Shipping terms dictionary

Armadillo Marine Consultants - Port Captains, Troubleshooters, Marine Surveyors Site Map SITE MAP Armadillo Marine Consultants ● Home Dictionary Ships that ply the Oceans Container Carriers Tankers Dry Bulk carriers Dredgers Liquid natural gas carriers Offshore Supply vessels RoRo Vessels Chemical Tankers Tugs Opinion ● ● Services Rates Dictionary Regulation Ship Design Piracy Container Ship Safety Brazilian Customs and Trade Barriers Customs Drawback in Brazil Our assistance in Brazil (General) http://amchouston.home.att.net/sitemap.htm (1 of 3) [8/16/2002 5:48:02 AM] Armadillo Marine Consultants - Port Captains, Troubleshooters, Marine Surveyors Site Map ● ● ● ● ● Profile Services in Brazil Port Captain Services Links Links to Classification Societies, P + I Clubs, Institutes, Conventions, Lawyers and Shipping Related pages Shipbrokers Regional Brokers Comments on Shipping ● Shiploading 101 Shiploading101 Pg2 Plimsoll Lines The Paper Trail Bills of Lading Letters of Indemnity Letters of Indemnity - Examples Port Captains - A dying Breed Stowage Factors - General Cargo Stowage Factors - Bulk Cargo Glossary Hazardous Cargoes A Sample Cargo Plan Packaging for Sea Transport Loading Steels Coils Slabs Pipes ● Ship's Husbandry ● Active Claim Prevention ● ● Shipping Business to Business A List of Web Brokers and Software Vendors Links to Ports of the World http://amchouston.home.att.net/sitemap.htm (2 of 3) [8/16/2002 5:48:02 AM] Armadillo Marine Consultants - Port Captains, Troubleshooters, Marine Surveyors Site Map ● ● ● Freefall A Lifeboat excercise Working the Coast Some Sea Stories Piracy Links to Other Pages Look on the relevant page http://amchouston.home.att.net/sitemap.htm (3 of 3) [8/16/2002 5:48:02 AM] Glossary A A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -A@ - At (referring to price) American Business Initiative - "The ABI, A & C.P - Anchors and chains proved or American Business and Private Sector Development Initiative for Eastern Europe, A.A - "Always afloat, after arrival" emphasizes the export of American A.A.D - Annual aggregate deductible telecommunciations, energy, environment, A.A.R - Against all risks housing, and agriculture products and A.B - Able-bodied seaman A.B.S - American Bureau of Shipping is an services to Eastern European countries " American Depository Receipts - "ADRs American ship classification society are negotiable receipts for the securities of a A.C - Account foreign company which are kept in the vaults A.C.A.S - "Advisory, Conciliation and of an American bank, allowing Americans to Arbitration Service" A.C.I.I - Associate of Chartered Insurance trade the foreign securities in the United States while accruing any dividends and Institute capital gains " A.C.V - Air cushion vehicle (hovercraft) American Institute in Taiwan - "The AIT is A.F - Advanced freight a non-profit corporation that represents U.S A.F.A.A - as far as applicable A.G.W.I - "Atlantic, Gulf, West Indies Limits" commerical, cultural, and other interests in Taiwan in lieu of an embassy In 1979, the A.H - After hatch United States terminated formal diplomatic A.H.F - American hull form (insurance relations with Taiwan when it recognized the policy) People's Republic of " A.I.M.U - American Institute of Marine American Traders Index - "The American Underwriters - A.I.R.M.I.C - Association of Insurance and Traders Index, ATI, is the U.S and Foreign Risk Managers in Industry and Commerce Commercial Service headquarters "Fonds Africain de Developpement, FAD) is compilation of individual US&FCS domestic an affiliate of the African Development Bank client files, for use by overseas posts to (AfDB) which provides interest-free loans to generate mailing lists " African countries for projects which promote Amendments - Article XXX of the GATT Agreement provides that amendments (that economic and social development and improve international trade among members become effective upon acceptance by two thirds of the Contracting Parties) are to be o" effective only for those parties which accept A.M.I - Absolute maximum loss - A.M.V.E.R - Automated Mutual-Assistance them American Business Center - "The ABC Vessel Rescue - http://amchouston.home.att.net/GlossaryA.htm (1 of 12) [8/16/2002 5:49:22 AM] Glossary A A.O Voy - Any one voyage - program provides U.S companies which are exploring or establishing commercial A.O.B - Any one bottom - opportunities in the Newly Independent A.O.E - Any one event - States of the former Soviet Union with A.O.L - Any one loss - business services such as telephone and A.o.loc - Any one location fax, temporary office space, market A.O.O - Any one occurrence - information, a" A.O.R - Any one risk - American Business Initiative - "The ABI, A.O.V - Any one vessel - or American Business and Private Sector A.P - Additional premium - Development Initiative for Eastern Europe, A.P.L - As per list - emphasizes the export of American A.R - All risks - telecommunciations, energy, environment, A.S.E.A.N - Association of South East housing, and agriculture products and Asian Nations - services to Eastern European countries " A.T.L - Actual total loss American Depository Receipts - "ADRs A/C - Account current are negotiable receipts for the securities of a A/o - Account of foreign company which are kept in the vaults A/P - Additional premium of an American bank, allowing Americans to A/R - All risks Against all risks A/S - "After sight, Account sales, Alonside trade the foreign securities in the United States while accruing any dividends and (chartering)" capital gains " A/T - American terms (grain trade) American Institute in Taiwan - "The AIT is A/v - "Average, ad valorem (according to a non-profit corporation that represents U.S value)" AADFI - Association of African Development commerical, cultural, and other interests in Taiwan in lieu of an embassy In 1979, the Finance Institutions AAEI - American Association of Exporters United States terminated formal diplomatic relations with Taiwan when it recognized the and Importers People's Republic of " AAIB - Arab-African International Bank American Traders Index - "The American AATP - Association of African Trade Traders Index, ATI, is the U.S and Foreign Promotion Organizations Commercial Service headquarters ABC - American Business Center compilation of individual US&FCS domestic ABCA - Association des Banques Centrales client files, for use by overseas posts to Africaines generate mailing lists " Abdnt - Abandonment ABEDA - Arab Bank for Economic AMF - Arab Monetary Fund Development in Africa amidships - At or towards the middle of a ABI - "American Business Initiative, ship Automated Broker Interface" AMS - "Agricultural Marketing Service, Abatement - A discount allowed for damage Automated Manifest System" or overcharge in the payment of a bill AMSC - African Management Services Abandon - A proceeding wherein a Company shipper/consignee seeks authority to amt - Amount abandon all or parts of their cargo AMU - Arab Maghreb Union Absorption - "Absorption is investment and http://amchouston.home.att.net/GlossaryA.htm (2 of 12) [8/16/2002 5:49:22 AM] Glossary A Andean Group - The Andean Group consumption purchases by households,businesses, and governments, (Spanish: Grupo Andino; sometimes referred to as Pacto Andino or Corporation both domestic and imported When absorption exceeds production, the excess Adino de Fomento; formal reference is Acuerdo de Cartegana in recognition of the is the country's current account deficit." Group's establishment in Cartegena in Abt - About ABTA - Association of British Travel Agents October 1969) is an association of Latin Andean Reserve Fund - "The Andean Abu Dhabi Fund for Arab Economic Reserve Fund (Spanish: Fondo Andina de Development - "ADFAED promotes economic and social development in African, Reservas), associated with the Andean Arab, and Asian developing countries The Group, was established to strengthen the balance of payments positions of member Fund, which was created in July 1971, countries by offering credit, guarantee loans, began operations in September 1974; and promoting compatibility among memb" headquarters are in Abu Dhabi" Andean Trade Preference Act - "The ACAB - Association of Central African ATPA is a unilateral trade benefit program Banks designed to promote economic development ACC - Arab Cooperation Council through private sector initiative in the four Acc - Acceptance Accepted Accession - "Accession is the process by Andean countries of Bolivia, Colombia, which a country becomes a member of an Ecuador, and Peru The ATPA encourages alternatives to coca cultivation and produ" international agreement, such as the ANF - Arrival notification form General Agreement on Tariffs and Trade Anti-Dumping Clause - A tariff imposed to (GATT) or the European Community discourage sale of foreign goods in the Accession to the GATT involves United States market at very low prices negotiations to determine the specific (below foreign country's domestic market) obligat" Accession - "This refers, in general, to the which might hurt U.S manufacturers Antidumping - "Antidumping, as a process of a country joining the GATT reference to the system of laws to remedy During accession to the GATT, a country accords tariff and other concessions that are dumping, is defined as a converse of dumping." its 'price of admission' to the GATT Antidumping Duty - A duty assessed on Although accession to the GATT binds a imported merchandise which is subject to an country to the Genera" ACCJ - American Chamber of Commerce in antidumping duty order The antidumping duty is assessed on an entry-by-entry basis Japan accomplished bill of lading - Original bill of in an amount equal to the difference between the United States price of that entry lading surrendered to the carrying ship at and the foreign market v the discharge port in exchange for the Antidumping Duty Order - "A notice issued goods ACCT - Agency for Cultural and Technical following final determination of sales at less than fair value and material injury, or threat Cooperation of material injury, providing for the Acct - Account imposition of antidumping duties." ACDA - Arms Control and Disarmament Antidumping Investigation Notice - The Agency http://amchouston.home.att.net/GlossaryA.htm (3 of 12) [8/16/2002 5:49:22 AM] Glossary A ACEP - Advisory Committee on Export notice published in the Federal Register announcing the initiation of an antidumping Policy investigation An investigation must be ACH - Automated Clearinghouse initiated within 20 days of the filing of a valid ACP - "African, Caribbean, and Pacific" petition ACP - "African, Caribbean and Pacific Antidumping Petition - "A petition filed on States" behalf of an affected United States industry, ACPC - Association of Coffee Producing alleging that foreign merchandise is being Countries sold in the United States at ""less than fair ACS - Automated Commercial System value"" and that such sales are causing or ACTPN - Advisory Committee on Trade threatening material injury to, or materially Policy and Negotiations retarding the" ACU - Asian Clearing Union Antidumping/Countervailing Duty System AD - Antidumping - "The Antidumping/Countervailing Duty Acquiescence - When a bill of lading is accepted or signed by a shipper or shipper's System, a part