Trade Terms                                  

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.

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.

Cargo shipped by sea or air.

Freight payable whether the goods are delivered or not, provided the failure to deliver the goods resulted from causes beyond the carrier's control.

Trade Terms                                 

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.

Trade Terms                                 

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.

A loss caused by the inherent nature of the thing insured and not the result of a casualty or external cause.

A bill of lading used in transporting goods overland to the exporter's international carrier.

A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee.