Glossary of terms

At (referring to price). From (referring to the sailing of a ship)

Always Afloat

Association of Average Adjusters

Administrative Accompanying Document

Aktiebolaget (Swedish registered company)

Arab-British Chamber of Commerce

Association of British Insurers

Associated British Ports

American Bureau of Shipping

Account

This term has several related meanings:

1. A time draft (or bill of exchange) that the drawee has accepted and has to pay when it matures. Once the draft is presented for acceptance, the drawee then becomes the “acceptor” for payment. The word “accepted” and the date and place of payment must be written on the face of the draft.
2. The drawee’s act in receiving a draft, which commits them to pay its value when it matures.
3. Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms.

Approved Continuous Examination Programme

Advisory Council on Middle East Trade

African Caribbean and Pacific States

According to value. See Duty

Asian Development Bank

Automatic Data Processing

The European Agreement on the ‘International Carriage of Dangerous Goods by Road’

A loan that is secured against the documents covering a shipment

A bank, operating in the exporter’s country, that handles letters of credit for a foreign bank. This bank will notify the exporter that the credit has been opened in its favour. Although the advising bank must inform the exporter of the conditions of the letter of credit, they are not necessarily responsible for payment.

A term indicating that a shipper’s agent or representative doesn’t have the power to make a decision or adjustment without a shipper’s approval. Compare Without Reserve.

Abbreviated Entry

Advanced Freight

The French Standards Institute

Aktiengesellschaft (German Company)

See Foreign Sales Agent

Automated Guided Vehicle System

Associate of the Institute of Chartered Shipbrokers

Agency for International Development

Automatic Identification Manufacturers

This is a bill of lading that covers both domestic and international flights which transport goods to a named destination. In effect, the bill represents a receipt for the shipper, indicating that the carrier has accepted the goods listed and has committed to deliver them to a named airport within certain pre-arranged conditions. It is a non-negotiable document. Compare Inland Bill of Lading, Ocean Bill of Lading, and Through Bill of Lading.

Spanish abbreviation for Latin American Integration Association

An attachment to a Bill of Exchange containing endorsements. This is used when the back of the bill has been completed

Beside a ship. Goods that are delivered ‘alongside’ are placed on the dock or barge within reach of the transport ship’s tackle. This means they can be loaded aboard the ship more easily.

Advice Note

Andean Common Market

Arrival Notification Form

Additional Premium

Annual Percentage Rate

Advanced Passenger Train/After Peak Tank

Acceptable Quality Level

Antwerp, Rotterdam and Amsterdam range of ports

Buying foreign exchange, stocks, bonds, and other commodities in one market, then immediately selling them in another market at higher prices

Automatic Radar Plotting System

Arrival

1. After Sight
2. Alongside

American Standards Association

Association of Shipbrokers and Agents

Alternative Side-Band

Association of South-East Asian Nations

Average Spring Tides

See Sight Draft

Actual Time of Arrival

See Carnet

European Agreement on the International Carriage of Perishable Goods

Temporary Admission on Wheels (Admission Temporaire Roulette)

All Time Saved at Both Ends

All Time Saved Discharging Only

All Time Saved Loading Only

Admiralty Tide Tables

Average

Ad Valorem (according to value)

Air Waybill

Association of Western Shipbuilders

Azimuth

British Airways

British Airports Authority

Baltic Air Charter Association

Banker’s Automated Clearing System

Bunker Adjustment Factor

The difference between a country’s total imports and exports. If exports exceed imports, there’s a positive balance of trade or trade surplus; if not, there’s trade deficit.

Trade without money in which goods are exchanged directly for other goods. Barter is an important means of trade between countries that have currencies which are not easily convertible.

British Approvals Service for Electrical Equipment in Flammable Atmospheres

Before Breaking Bulk

British Chambers of Commerce

Banker’s Cover Note

Bond

Brought Down

1. Bar Draft
2. Banker’s Draft.

Both dates inclusive

1. Bill of Entry (customs)
2. Bill of Exchange

British Exporters Association

Buoy Monitor and Alarm System

The person in whose favour a letter of credit is issued or a draft is drawn

A Customs Union between Belgium, the Netherlands and Luxembourg

Brought Forward

Bonded Goods

British International Freight Association

A written description of the nature and value of goods for customs purposes

A written unconditional order from one person (the drawer) to another (the drawee). The bill directs the drawee to pay a specified amount to a named drawer at a fixed or yet to be agreed future date.

