An NWD file is considered the complete file and can be opened in any Navisworks product and the Navisworks Freedom viewer.
This is known as publishing a Navisworks file and creates a ‘snapshot’ of the project file/data. When you save to a NWD (Navisworks file), all loaded models, the environment, current view and saved viewpoints (including redlines, comments etc) are all saved to a single file.