of Customs' Automated agent without protest, the shipper is said to Commercial System, contains a case acquiesce to the terms, giving a silent form reference database and a statistical reporting system to capture data for of consent International Trade Commission reports on Acquittance -A written receipt in full, in antidumping and countervailing " discharge from all claims Ad Val - Ad Valorem Ad Valorem - "Literally: according to value AOSIS - Alliance of Small Island States Any charge, tax, or duty that is applied as a AP - Administrative Protective Order APAC - Auto Parts Advisory Committee percentage of value " Ad Valorem Equivalent - "AVE is the rate APDF - Africa Project Development Facility of duty which would have been required on APEC - Asian-Pacific Economic Cooperation dutiable imports under that item, if the United States customs value of such imports API - American Petroleum Institute Appd - Approved were based on the United States port of Arab Bank for Economic Development in entry value " AD Valorem Tariff - "A tariff assessed as a Africa - The ABEDA (French: Banque Arabe percentage of the value of the goods cleared pour le Developpement Economique en through customs For example, 10 percent Afrique BADEA) was created by the Ad Valorem means the tariff is 10 percent of League of Arab States in November 1973 (began operations in March 1975) to the value of the goods." promote economic and technical Ad val - Ad valorem-according to value cooperation between Arab and African ADB - Asian Development Bank states ADB - Asian Development Bank Arab Cooperation Council - "The ACC ADF - "African Development Foundation, was created in 1989 to promote economic African Development Fund, Asian cooperation and integration Members Development Fund" include Egypt, Iraq, Jordan, and North ADFAED - Abu Dhabi Fund for Arab Yemen The ACC, partly intended as a Economic Development Administrative Exception Notes - "CoCom counterpart to Gulf Cooperation Council, http://amchouston.home.att.net/GlossaryA.htm (4 of 12) [8/16/2002 5:49:22 AM] Glossary A controls exports at three levels, depending was created one day subsequent to the on the item and the proposed destination At establishment" the lowest level, "national discretion" (also Arab Fund for Economic and Social called ""administrative exception""), a Development - "AFESD promotes regional member nation may approve the export on economic integration and social its own, but CoCom must be notified" development in Arab states Members Administrative Protective Order - "An include: Algeria, Bahrain, Djibouti, Egypt, Administrative Protective Order, APO, is Iraq, Jordan, Kuwait, Lebanon, Libya, used to protect proprietary data that is Mauritania, Morocco, Oman, Qatar, Saudi obtained during an administrative Arabia, Somalia, Sudan, Syria, Tunisia," proceeding Within Commerce, APO is most Arab International Bank - "The AIB frequently used in connection with provides financing to support development Antidumping and Countervailing Duty of foreign trade among member nations and investigations to prohi" other Arab states The Bank was Administrative Review - "Each year, established in October 1971; headquarters beginning on the anniversary of the date of are in Cairo, Egypt Member include: the publication of an antidumping duty order, the governments of Oman, Qatar, and United Commerce Department's International Trade Arab E" Administration is required to review and Arab Maghreb Union - "The AMU (French: determine the amount of any antidumping Union du Maghreb Arabe, UMA) duty, if an interested party re" encompasses Algeria, Libya, Mauritania, ADRs - American Depository Receipts Morocco, and TunisiA The Union was ADS - Agent Distributor Service ADS established in February 1989 to foster integration of the Maghreb economy The provides a custom search overseas for Union also seeks to join the AMU and the interested and qualified foreign representatives on behalf of a U.S exporter Gulf Coope" Arab Monetary Fund - "The AMF, originally Officers abroad conduct the search and prepare a report identifying up to six foreign aimed at correcting chronic deficits in the prospects that have examined the U.S balance of payments in most member firm's product literature and have expressed states, promotes Arab integration in interest in representing the U.S firm's monetary and economic affairs The Fund's products priorities have included: (a) addressing Advanced Technology Products - "About payments imbalances, (b) creating " Arab Trade Financing Program - "The 500 of some 22,000 commodity classification codes used in reporting U.S ATFP promotes trade among Arab countries merchandise trade are identified as and exports from Arab countries The ""advanced technology"" codes and they Program was established in 1989 by the meet the following criteria: -The code Arab Monetary Fund; headquarters are in contains products whose technology is from Abu Dhabi, United Arab Emirates " a recognized high tec" Arab-African International Bank - The Advisory Committee on Export Policy - AAIB is a pan-Arab consortium incorporated "The Advisory Committee on Export Policy, in 1964 as a self-governing autonomous ACEP, is an interagency dispute resolution entity between the Ministry of Finance of body that operates at the Assistant Kuwait and the Central Bank of Egypt; each http://amchouston.home.att.net/GlossaryA.htm (5 of 12) [8/16/2002 5:49:22 AM] Glossary A Secretary level ACEP is chaired by of which as co-founders hold 49.37% of the Commerce; membership includes the Bank's shares A New York branch of the Departments of Defense, Energy, and State, Arbitrage - The simultaneous buying and the Arms