A contract between a shipper and a transport company setting out the charges and conditions for moving freight. The bill is usually prepared by the shipper on forms issued by the carrier. It represents a document of title, a contract of carriage, and a receipt for goods. Also see Air Waybill, Inland Bill of Lading, Ocean Bill of Lading, and Through Bill of Lading.

Baltic and International Maritime Conference

1. Banking
2. Breakage

Brokerage

Bankrupt

Bill of Lading

Belgium-Luxembourg Economic Union

Board Measure

British Marine Federation

British Marine Equipment Council

British Maritime Law Association

1. Buyer’s Option
2. Branch Office

An irrevocable commitment by a bank to make payment provided the terms of the bond or guarantee are met

A warehouse that has been authorised by Customs authorities to store goods which haven’t paid any duty.

Bills Payable

Bank Post Bill

Bills Receivable

Bill of Sale

British Shippers Council

British Standards Institution

British Standard Specification

British Summer Time

British Transport Commission

British Transport Group

Fuel surcharge on standard or quoted rates, usually based on consignment weight

See Purchasing Agent

Drafts or cheques paid by collection are returned to the bank on which they were drawn to be paid

Drafts or cheques paid by negotiation are paid immediately

Bureau Veritas

Continuation Clause

Containers Carried on Deck

Consignee

Chamber of Commerce

Collected and Delivered

Customs and Excise

Cost and Freight (now obsolete – superseded by CFR – see also Incoterms 2010)

Compensatory Agreement

Civil Aviation Authority

Customs and Excise

Civil Aeronautics Board (USA)

Central American Common Market

1. Cash Against Documents
2. Commercial Agents Directive

Currency Adjustment Factor

Customs Assigned Number

Cost and Freight to Foreign Port

Common Agricultural Policy

Caribbean Community and Common Market

Caribbean Free Trade Association

A customs document that permits the holder to temporarily carry or send goods into certain foreign countries without paying duties or posting bonds. Carnets help businesses display and demonstrate their services.

A particular sort of payment for goods. A commission house or another intermediary transfers title documents to the buyer when they receive a cash payment.

In this type of payment for goods, the buyer pays the full price before shipment is made. This method is usually only used for small purchases or when the goods are built to order.

A payment method for goods in which the buyer pays when ordering. The transaction is binding on both parties.

Cargo Accounts Settlement System

Cash Before Delivery

Confederation of British Industry

Cubic Metre

Continuation Clause, Civil Commotion

Certificate of Consignment/Origin

Customs Co-operation Council

Customs Co-operation Council Nomenclature

Collector of Customs and Excise

Consignment Note Control Label Numbers

Common Customs Tariff

Customs Declaration

1. Commercial Dock
2. Customs declaration
3. Consular declaration

Current Domestic Value

Council of European and Japanese National Shipowners’ Association

Certificate

A document certifying that merchandise was in good condition just before it was shipped. This is often used with perishable goods.

A statement (often notarised) in which a manufacturer certifies that the goods are made and available to the buyer.

A document certifying the country of origin of specified goods. It is used by certain foreign countries for tariff purposes.

1. Central European Time
2. Common External Tariff (customs)

Cubic Feet

Carried Forward

Cost and freight. A pricing term indicating that the cost of the goods and freight charges are included in the quoted price. The buyer arranges and pays insurance. But see Incoterms 2010.

Container Freight Station

Commodity Futures Trading Commission (USA)

Carriage Paid

Carriage of Goods by Sea Act

Customs House

Charges Forward

Charges Paid

Clearing House Automated Payment System

Charges payable by the consignee on arrival

A written contract, usually on a special form, between the owner of a vessel and a “charterer” who rents use of the vessel or a part of its freight space. The contract generally includes the freight rates and the ports involved in the transportation.

Customs Handling of Import/Export Freight

China Sea, Indian and Pacific Oceans

Clearing House Inter-bank Payments System

Containers Carried in Holds

Cheque

Consular Invoice, Channel Islands, Certificate of Insurance

Spanish word for company

Cash In Advance

Cost, insurance, freight. A pricing term indicating that the cost of the goods, insurance, and freight are included in the quoted price. See Incoterms 2010.

