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Trade
Terms
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OCEAN BILL OF LADING |
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Bill of lading indicating that the exporter consigns a shipment to
an international carrier for transportation to a specified foreign
market. Unlike an inland B/L, the ocean B/L also serves as a
collection. If it is a straight B/L, the foreign buyer can obtain
the shipment from the carrier by simply showing proof of identity.
If a negotiable B/L is used, the buyer must first pay for the goods,
post a bond, or meet other conditions agreeable to the seller.
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POLICY |
A
cargo policy with no expiration date that provides automatic
coverage of cargo to or from an Assured in a specified trade at
agreed rates, terms, and conditions. Usually consists of separate
Marine and War policies.
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Trade
Terms
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PALLET |
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A low portable platform,
usually wooden, on which cargo is stacked for storage or
transportation; a skid.
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PERILS
OF THE SEA |
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Fortuitous
accidents or casualties, peculiar to transportation on a navigable
water, such as stranding, sinking, collision of the vessel, striking
a submerged object, or encountering heavy weather or other unusual
forces of nature.
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PHYTOSANITARY
INSPECTION CERTIFICATE |
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A
certificate, issued by the US Department of Agriculture to satisfy
import regulations for foreign countries, indicating that a US
shipment has been inspected and is free from harmful pests and plant
diseases.
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PILFERAGE
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The
theft of part of the contents of a shipping package. |
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POLITICAL
RISK
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In
export financing the risk of loss due to such causes as currency
inconvertibility, government action preventing entry of goods,
expropriation or confiscation, war, etc.
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PRO
FORMA INVOICE |
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An
invoice provided by a supplier prior to the shipment of merchandise,
informing the buyer of the kinds and quantities of goods to be sent,
their value, and important specifications (weight, size, etc.)
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