Control and " selling of the same commodity or foreign Advisory Committee on Trade exchange in two or more markets in order to Negotiations (ACTN) - "A group appointed take advantage of price differentials by the U.S President to advise him on Arbitrage - The practice of exchanging the matters of trade policy and related issues, currency of one country for that of another or including trade agreements." a series of countries to gain an advantage Advisory Committee on Trade Policy and from the differences in exchange rates Negotiations - "The ACTPN is a group Arbitration Clause - A clause in a sales (membership of 45; two-year terms) contract outlining the method under which appointed by the President to provide advice disputes will be settled on matters of trade policy and related Arms Control and Disarmament Agency issues, including trade agreements The ACDA is an independent agency within the 1974 Trade Act requires the ACTPN's State Department ACDA participates in establishment and broad representation" interagency working groups that discuss Advocacy Center - "The Advocacy Center, export license applications requiring dispute established in November 1993, facilitates resolution ACDA is interested in dual-use high-level U.S official advocacy to assist license applications from a non-proliferatio U.S firms competing for major projects and Arr T L - Arranged total loss procurements worldwide The Center is Arrangement on Guidelines for Officially directed by the Trade Promotion Supported Export Credits - "The Coordinating Committee; offices ar" Arrangement is an international agreement Advice of Shipment - A notice sent to a under Organization for Economic local or foreign buyer advising that shipment Cooperation and Development auspices has gone forward and containing details of governing the conditions such as interest packing, routing, etc A copy of the invoice is rate, repayment term, and cash often enclosed and, if desired, a copy of the downpayment of medium- and long-term bill of lading official export credit; " AECA - Arms Export Control Act arrest - Seizure of a ship by an authority of AEF - Africa Enterprise Fund a court of law either as a debt security or to AEN - Administrative Exception Note prevent the ship from departing until a AERP - Automated Export Reporting dispute is settled Arrival Notice - A notification by carrier of Program AfDB - African Development Bank ship's arrival to the consignee, the "Notify Party," and - when applicable - the "Also AfDF - African Development Fund Notify Party." These parties in interest are AFESD - Arab Fund for Economic and listed in blocks 3, and 10, respectively, of Social Development the Bill of Lading Affiliate - An affiliate is a business ARS - African Regional Organization for enterprise located in one country which is directly or indirectly owned or controlled by a Standardization person of another country to the extent of 10 AsDF - Asian Development Fund percent or more of its voting securities for an ASEAN Free Trade Area - "The Association http://amchouston.home.att.net/GlossaryA.htm (6 of 12) [8/16/2002 5:49:22 AM] Glossary A incorporated business enterprise or an equi of Southeast Asian Nations (ASEAN) agreed Affiliated Foreign Group - "An affiliated in January 1992 to create a free trade area foreign group means (a) the foreign parent, (ASEAN Free Trade Area, or AFTA) with use of a common effective preferential tariff (b) any foreign person, proceeding up the Under the agreement ASEAN members will foreign parent's ownership chain, which cut tariff rates within 15 y" owns more than 50 percent of the person Asia Pacific Economic Cooperation below it up to and including that person which is not owned more than 50 pe" "APEC, established in November 1989, is "Affreightment, contract of " - "An an informal grouping of Asia Pacific countries that provides a forum for agreement by a steamship line to provide cargo space on a vessel at a specified time Ministerial level discussion of a broad range of economic issues APEC includes the six for a specified price to accommodate an ASEAN countries (Brunei, Indonesia, exporter or importer, who then becomes liable for payment even if he is later unable Malaysia, Philippi" Asian Clearing Union - "The ACU to make the shipment." AFREXIMBANKAfrican Export-Import promotes regional trade and economic Bank cooperation, including arrangements to conserve foreign exhcange and encourage Africa Enterprise Fund - "The AEF, domestic currencies in trade Members operating under the International Finance Corporation, began operations in late 1989 include Bangladesh, India, Iran, Myanmar, Nepal, Pakistan, and Sri Lanka; Bhutan, The Fund assists small and medium-size enterprises in sub-Saharan Africa, supports Malaysia, " Asian Development Bank - "The ADB investment projects, and promotes development of private enterprises in Afri" helps finance economic development in Africa Project Development Facility - The developing countries in the Asian and APDF seeks to accelerate development of Pacific area through the provision of loans productive enterprises sponsored by private on near-market terms, with its Ordinary Capital Resources (OCR), and on African entrepreneurs as a means of generating self-sustained economic growth concessional terms, through the Asian and productive employment in Sub-Saharan Development Fund " Asian Development Fund - "The ADF (or AfricA The facility provides advisory AsDF), an affiliate of the Asian Development services Bank, lends funds on concessionary terms African Development Bank - AfDB to the Bank's least developed member (French: Banque Africaine de Developpement) provides