Cost, Insurance, Freight and Commission

Cost, Insurance, Freight and Exchange

Cost, Insurance, Freight and Insurance

Cost, Insurance, Freight, including 5% Commission

Cost, Insurance, Freight, Commission and Interest

Cost Insurance and Freight, London terms

International convention governing international rail carriage

Carriage and Insurance Paid To. But see Incoterms 2010

Chartered Institute of Patent Agents

International Maritime Radio Association

Chartered Institute of Transport

Confederation of International Trading Houses Associations

Craft Loss

Cargo Loading Adaptability

Cargo Loading and Scheduling System

A receipt for goods issued by a carrier. The bill indicates that the goods were received in “apparent good order and condition”, without damages or other irregularities. Compare Foul Bill of Lading

A draft to which no documents have been attached

European Liaison Committee of Common Market Forwarders

Convention on the contract for the International Carriage of Goods by Road

1. Consignment Note
2. Cover Note

1. Certificate of Origin
2. Cash Order

Co-ordinating Committee on Export Controls (NATO)

Cash on Delivery

Cost of Funds

Compagnie Francaise pour l’Assurance du Commerce Exterieur (credit insurance company)

All documents (commercial invoices, bills of lading, etc.) given to a buyer to receive payment for a shipment

A secure, universally recognised method for routing trade documentation through the banking system

Commercial Invoice

Council for Mutual Economic Aid

Committee of Middle East Trade

Commodity Exchange (New York)

Co-ordinating Committee for the Textile Industry in the UK

Co-ordinating Committee for the Textile Industry in the UK

See Purchasing Agent

An individual, partnership, or corporation that transports persons or goods for compensation

Regime for shipping goods from one European Union country to another when not in free circulation. It also includes transit by road to one of the EFTA countries: Poland, Hungary or the Czech or Slovak Republics. It involves the use of transit form C88 (the SAD form). The requirements also apply to certain shipments to and from Andorra, San Marino and the Channel Islands (but not for shipments between the UK and the Channel Islands). The term also covers goods that are subject to EU control, for example under CAP regulations for agricultural produce

A letter of credit, issued by a foreign bank, which has been validated by a UK bank. An exporter with a confirmed letter of credit will be paid by the UK bank even if the foreign buyer or the foreign bank defaults, provided the CLC’s terms and conditions are fully met

The party receiving the goods

A shipment or delivery of goods sent at one time. Compare also (goods sold) on consignment

See on consignment

The sender of the goods

A formal statement made to the consul of a foreign country describing goods to be shipped

A document required by some foreign countries describing a shipment of goods and showing information such as the consignor, consignee and value of the shipment. Certified by a consular official of the foreign country, it is used by the country’s Customs officials to verify the value, quantity, and nature of the shipment

A currency that can be bought and sold for other currencies

A bank that, in its own country, handles the business of a foreign bank

Customer’s Own Transport

Clip-On Unit

Goods or services that are paid for or part paid for by transferring goods or services from a foreign country. (See Barter)

A duty imposed to counter unfairly subsidised products

1. Commonwealth Preference
2. Commercial Paper

Charter Party

Customs Procedure Code

Charterer pays dues

Pricing terms indicating that carriage, or carriage and insurance, are paid to the named place of destination. For shipment by other methods than sea, they apply in place of CFR and CIF, respectively. But see Incoterms 2010

1. Current Rate
2. Carrier’s Risk
3. Compound Risk

Insurance designed to cover risks of nonpayment for delivered goods. Compare Marine Insurance

Clean Report of Findings

Customs Registered Number

Currency Surcharge

Convention for Safe Containers

Counter Trade

Combined Transport Document

Cartage

Combined Transport Operator

An individual or firm licensed to enter and clear goods through Customs

The authorities that collect duties levied by a country on imports and exports. The term also applies to the procedures involved in this sort of collection

Certificate of Value

Certificate of Value and Origin

Cleared Without Examination

Cash With Order

Currency

Documents against Acceptance

Discharge Always Afloat

Documents Against Discretion of Collecting Bank

Delivered at Place - pricing terms indicating that the goods are at the disposal of the buyer ready for unloading at a named place of destination. But see Incoterms 2010.

Delivered at Terminal - pricing terms indicating that the goods are at the disposal of the buyer once unloaded at a named terminal at port or place of destination. But see Incoterms 2010.

A draft that matures in a specified number of days after the date it is issued, whatever date it is accepted. See also Sight Draft, and Time Draft

Deutsche Bundesbahn (German Railways)

Dispatch Payable Both Ends

Dispatch Payable Both Ends on All Time Saved

Dispatch Payable Both Ends on Working Time Saved

Drawback

Detention Clause

1. Deviation Clause
2. Documentation Collection

Delivered at Container Collection Depot

Damage Done

Delivered

1. Dry Dock
2. Direct Debit

Dock Dues and Shipping

Days after Date

Duty Deferment Account

Dispatch Discharging Only

Dispatch Discharging Only

Debenture

Deferred

A type of letter of credit that defers payment until an agreed point after the shipping documents have been presented by the exporter

