Shipping Terms                               

American Terms (Marine Insurance) A term used to differentiate between the conditions of American Policies from those of other nations, principally England.

Automated Brokerage Interface Is a system available to U.S. Customs Brokers with the computer capabilities and customs certification to transmit and exchange customs entries and other information, facilitating prompt release of imported cargo.

A time draft (or bill of exchange) which the drawee has accepted and is unconditionally obligated to pay at maturity. Drawee's act in receiving a draft and thus entering into the obligation to pay its value at maturity. An agreement to purchase goods under specified terms.

A fixed percentage of the value of goods that is used to calculate customs duties and taxes.

A one-off charter operated at the necessity of an airline or charterer.

Is a   court having jurisdiction over maritime questions pertaining to ocean transport, including contracts, charters, collisions, and cargo damages.

Load made on the security of the documents covering the shipment.

A bank that receives a letter of credit from an issuing bank, verifies its authenticity, and forwards the original letter of credit to the exporter without obligation to pay

A term indicating that a shipper's agent or representative is not empowered to make definite decisions or adjustment without the approval of the group or individual represented.

Is a   company that controls, or is controlled by another company, or is one of two or more commonly controlled companies.

The steamship line appoints the steamship agent and defines the specific duties and areas of responsibility of that agent.

Is a  type of freight forwarder who specializes in air cargo and acts for airlines that pay him a fee (usually 5%). He is registered with the International Air Transport Association, IATA (See also Air Freight Forwarder; Forwarder, Freight Forwarder, Foreign Freight Forwarder).

Is a type of freight forwarder who specializes in air cargo. He usually consolidates the air shipments of various exporters, charging them for actual weight and deriving his profit by paying the airline the lower consolidated rate. He issues his own air waybills to the exporters, is licensed by the CAB (Civil Aeronautics Board) and has the status of an indirect air carrier (See also Air Cargo Agent, Forwarder, Freight Forwarder, Foreign Freight Forwarder.)

A bill of landing that covers both international and domestic flights transporting goods to a specified destination. This is a non-negotiable documents of air transport  that serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed and obligates itself to carry the consignment to the airport of destination according to specified conditions.

An agreement by a steamship line to provide cargo space on a vessel at a specified time and for a specified price to accommodate an exporter or importer, who then becomes liable for payment even though he is later unable to make the shipment.

Is a clause included in marine insurance policies to cover loss and damage from external causes, such as fire, collision, pilferage, etc. but not against innate flaws in the goods, such as decay, germination, nor against faulty packaging, improper packing/ loading or loss of market, nor against war, strikes, riots and civil commotions (See Marine Insurance)

Is an insurance provision that all loss or damage to goods is insured except that of inherent vice (self caused). (See All Risk Insurance).

A phrase referring to the side of a ship. Goods to be delivered "alongside" are to be placed on the dock or barge within reach of the transport ship's tackle so that they can be loaded abroad the ship.

Is a standard clause to be included in the contracts of exporters and importers, as suggested by the American Arbitration Association. It states that any controversy or claim will be settled by arbitration in accordance with the rules of the American Arbitration Association.

The transfer of the rights, duties, responsibilities and/or benefits of an agreement, contract, or financial instrument to third party.

A stipulation within a letter of credit in which some or all of the proceeds are assigned from the original beneficiary to one or more additional beneficiaries.

An electronic system allowing customhouse brokers and importers to interface via computer with the US Customs Service for transmitting entry and entry summary data on imported merchandise.

The electronic system of the US Customs Service, encompassing a variety of industry sectors, that permits on-line access to information in selected areas.

The electronic system allowing a manifest inventory to be transmitted to the US Customs Service data center by carrier, port authority or service center computers.