financing through countries." Assessment - The imposition of direct loans to African member states to cover the foreign exchange costs incurred in antidumping duties on imported merchandise Bank-approved development projects in those countries Fifty-one African countries Association of African Development Finance Institutions - "AADFI (French: are member African Development Foundation - "ADF Association des Institutions Africaines de provides economic assistance to groups and Financement du Developpement, AIAFD) institutions involved in development projects promotes cooperative financing for social development in Africa and economic at the local level The foundation's http://amchouston.home.att.net/GlossaryA.htm (7 of 12) [8/16/2002 5:49:22 AM] Glossary T use and production of technology; and contracts above which government entities licensing procedures related to specific are covered by the government procurement industries TACs have been set up for: (a) code materials (Materials Technical Advisory Through Bill of Lading - A single bill of Committe, MATAC), (b) biotechnology lading covering receipt of the cargo at the (Biotechnology Technical Advisory point of origin for delivery to the ultimate Committee, BIOTAC), (c) computer systems consignee, using two or more modes of (CSTAC), (d) electronics (ETAC) (formerly transportation "semiconductors"), (e) sensors (STAC) TIAS - Treaties and Other International Acts (formerly "electronic instrumentation"), (f) Series materials processing equipment (MPETAC) TIB - Temporary Importation under Bond (formerly "automated manufacturing TIC - Trade Information Center equipment"), (g) regulations and procedures TIEA - Tax Information Exchange (RPTAC), (h) telecommunications Agreement equipment (TETAC), and (i) transportation Tied Aid Credit - Tied aid credit refers to and related equipment (TRANSTAC) the practice of providing grants and/or Technical Barrier to Trade - A specification concessional loans, either alone or which sets forth characteristics a product combined with export credits, linked to must meet (such as levels of quality, procurement from the donor country performance, safety or dimensions) in order Tied Loan - A loan made by a government to be imported agency that requires a foreign borrower to Technical Barrier to Trade - According to spend the proceeds in the lender's country the Standards Code, a specification which TIFTs - Trade and Investment Facilitation sets forth characteristics or standards a Talks product must meet (such as levels of quality, Time Charter - A contract for leasing performance, safety, or dimensions) in order between the ship owners and the lessee It to be imported would state, e.g., the duration of the lease in Technology - BXA regulations define years or voyages technical data as "information of any kind TIMS - Textiles Information Management that can be used, or adapted for use, in the System design, production, manufacture, utilization, Ton-Mile - A unit used in comparing freight or reconstruction of articles or materials earnings or expenses The amount earned Technology can be either "tangible" or from the cost of hauling a ton of freight one "intangible." Models, prototypes, blueprints mile or operating manuals (even if stored on - The movement of a ton of freight one mile recording media) are examples of tangible Top-Air Delivery - A type of air circulation in technology Intangible technology consists a container In top air units, air is drawn from of technical services, such as training, oral the bottom of the container, filtered through advice, information guidance and consulting the evaporator for cooling and then forced Technology Transfer - This term is used to through the ducted passages along the top characterize "the transfer of knowledge of the container This type of airflow requires generated and developed in one place to a special loading pattern another, where is it is used to achieve some Trade Acceptance - A time or a date draft practical end." Technology may be that has been accepted by the buyer (the http://amchouston.home.att.net/GlossaryT.htm (6 of 7) [8/16/2002 6:00:20 AM] Glossary T transferred in many ways: by giving it away drawee) for payment at maturity (technical journals, conferences, emigration Traffic - Persons and property carried by of technical experts, technical assistance transport lines programs); by industrial espionage; or by Tramp Line - An ocean carrier company sale (patents, blueprints, industrial operating vessels not on regular runs or processes, and the activities of multinational schedules They call at any port where corporations) cargo may be available Temporary Importation under Bond Transshipment Port - Place where cargo is When an importer makes entry of articles transferred to another carrier brought into the United States temporarily Trust Receipt - Release of merchandise by and claimed to be exempt from duty under a bank to a buyer while the bank retains title Chaper 98, Subchapter XIII, Harmonized to the merchandise The goods are usually Tariff Schedule of the United States, a bond obtained for manufacturing or sales is posted with Customs which guarantees purposes The buyer is obligated to maintain that these items will be exported within a the goods (or the proceeds from their sales) specified time frame (usually within one year distinct from the remainder of the assets and from the date of importation) Failure to to hold them ready for repossession by the export these items makes the importer liable bank for the payment of liquidated damages for Turnaround - In water transportation, the breach of the bond conditions (See 19 CFR time it takes between the