See Sight Draft

Demurrage and Dispatch

1. Liquidated damages which are payable under a charter party. These are paid at a specified daily rate for the days it takes to complete the loading or discharging of cargo after the lay days have expired. These are known as demurrage days.
2. Unliquidated damages to which a ship-owner is entitled if no lay days are specified and the ship is detained for loading or unloading beyond a reasonable time

Departmental Entry Processing System

Destination

The official lowering of the value of one country’s currency in terms of one or more foreign currencies. For example, if the UK pound is devalued in relation to the US dollar, one pound will “buy” fewer dollars than before

Dead Freight

Draft

Dangerous Goods Note

Dispatch Half Demurrage

German Standards Institute

Domestic International Sales Corporation

Discharging

When documents presented do not conform to the letter of credit, it is referred to as a discrepancy

An amount paid by a vessel’s operator to a charterer if loading or unloading is completed in less time than set out in the charter party

A foreign agent who sells directly for a supplier and maintains an inventory of the supplier’s products

Danish Kroner

Debit Note

Delivery Order

A receipt issued by an ocean carrier to acknowledge receipt of a shipment at the carrier’s dock or warehouse. See also Warehouse Receipt

A draft to which documents are attached

Instructions given by a shipper to a bank, indicating that documents transferring title to goods should be delivered to the buyer (or drawee) only upon the buyer’s acceptance of the attached draft

Documents Against Payment

Deposit Receipt

A written order by one party for a second party to make payment to a third party. They are paper-based payments which are normally ordered in advance and posted overseas

The individual or firm on whom a draft is drawn and who owes the stated amount. Compare Drawer

The individual or firm that issues or signs a draft, so standing to receive the stated amount from the drawee

Days after Sight

Danske Staatsbahn (Danish Railways)

Department of Trade and Industry

Selling goods in another country at a price below the price at which they could be sold in the home market. Or selling goods at a price below the costs incurred in production and shipment

Materials used for the stowage and protection of cargo

A tax imposed on imports by the Customs authority of a country. Duties are generally based on the value of the goods (ad valorem duties); some other factor such as weight or quantity (specific duties); or a combination of value and other factors (compound duties)

Dead-weight Capacity (of vessel to carry cargo)

Errors and omissions excepted

Exchange as per Endorsement

Export After Repair

European Community

Economic Co-operation Administration

1. Exchange Control Copy
2. Extended Cover Clause (insurance)

East Coast Coal Port

Export Credits Guarantee Department (UK)

Export Consignment Identifier

Economic and Financial Affairs Council (EU)

Export Cargo Packing Declaration

Echantillons Commerciaux (Commercial Samples)

European Coal and Steel Community

Export Cargo Shipping Instruction

Europe Combined Terminals- Rotterdam

Electronic Data Capture Service

Electronic Data Interchange

Electronic Data Interchange Association

European Economic Area

European Free Trade Area

Electronic Funds Transfer at Point of Sale

Equipment Handover Agreement

Export Health Certificate

European Investment Bank

EuroInfo Centr

Express International Money Transfer

Equipment Interchange Receipt

European Monetary Agreement

Express Money Service

Enclosures

Except as otherwise herein provided

End of Passage

Entry Processing Station

European Payments Union

Expected Ready To Load

European Shippers Council

Economic and Social Commission for Asia & the Pacific

EC Sales Listing

Eastern Standard Time (USA)

Estimated Time of Arrival

Estimated Time of Departure

Estimated Time of Sailing

European Union

European Atomic Energy Community

US dollars deposited in Europe (or outside the USA and Asia). Compare Asian dollars.

1. From. It is used in pricing terms in the phrase “ex [location]” (e.g. “ex factory”, “ex dock”) to signify that the quoted price applies only at the location named (in the two examples, at the seller’s factory or a dock at the import point). In practice, this kind of quotation indicates that the seller agrees to place the goods at the disposal of the buyer at the location named within a fixed period of time.
2. Examined
3. Excluding

Export Buying Office

A government permit sometimes required by the importer’s government. It enables the import firm to convert its own country’s currency into foreign currency with which to pay a seller in another country

The price of one currency in terms of another. More specifically, the number of units of one currency that may be exchanged for one unit of another currency

Examined

US Export-Import Bank

An individual or firm that brings together buyers and sellers for a fee, but does not take part in actual sales transactions

An organisation that, for a commission, acts as a purchasing agent for a foreign buyer

See Shipper’s Export Declaration

A government document that permits the licensee to export designated goods to certain destinations. See Open General Export Licence

A private firm that serves as the export department for several producers of goods or services. They do this by taking title or by soliciting and transacting export business for clients. This is in return for a commission, salary, or a retainer plus commission

