Trade Terms                                 

Instructions from a shipper to his bank that the documents attached to a time draft for collection are deliverable to the drawee against his acceptance of the draft.

Instructions a shipper gives to his bank that the documents attached to a draft for collection are deliverable to the drawee only against his payment of the draft.

Cargo carried outside rather than within the enclosed cargo spaces of a vessel.

Even under All Risk coverage, damage due to delay is not recoverable. Most underwriters have inserted a "Delay Cause" in the Open Cargo Policy, which states specifically that damage caused by delay is not recoverable even if the delay was due to a peril insured against.

Receipt issued by an ocean carrier or its agent for merchandise delivered at its dock or warehouse awaiting shipment.

A commercial letter of credit providing for payment by a bank to the name beneficiary, usually the seller of merchandise, against delivery of documents specified in the credit.

Papers customarily attached to foreign drafts, consisting of ocean bills of lading, marine insurance certificates, and commercial invoices, and where required, including certificates of origin and consular invoices.

Buyer's payment for goods.

(a) ad valorem duty means an assessed amount at a certain percentage rate on the monetary value of an import. (b) Specific duty: an assessment on the weight or quantity of an article without preference to its monetary value or market price. (c) Drawback: a recovery in whole or in part of duty paid on imported merchandise at the time of exportation, in the same or different form.