arrival of a vessel 10.31.) The Temporary Importation under and its departure Bond (TIB) is usually twice the amount of duties and other payments the importer would otherwise be required to pay Merchandise imported under TIB is usually for sales demonstration, testing, or repair A N B O C P D Q E R F S G T http://amchouston.home.att.net/GlossaryT.htm (7 of 7) [8/16/2002 6:00:20 AM] H U I V J W K X L Y M Z http://amchouston.home.att.net/GlossaryU.htm A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -Uu.c.b - Unless caused by U.C.S - Unified claims system UCP - Abbreviation for the "Uniform Customs and Practice for Documentary Credits," published by the International Chamber of Commerce This is the most frequently used standard for making payments in international trade; e.g., paying on a Letter of Credit It is most frequently referred to by its shorthand title: UCP No 500 This revised publication reflects recent changes in the transportation and banking industries, such as electronic transfer of funds U.K./Cont - United Kingdom or Continent U.K./Cont (B.H.) - United Kingdom or Continent (Bordeaux-Hamburg range) U.K./Cont (G.H.) - United Kingdom or Continent (Gibraltar-Hamburg range) U.K./Cont (H.H.) - United Kingdom or Continent (Havre-Hamburg range) U.K.fo - United Kingdom for orders U.K.H.A.D - United Kingdom, Havre, Antwerp or Dunkirk U.L.C.C - Ultra large crude carrier U.N - United Nations U.N.C.L.O.S - U.N Conference on the Law of the Sea U.N.C.T.A.D - U.N Conference on Trade and Development U.N.D.P - U.N Development Program U.N.D.R.O - U.N Disaster Relief Coordinator U.N.E.P - U.N Environment Program Ultimate Beneficial Owner - The UBO of a U.S affiliate is that person, proceeding up the affiliate's ownership chain beginning with and including the foreign parent, that is not owned more than 50 percent by another person The UBO consists of only the ultimate owner, other affiliated persons are excluded If the foreign parent is not owned more than 50 percent by another person, the foreign parent and the UBO are the same A UBO, unlike a foreign parent, may be a U.S person Ultimate Consignee - The ultimate consignee is the person located abroad who is the true party in interest, receiving the export for the designated end-use UMA - Union du Maghreb Arabe UMOA - Union Monetaire Ouest-Africaine UMR - Usual Marketing Requirements UN - United Nations UNCDF - United Nations Capital Development Fund UNCED - United Nations Conference on Environment and Development UNCITRAL - United Nations Commission on International Trade Law UNCSTD - United Nations Conference on Science and Technology for, Development UNCTAD - United Nations Conference on Trade and Development UNCTAD - United Nations Conference on Trade and Development UND - United Nations Disaster Relief Organization http://amchouston.home.att.net/GlossaryU.htm (1 of 3) [8/16/2002 6:00:35 AM] http://amchouston.home.att.net/GlossaryU.htm U.N.E.S.C.O - U.N Educational, Scientific UNDP - United Nations Development and Cultural Organization Program U.N.L - Ultimate net loss UNDP - United Nations Development u.p - Under proof Programme Uniform Customs and Practices for UNEP - United Nations Environment Documentary Credits (UCP) - Rules for Program letters of credit drawn up by the Commission UNESC - United Nations Educational, on Banking Technique and Practices of the Scientific and Cultural, Organization International Chamber of Commerce in Unfair Trade Practice - This term refers to consultation with the banking associations of any act, policy, or practice of a foreign many countries See Terms of Payment government that: (a) violates, is inconsistent U.S Affiliate - A U.S affiliate is a U.S with, or otherwise denies benefits to the U.S business enterprise in which there is foreign under any trade agreement to which the direct investment that is, in which a single United States is a party; (b) is unjustifiable, foreign person owns or controls, directly or unreasonable, or discriminatory and burdens indirectly, 10 percent or more of its voting or restricts United States commerce; or (c) is securities if the enterprise is incorporated or otherwise inconsistent with a favorable an equivalent interest if the enterprise is section 301 determination by the U.S Trade unincorporated The affiliate is called a U.S Representative affiliate to denote that the affiliate is located UNFPA - United Nations Fund for in the U.S (although it is owned by a foreign Population Activities person).See: Foreign Person UNGA - United Nations General Assembly U.S Munitions List - The USML identifies UNHCR - United Nations High those items or categories of items Commissioner for Refugees considered to be defense articles and UNICEF - United Nations Children's Fund defense services subject to export control UNID - United Nations Industrial The USML is similar in coverage to the Development Organization International Munitions List (IML), but is UNIDROIT - International Institute for the more restrictive in two ways First, the USML Unification of Private Law currently contains some dual-use items that Union de Paises Exportadores de are controlled for national security and Banano - See: Union of Banana Exporting foreign policy reasons (such as spaceCountries related or encryption-related equipment) Union Douaniere et Economique de Second, the USML contains some nuclear- l'Afrique Centrale - See: Central African related items Under Presidential directive, Customs and Economic Union most dual-use items are to be transferred Union du Maghreb Arabe - See: Arab from the USML to the Commerce Maghreb Union Department's dual- use list State, with the Union Internationale des concurrence of Defense, designates which Telecommunications - See: International articles will be controlled under the USML Telecommunication Union Items on the Munitions List face a stricter Union Monetaire Quest-Africaine - See: control regime and lack the safeguards to West African Monetary Union protect commercial competitiveness that Union of Banana Exporting Countries apply to dual-use items The Union (Spanish: Union de Pa¡ses http://amchouston.home.att.net/GlossaryU.htm (2 of 3) [8/16/2002 6:00:35 AM] http://amchouston.home.att.net/GlossaryU.htm U.S.