A firm similar or identical to an export management company

Ex Works. But see Incoterms 2010

Freight and Demurrage

Forwarding Agents Commission

Food and Agriculture Organisation (UN)

Free Alongside Ship. A pricing term indicating that the quoted price includes the cost of delivering the goods alongside a designated vessel. But see Incoterms 2010

Forwarder’s Bill of Lading

Free Capture and Seizure

“Free Carrier” to named place. This is an alternative to the term “FOB named port”. It designates the seller’s responsibility for the cost of loading goods at the named shipping point. It covers multimodal transport, container stations, and every method of transport, including air. But see Incoterms 2010

Foreign Credit Insurance Association

Full Container Load

Forwarder’s Certificate of Receipt

Forwarder’s Certificate of Transport

1. Free Discharge
2. Free Delivery

40-foot Equivalent Unit

1. Free From Alongside
2. Free Foreign Agency

For Further Instructions

Free of General Average

Free In. A pricing term indicating that the charterer of a vessel is responsible for the cost of loading and unloading goods from the vessel

Full Interest Admitted

International Federation of Freight Forwarders Association

Free into Barge

Foreign Credit Insurance Association

Fellow of the Institution of Chartered Shipbrokers

Fellow of the Institute of Export

First In First Out

Free in Liner Terms Discharge

Free In and Out

Free In and Out plus Stowing

Free In and Out plus Trimming

First copy of a Bill of Exchange to be presented which automatically cancels all other copies

Federation of International Traders

Free In Wagon

Freight Liner

Forwarders Local Import Control

See Open Insurance Policy

Federal Maritime Board (USA)

Federal Maritime Commission (USA)

1. Free Over-side
2. Firm Offer
3. For Orders
4. Free Out Terms

Free on Airport

“Free On Board” at named port of export. A pricing term indicating that the quoted price covers all expenses up to and including delivery of goods on an overseas vessel provided by or for the buyer. But see Incoterms 2010

Free on Board Aircraft

Free on Board and Stowed

Free on Board and Trimmed

Free Of Charge

Free of Damage

Free of Damage Absolutely

The Federation of National Shipbrokers and Agents

Free on Quay

Forwards

A foreign exchange instrument that enables your business to fix the exchange rate for the payment or receipt of foreign currency in the future

The title of a standard clause in marine contracts exempting the parties for not meeting their commitments because of events beyond their control. The events include conditions such as earthquakes, floods, or war

The currency or credit instruments of a foreign country. Also, transactions involving the purchase or sale of currencies

An individual or firm that serves as the foreign representative of a domestic supplier and seeks sales abroad for the supplier

Foreign Exchange

A receipt for goods issued by a carrier which indicates that the goods were damaged when received. Compare Clean Bill of Lading

1. Floating Policy
2. Fully Paid

Flash Point Celsius

Free From Particular Average

Free From Particular Average Absolutely

Full Premium if Lost

Freight Release

Free Circulation (EU)

Forward Rate Agreement

An area such as a port city into which goods can be legally moved without paying duties

A port designated by the government of a country for duty-free entry of any non-prohibited goods. Goods can stored, displayed, used for manufacturing and so on, within the zone and re-exported without duties being paid. Duties are imposed on the goods – or the items they manufacture – only when the goods pass into an area of the country that is covered by the Customs authority

An independent business that handles export shipments for compensation

Fire risk On Freight

Freight

Italian railways

1. Freight Transport Association
2. Free Trade Agreement

Federal Trade Commission (USA)

Full Trailer Load

Free Trade Zone

Forward

General Average Contribution

1. General Average
2. General Authorisation

General Average Certificate

Pound Sterling

General Council of British Shipping

Gulf Co-operation Council

General Cargo Rate/General Commodity Rate

Gross Domestic Product

Registered Company (Germany)

Greenwich Mean Time

Gross National Product

Gross Weight

The full weight of a shipment, including goods and packaging. Compare Tare Weight

Gross Registered Tonnage

Good Sound Merchantable

Generalised System of Preferences

General Utility Van

Grand Vitesse (Express Train)

House Air Waybill

House Bill of Lading

Held Covered

Harmonised Commodity System

Half Height (Container)

Heavy Lift

Her Majesty’s Customs

Her Majesty’s Revenue and Customs

Her Majesty’s Stationery Office

Harmonised System

Hague-Visby Rules

High Water Mark

International Air Transport Association

1. In Bond
2. Invoice Book

Intervention Board for Agricultural Produce

International Bank Account Number. A standard way of uniquely identifying an account, which improved the speed and efficiency of cross border payments

International Bank for Reconstruction and Development

Invoice Cost and Charges

International Cargo Advisory Bureau

International Civil Aviation Organisation

International Container Bureau

Institute of Export

Including Particular Average

Inward Processing Relief

Inland Rail Depot

Import Release Note

A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the seller. Compare 'Revocable Letter of Credit' and 'Confirmed Letter of Credit'

Union Internationale des Transports Routiers

Institute Strike Clauses (insurance). See Institute Cargo Clauses

International Shipping Federation

Institute of Shipping and Forwarding Agents

International Standards Organisation

ISP98 International Standby Practices published by the International Chamber of Commerce.

