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Glossary

Shipping Terms

Exim Terms

Trade Laws


































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Trade Terms                                  

 
ACCEPTANCE


A draft, payable at a determinable future, date upon the face of which the drawee acknowledges his obligation to pay it at maturity. (Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a state price and under stated terms.)

ACT OF GOD

A natural event, not preventable by any human agency, such as flood, storms, or lightning. Forces of nature that a carrier has no control over, and therefore cannot be held accountable.

ADVANCE FREIGHT

Partial payment of the bill of lading freight in advance; in other respects is the same as guaranteed freight.

AIR WAYBILL

A bill of lading (see bill of) that covers both domestic and international flights transporting goods to a specified destination. This is a non-negotiable instrument 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.

ALL RISK

The broadest form of coverage available, providing protection against all risks of physical loss or damage from any external cause. Does not cover loss or damage due to delay, inherent vice, preshipment condition, inadequate packaging, or loss of market.

ALONGSIDE

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 aboard the ship.

ARBITRAGE

The buying of foreign exchange, securities, or commodities in one market and the simultaneous selling in another market, in terms of a third market. By this manipulation a profit is made because of the difference in the rates of exchange or in the prices of securities or commodities involved.

AVERAGE

Any loss or damage due to insured perils that is less than a total loss. Two types of average occur: Particular Average and General Average.








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