-Japan Semiconductor Trade Arrangement - See: Semiconductor Trade Arrangement U.S.N.H - United States, North of Cape Hatteras U.S.S.A - United States Salvage Association U.T - Unlimited transhipment U/A - Underwriting account U/C - Under construction U/D - Underdeck u/o - Use and occupancy U/R - Under repair UCP - Uniform Customs and Practices UDEAC - Union Douaniere et Economique de l'Afrique Centrale UIT - Union Internationale des Telecommunications ULCC - Ultra large crude carrie A N B O C P D Q E R F S Exportadores de Banano, UPEB) promotes the banana industry among membes The Union was established in 1974; headquarters are in Panama Members include: Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua, Panaman, and Venezuela UNITAR - United Nations Institute for Training and Research Unit Load - Packages loaded on a pallet, in a crate or any other way that enables them to be handled at one time as a unit Unit Train - A train of a specified number of railcars, perhaps 100, which remain as a unit for a designated destination or until a change in routing is made Unitization - The consolidation of a quantity of individual items into one large shipping unit for easier handling - Loading one or more large items of cargo onto a single piece of equipment, such as a pallet U.S Consular Invoice - A document required on merchandise imported into the United States G T http://amchouston.home.att.net/GlossaryU.htm (3 of 3) [8/16/2002 6:00:35 AM] H U I V J W K X L Y M Z Glossary V A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -VV.C - Valuation clause Vessel Manifest - The international carrier V.L.C.C - very large crude carrier is obligated to make declarations of the ship's crew and contents at both the port of v.o.p - Value as in original policy departure and arrival The vessel manifest V.T.S - Vessel Traffic Systems lists various details about each shipment by Validated Export License - A document issued by the U.S government authorizing B/L number Obviously, the B/L serves as the export of commodities for which written the core source from which the manifest is export authorization is required by law Two created types exist: an Individual Validated License Visa - Visas are required by many countries for entry of a foreigner A visa is a stamp in (IVL) and a Special License Value Added Counseling - Valued added a foreign national's passport issued by a U.S consular officer which creates a legal counseling is defined as assessing a presumption that there are no apparent company's current international business reason to deny entry into the U.S operations and assisting a client in one or Regardless of the stamp, the final decision more of the following: (a) identifying and to grant admission is made by an officer of selecting the most viable markets; (b) the U.S Immigration Service at the port of developing an export market strategy; (c) entry implementing the export market strategy; Visa Waiver - A program of selected and (d) increasing market presence countries to eliminate the visa requirement Value Added Tax (VAT) - A tax which is assessed at each stage of production on the on a test basis amount of value contributed at each stage to Visit USA Committee - A committee of U.S tourism managers located in foreign the final product markets Visit USA Committees work with Value Date - The date on which payment must be made by the named bank This date USTTA and the U.S & Foreign Commercial is determined by the payee, the payer or the Service in planning and promoting travel to the U.S bank Value for Customs Purposes Only - The VL - Variable Levy VLCC - Very large crude carrier U.S Customs Service defines "value for VO-MTO - Vessel-operating multimodal Customs purposes only" as the value submitted on the entry documentation by the transport operator VOA - Voice of America importer which may or may not reflect information from the manufacturer but in no Voluntary Export Restriction - An way reflects Customs appraisement of the understanding between trading partners in http://amchouston.home.att.net/GlossaryV.htm (1 of 2) [8/16/2002 6:00:47 AM] Glossary V merchandise which the exporting nation, in order to Value-Added Tax - A European Community reduce trade friction, agrees to limit its (EC) tax assessed on the increased value of exports of a particular good Also called voluntary restraint agreement goods as they pass from the raw material stage through the production process to final Voluntary Restraint Agreement - Informal consumption The tax on processors or bilateral or multilateral understandings in merchants is levied on the amount by which which exporters voluntarily limit exports of they increase the value of items they certain products to a particular country purchase The EC charges a tax equivalent destination in order to avoid economic to the value added to imports and rebates dislocation in the importing country and the value-added taxes on exports imposition of mandatory import restrictions Vanning - A term for stowing cargo in a These arrangements not involve an obligation on the part of the importing container Variable Levy - A tariff