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Glossary

Trade Terms


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R

Shipping Terms                                

 
R. & C.


Rail and Canal

R. & C.C.

Riots and civil commotions

R.C.C. & S.

Riots, civil commotions and strikes

R/C

Reconsigned

Rebate

A deduction taken from a set payment or charge. As a rebate is given after payment of the full amount has been made, it differs from a discount which is deducted in advance of the payment. In foreign trade, a full or partial rebate may be given on import duties paid on goods which are later re-exported.

Reciprocity

A practice by which governments extend similar concessions to one another.

Red Clause Letter of Credit

A letter of credit that allows the exporter to receive a percentage of the face value of the letter of credit in advance of shipment. This enables the exporter to purchase inventory and pay other costs associated with producing and preparing the export order.

REFG.

Refrigerating; Refrigeration

Regs. Registered Tonnage
Retaliation

Action taken by a country to restrain its imports from another country that has increased a tariff or imposed other measures that adversely affects the firsts country's exports.

RORO (ROLL ON-ROLL OFF)

Direct drive on/drive off wheeled vehicles on specially-designed ocean-going vessels.

Route

an established air passage, from point of departure to terminating station.

Royalty

a charge on charter flights levied by some governments before traffic rights are granted. Sometimes called a "no objection fee." Usually a fixed proportion of a total charter value.

  S  

Shipping Terms                               

 
 
S. & F.A.


Shipping and forwarding agent.

S.I.T.

Stopped in Transit

S.L. & C.

Shipper's Load and Count

S.L. & T.

Shipper's Load and Tally

S.O.L.

Ship Owner' Liability

S.R

Shipping Receipt

S.R. & C.C.

Strikes, riots, and civil commotions.

S.tn.

Short ton

S.W.

Shipper's weights

S/N

Shipping Note

Salvage

Rescue of goods from loss at sea or by fire; also, goods so saved, or payment made or due for their rescue.

Sanitary and Health Certificate

A statement signed by a health organization official certifying the degree of purity, cleanliness, or spoilage of goods, and the health of live animals.

Schedule B

Refers to "Schedule B, Statistical Classification of Domestic and Foreign Commodities Exported from the United States." Being replaced under the Harmonized System.

Scheduled Flight

Any service that operates to a set timetable.

SCR

Specified Commodity Rate. Applied to narrowly specified commodities. Usually granted on relatively large shipments. Theoretically is of limited time duration.

Sector

Distance between two ground points within a route.

Self-Sustaining

Vessel has its own cranes and equipment mounted on board for loading/unloading. Used in ports where shore cranes and equipment are lacking.

Service

The defined, regular pattern of calls made by a carrier in the pick-up and discharge of cargo.

Service Contract

A contract between a shipper and an ocean carrier of conference, in which the shipper makes a commitment to provide a minimum quantity of cargo over a fixed time period.

Set Up

Articles in their assembled condition.

Shipment

Freight tendered to a carrier by one consignor at one piece at one time for delivery to one consignee at one place on one bill of lading.

Shipper

Term used to describe exporter. Mostly manufacturing companies.

Shipper's Export Declaration

A form required by the Treasury Department and completed by a shipper showing the value, weight, consignee, destination, etc., of export shipments as well as Schedule B identification number.

Ship's Manifest

An instrument in writing containing a list of the shipments comprising the cargo of the vessel.

Ship's Tackle

All rigging, etc., utilized on a ship to load or discharge cargo.

Short-Shipped Cargo manifested but not loaded.
Sight Draft

A draft payable upon presentation to the drawee. Compare date draft and time draft.

Single Entry Charter

A non-scheduled flight carrying the cargo of one shipper.

Site

A particular platform or location for loading or unloading at a place.

Split Charter

Where a number of consignments from different shippers are carried on the same non-scheduled aircraft. Under U.K. regulations a non-scheduled flight chartered by a single forwarder or agent on behalf of a number of shippers is still classified as a split charter. Under U.S. regulations, a forwarder chartered flight is classified as a single entity although it can consolidate.

SS

Steamship; steam powered ship (Steam driven turbines)

Standard International Trade Classification (SITC)

A standard numerical code system developed by the United Nations to classify commodities used in international trade.

Steamship Agent

A duly appointed and authorized representative in a specified territory acting in behalf of a steamship line or lines and attending to all matters relating to the vessels owned by his principals.

Steamship Line

Company is usually composed of the following departments; vessel operations, container operations, tariff department, booking, outbound rates, inward rates and sales. the company can maintain its own in country U.S. offices to handle regional sales, operations and/or other matters or appoint steamship agents to represent them doing same. Some lines have liner offices in several regions and have appointed agents in others.

Stowage

The lacing of cargo in a vessel in such a manner as to provide the utmost safety and efficiency for the ship and the goods it carries.

Strikes, Riots, and Civil Commotions

An insurance clause referring to loss or damage directly caused by strikers, locked-out workmen, persons participation in labor disturbances, and riots of various kinds. The ordinary marine insurance policy does not cover this risk; coverage against it can be added only by endorsement.

Subsidy

An economic benefit granted by a government to producers of goods or services, often to strengthen their competitive position.

Sue & Labor Clause

A provision in marine insurance obligating the assured to do things necessary after a loss to prevent further loss and to act in the best interests of the insurer.

Surety Bond

A bond insuring against loss or damage or for the completion of obligations.

Surety Company

An insurance company

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