relation to shipping unit. The maximum limit of recovery is 500 SDR for loss or damage of cargo claims. This amount will be increased to 666.67 SDR per package or other shipping unit. Alternatively, sea carrier is liable up to 2 SDR per kilogramme of gross weight of goods lost or damaged. The liability of carrier for delay in delivery is limited to two and a half times the freight payable for the goods delayed, but not exceeding the total freight payable under the contract of carriage by sea. Second, the draft revision introduces the sea waybill into the Korean Maritime Code. In situation where a negotiable document of title is not required, the presentation problem can be solved by the substitution of a sea waybill for the normal bill of lading. Increasing use is being made of the sea waybill and in the year 2000 as much as 55 per cent of cargo carried by the Hanjin shipping Co., Ltd. could be carried on sea waybills. The sea waybill is differs from the bill of lading in that, while it acts as a receipt and provides evidence of the contract of carriage, it does not constitute a negotiable document of title. Since negotiation of a waybill is not possible, the obligation of the carrier is to deliver the named consignee and, provided the latter can identify himself, there is no requirement for presentation of the sea waybill before he can obtain delivery of the goods. Some other issues such as multimodal transportation, period of responsibility and the liability of the performing party will also be subject to reform after full discussion in Working Group of the Korean Maritime Law Association.