Customs Convention on the International Transit of Goods

Institute of Trade Mark Agents

International Trade Organisation

International Union for the Protection of Intellectual Property

International Waterways Association

Institute War Clauses (insurance). See Institute Cargo Clauses

Just In Time

Joint Liaison Committee on Documents

Japanese Yen

1. Lloyds’ Agent
2. Letter of Authority

Lloyds Average Bond

Latin American Free Trade Association

The number of days specified in a charter party to enable the charterer to load or unload cargo. They start to run as soon as the ship reaches the berth or mooring specified in the charter party. If just a port is specified, the ship must have reached a position within the port where the charterer can immediately dispose of its cargo. (This is known as the “Reid test”). The charter party can include a dispatch payment to reward the charterer for saving days when loading or unloading the cargo. Unless the charter party provides otherwise – for example by limiting them to good-weather working days – lay days run consecutively without a break. See also Demurrage

Letter of Credit

Less than Full Container Load

Less Developed Country

Loading

Landing and Delivery

Loads

Local Export Control

A Letter of Credit (or Documentary Credit) is an arrangement under which the bank that issues the Credit undertakes to the beneficiary of the Credit (the exporter) that, provided the exporter presents the documents stipulated in the Credit and complies with all the terms and conditions of the Credit, the payment or any other obligation of the bank to the exporter will be fulfilled. By using a Letter of Credit, compared with other methods of payment, both the exporter and the buyer gain the additional independent assurance of the bank that issues the Credit (the Issuing Bank).

Letter of Indemnity

Local Import Control

A business arrangement in which a manufacturer grants manufacturing rights for a product in return for a payment or specified royalties. Alternatively, a firm may have proprietary rights over certain technology and trademarks, which again they release in exchange for some form of payment

London International Financial Futures Exchange

1. Last in First out
2. Liner In Free Out

Leakage and Breakage

Leakage

Long Length

Lift on Lift off

Long Ton (240 lbs)

Long-Term Movement Certificate (EU)

Less than Truck Load

Low Value Procedure

Low Water Mark

See ‘Ship’s Manifest’

Insurance that compensates the owners of goods transported overseas for a loss that cannot legally be recovered from the carrier. Also covers air shipments. Compare Credit Risk insurance

Letters, numbers, and other symbols placed on cargo packages to identify them

Marine, Aviation and Transport (insurance)

Master Air Waybill

Mersey Docks and Harbour Board

Marine Extension Clause

Mediterranean

Most Favoured Nation

See ‘Ship’s Manifest’

Manager

Marine Insurers Act

Member of the Institute of Export

Minimum

Minimum Weight

Minimum Bill of Lading

Marine Insurance Policy

Main Line Operator

Made Merchantable

Merchandise Marks Act

Merchant Navy

Multinational corporation

Money Order

More or Less at Owners Option

Multi Purpose Vessel

Mate’s Receipt

Measurement

Metric Tonne

Multilateral Trade Negotiations

Multimodal Transport Operator

Motor Vessel

1. Not Applicable
2. No Advice
3. No Account (banking)

National Air Traffic Services

No Commercial Value

No Discount

National Data Processing Service

Not Exceeding

Not Elsewhere Classified

Not Elsewhere Indicated

Not Elsewhere Specified

Weight of the goods alone, excluding packaging or container

Northern Ireland Railways

National Maritime Board

Norwegian Kroner

National Ports Council

1. No Risk Until Confirmed
2. Nett Register

No Risk After Discharge

Nett Registered Tonnage

Nerdlandse Spoorwegen (Dutch Railways)

