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G
Trade
Terms
GENERAL AVERAGE (G.A.)
Ancient principle of equity in which all parties in a sea adventure
(ship, cargo, and freight) proportionately share losses resulting
from a voluntary and successful sacrifice of part of the ship or
cargo to save the whole adventure from an impending peril, or
extraordinary expenses necessarily incurred for the joint benefit of
ship and cargo.
GENERAL
AVERAGE SECURITY
Documents
the cargo owner presents to the General Average Adjuster to replace
the vessel owner's maritime lien on cargo for its share of General
Average and to obtain release of the goods by the Steamship Company.
G.A. Security consists of a G.A. Bond and either a cash deposit or
an Underwriter's Guarantee.
GOODS
Cargo
shipped by sea or air.
GUARANTEED
FREIGHT
Freight
payable whether the goods are delivered or not, provided the failure
to deliver the goods resulted from causes beyond the carrier's
control.
An international commodity classification system, developed under
auspices of Customs Cooperation Council, adopted by the United
States in 1989 and increasingly the most widely accepted
import/export classification methodology. Replaces SCHEDULE B export
codes and TARIFF SCHEDULE OF THE U.S. import codes.
A term applied to the status of merchandise admitted provisionally
to a country without payment of duties -- either for storage in a
bonded warehouse or for trans-shipment to another point, where
duties will eventually be imposed.
INHERENT
VICE
A
loss caused by the inherent nature of the thing insured and not the
result of a casualty or external cause.
INLAND
BILL OF LADING
A
bill of lading used in transporting goods overland to the exporter's
international carrier.
IRREVOCABLE
LETTER OF CREDIT
A
letter of credit in which the specified payment is guaranteed by the
bank if all terms and conditions are met by the drawee.