Not Specially Provided For

Nett Terms

Non-Tariff Barriers

Dutch Term for Incorporated

Non Vessel Operating Common Carrier

New York Prime Lending Rate

On Account Of

Organisation for American States

Organisation of African Unity

Oil/Bulk/Ore Carriers

1. Open Cover
2. Open Charter

Overcharge

A bill of lading (B/L) indicating that the exporter places a shipment with an international carrier to transport to a specified foreign market. Unlike an inland bill of lading, the ocean B/L also serves as a collection document. If it is a “straight” B/L, the foreign buyer can get the shipment from the carrier by simply showing proof of identity. If a “negotiable” B/L is used, the buyer must first pay for the goods, post a bond, or meet some other condition agreed with the seller. Compare Air Waybill and Through Bill of Lading

Out-of-Charge Notice

1. On Demand
2. Overdrawn

Organisation for Economic Co-operation & Development

Office of Fair Trading

Open General Licence

Official Journal of the European Communities

Official Number

A bill of lading in which a carrier certifies that goods have been placed on board a certain vessel

Delivery of goods from an exporter (the consignor) to an agent (the consignee) with the agreement that the agent sells the good for the exporter at an agreed price or at the best possible price. The consignor retains ownership of the goods until the consignee has sold them. The consignee sells the goods for commission and remits the net proceeds to the consignor in a final settlement. This is often known as a consignment account

Order of

Open or Floating Cargo Policy

Organisation Of Petroleum Exporting Countries

A trade arrangement in which goods are shipped to a foreign buyer without payment being guaranteed. The obvious risk this method poses to the supplier means it is essential there is a strong degree of trust in the trading relationship

A class of export licence covering export commodities for which individually validated export licences are not required. No formal application or additional written authorisation is needed to ship exports under an Open General Export Licence, although the licence may specify that shipments are notified

A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to a particular shipment

Outward Processing Relief

Owner’s Risk

A negotiable bill of lading made out to the order of the shipper

Owner’s Risk of Leakage

Finnish term for Incorporated

Private Account

A list showing the number and kinds of items being shipped, as well as other information needed for transportation

The postal authorities’ signed proof of delivery to the receiver of a shipment made by parcel post

Port of Bristol Authority

Paid or Passed

Port Dues

Period Entry

A marine insurance term used to designate heavy weather, stranding, lightning, collision and sea water damage

A certificate, issued by the UK Department for Environment, Food and Rural Affairs, to satisfy import regulations for foreign countries. It indicates that a shipment has been inspected and is free from harmful pests and plant diseases

Protection and Indemnity

Partially Knocked Down

Package

Partial Loss

Port of London Authority

Premium

Permanent Manual System

Promissory Note

1. Post Office
2. Purchase Order

Place Of Acceptance

1. Paid On Delivery
2. Proof of Delivery

Contractual Port of Loading

In export financing, the risk of loss through causes such as currency inconvertibility, government action preventing entry of goods, expropriation or confiscation, and war

Prepaid

An invoice provided by a supplier before goods are shipped. It informs the buyer of the kinds and quantities of goods being sent, their value, and important specifications such as weight and size

pre-export Document

pre-export Inspection

Preferential Treatment

Partial Total Loss

An agent who purchases goods in their own country on behalf of foreign importers, such as government agencies and large private companies

Petite Vitesse (slow goods train)

Quotation

Quantity

The quantity of goods of a specific kind that a country permits to be imported without adding restrictions or imposing extra duties

An offer to sell goods at a stated price and under specified conditions

Revolving Acceptance Facility by Tender

Registered Excise Shippers and Dealers

Refrigerated Box or Vessel

The bank that sends the draft to the overseas bank for collection

Spanish Railways

See 'Foreign Sales Agent'

Retail Export Scheme

A letter of credit that can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee’s bank. Compare 'Irrevocable Letter of Credit'

Road Haulage Association

Removal Note

Routing Order

Roll On Roll Off

Rusting, Oxidation, Denting

Return Premium

Revenue Tonne Kilometres

Restrictive Trade Practices

Safe Arrival

Single Administrative Document (also known as C88)

Subject To Approval No Risk

Short Bill, payable on demand or sight

Simplified Clearance Procedure

Specific Commodity Rate

Sight Draft

Sailed

Sight Draft, Bill Of Lading attached

Special Drawing Rights

Single European Act

Shipper’s Export Declaration

Sea Barge Carrier

Single European Market

Single European Payment Area. SEPA is a banking industry initiative to standardise the way of making payments across the EU

A form that gives details of individual shipments and is used to control exports. It also acts as a source document for official export statistics. SEDs are prepared by the exporter and the exporter’s agent and delivered to the exporting carrier. The carrier then presents the correct number of copies to customs at the port of export

A written record, signed by the captain of a ship, that lists the individual shipments that make up the ship’s cargo

Shipment

Shipping

General Treaty of Economic Integration, Central American States

A draft that is payable when it is presented to the drawee. Compare ‘Date Draft’ and ‘Time Draft’.

Shipping Information Service

Spontaneous Ignition Temperature

Standard International Trade Classification

Simpler International Trade Procedures Board

Shipper’s Letter of Instruction

Shipping Master

Belgian Railway

French Railway

Seller’s Option

Shipowner

Shipped On Board

Statistical Office European Community

Shipowners’ Liability

Subject to Particular Average

The purchase or sale of foreign exchange for immediate delivery

A contract for exchanging one currency for another at a fixed rate of exchange in two working days’ time

Strikes, Riots and Civil Commotion

1. Steamship
2. Short Shrift

Supplementary Statistical Declaration

Standard Shipping Note

A standard numerical code system used by the British government to classify products and services

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

A form used by the exporter to provide shipping instructions to the receiving authority

Issued by a bank to guarantee the performance of a customer or strengthen their credit worthiness. The parties involved in the trade don’t expect that the letter of credit will ever be drawn upon

Said To Contain

A group of steamship operators that work to mutually agreed freight rates

A non-negotiable bill of lading in which goods are consigned directly to a named consignee.

A foreign exchange instrument that enables you and your trading partners to lend to each other on different terms

Society for World-wide Interbank Financial Telecommunications. An electronic messaging system between banks that carries payment instructions

Safe Working Load

The weight of a container and packing materials without the weight of the goods it contains. Compare 'Gross Weight'

Total Distribution Costs

Tons Deadweight

Confirmation that a payment is due at sight, or a given number of days after sight, or a given number of days after date

20-foot Equivalent Unit

A single bill of lading covering both the domestic and international carriage of an export shipment. An air waybill, for example, is essentially a through bill of lading used for air shipments. Ocean shipments, on the other hand, usually require two separate documents: an inland bill of lading for domestic carriage and an ocean bill of lading for international carriage. A through bill of lading isn’t enough cover for ocean shipments

A draft that matures either a certain number of days after it’s been accepted or a certain number of days after the date of the draft. Compare ‘Date Draft’ and ‘Sight Draft

Transport Internationale Routier

Total Loss

Tanker Loading Authority

Total Loss Only

Telegraphic Money Order

Trade Marks Registry

Theft, Pilferage and Non-delivery

A ship not operating on regular routes or schedules

A document that lays out the terms and conditions that the importer and exporter have agreed

Release of goods by a bank to a buyer where the bank retains title to the goods. Whether the buyer has obtained the goods for manufacturing or sales purposes, they must keep them – or the proceeds from their sale – distinct from the rest of their assets. This way they are ready to be reclaimed by the bank

Tanker Safety and Pollution Prevention

Transit Shed Register

Telegraphic Transfer

Tariff Trade Code

Transport Users Consultative Committee

Trader Unique Reference Number

Tax on Value Added

Unit of Account

Underwriting Account

Undercharge

Unforeseen Circumstances Excepted

Uniform Customs & Practice

The new version of the Uniform Customs and Practice for Documentary Credits published by the International Chamber of Commerce. It came into effect on 1 July 2007

Under Deck

International Union of Railways

Pound Sterling (alternative to GBP)

Unit Load Device

United Nations

The United Nations Commission on International Trade Law

United Nations Conference on the Law of the Sea

The United Nations Conference on Trade & Development

United Nations Dangerous Goods number

United Nations Economic Commission for Europe

United Nations Standard Message

Universal Postal Union

Uniform Rules for Collections

Uniform Rules Contract Guarantees

Uniform Rules for Demand Guarantees published by the International Chamber of Commerce publication number 758. Came into effect in July 2010

United States Dollar

Underwriter

Value Added Tax

A term applying to shipped goods with a high volume to weight ratio. Such goods are charged higher shipping rates than smaller consignments of the same weight

With Average

A receipt issued by a warehouse, listing goods received for storage

Waybill

Freight rates quoted ‘W/M’ mean that volume and weight rates are calculated and whichever is the greater will apply. The exporter needs to calculate both rates to be certain which charges apply. See Voluming Out

Weight Guaranteed

Weight

A charge made by a pier or dock owner for handling incoming or outgoing cargo

World Intellectual Property Organisation

A term indicating that a shipper’s agent or representative has the power to make a decision or adjustment without a shipper’s approval. Compare Advisory Capacity

Weight and Measurement

War and Marine

Without Prejudice

With Particular Average

War Risk

Warehouse Receipt

Weight

Warranted

Wartime Extension Clause

World Trade Organisation

Warehouse Warrant

South African Rand

Zone Improvement Plan