subject to alterations country to provide "compensation" to the exporting country, as would be the case if as world market prices change, the alterations are designed to assure that the the importing country unilaterally imposed equivalent restraints on imports See: import price after payment of the duty will Voluntary Export Restriction equal a predetermined "gate" price Variable Cost - Costs that vary directly with Voluntary Restraint Agreements (VRAs) Generally, a bilateral arrangement whereby the level of activity within a short time an exporting country agrees to reduce or Examples include costs of moving cargo restrict exports without the importing country inland on trains or trucks, stevedoring in having to make use of quotas, tariffs or other some ports, and short-term equipment leases For business analysis, all costs are import controls These agreements are generally undertaken to avoid action by the either defined as variable or fixed For a business to break even, all fixed costs must importing country against imports that may major or in some way threaten the positions be covered To make a profit, all variable of domestic firms in the industry in question and fixed costs must be recovered plus VRA - Voluntary Restraint Agreement some extra amount VAT - Value-Added Tax Vd - Valued VER - Voluntary Export Restriction Vertical Export Trading Company - An export trading company that integrates a range of functions taking products from suppliers to consumers vessel - Ship or boat A N B O C P D Q E R F S G T http://amchouston.home.att.net/GlossaryV.htm (2 of 2) [8/16/2002 6:00:47 AM] H U I V J W K X L Y M Z Glossary W A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -WW.A - With Average WM - World Meteorological Organization W.A - With average World Administrative Radio Conference W.B - Water ballast, Warehouse Book, Way WARC refers to the conferences convened regularly by the United Nations' International Bill Telecommunications Union (ITU) to allocate W.B./E.I - West Britain/East Ireland and regulate radio frequencies for the w.b.s - Without benefit of salvage purposes of television and radio W.C - West Coast broadcasting, telephone data W.C.I - World Confederation of Labor communications, navigation, maritime and W.C.S.A - West coast of South America aeronautical communication, and satellite W.D.F - Wireless direction finder broadcasting W.E.C.M - Warranted existing class World Agricultural Outlook Board - The maintained WAOB acts as the focal point for U.S W.E.U - Western European Union economic intelligence related to domestic W.F.T.U - World Federation of Trade and international food and agriculture The Unions Board coordinates and clears all commodity w.g - Weight guaranteed and aggregate agricultural and food-related W.H.O - World Health Organization W.M.O - World Meteorological Organization data used to develop outlook and situation material within the Department of W.N.A - Winter North Atlantic Agriculture WAOB was established in 1977 w.o.b - Washed overboard World Bank - The World Bank is an W.O.L - Wharfowners' liability w.p - Without prejudice, Weather permitting integrated group of international institutions which provides financial and technical W.P.A - With particular average assistance to developing countries The w.p.p - Waterproof paper packing World Bank includes the International Bank W.R - Warehouse receipts for Reconstruction and Development and w.r.o - War risk only the International Development Association W.R.T.D - Without reference to date World Bank affiliates, legally and financially W.T.B.A - Wording to be agreed separate, include the International Center for w.w.d - Weather working days Settlement of Investment Disputes, the W/d - Warranted International Finance Corporation, and the W/M - Weight and /or Measurement Multilateral Investment Guarantee Agency W/W - Warehouse warrant World Bank headquarters are in WACH - West African Clearing House Washington, D.C WADB - West African Development Bank http://amchouston.home.att.net/GlossaryW.htm (1 of 5) [8/16/2002 6:01:04 AM] Glossary W WAEC - West African Economic Community World Confederation of Labor - The WCL WAMU - West African Monetary Union represents the cultural, economic, political, WAOB - World Agricultural Outlook Board and social interests of millions of workers in Africa, the Americas, Asia, Europe, and the WARC - World Administrative Radio Middle East The Confederation was Conference founded in 1920 as th International WARDA - West Africa Rice Development Federation of Christian Trade Unions Association (IFCTU not to be confused with ICFTU, waybill - Document used as a receipt for the International Confederation of Free goods Unlike a bill of lading it is not a Trade Unions); headquarters are in document of title This document is also Brussels, Belgium synonymous with liner waybill, ocean World Federation of Development waybill, or sea waybill Financing Institutions - WFDFI (Spanish: WCL - World Confederation of Labor Federacion Mundial de Instituciones Wdg - Wording Financieras de Desarollo, WFDFI) promotes Webb-Pomerene Association improved technical operations of, and Associations engaged in exporting that combine the products of similar producers coordination among, worldwide development for overseas sales These associations have banking activities Federation members partial exemption from U.S anti-trust laws include development financing institutions but may not engage in import, domestic or The Federation was established in 1979; headquarters are in Madrid, Spain third country trade or combine to export World Food Council - The WFC is a UN services Well Car - Also known as stack car A drop- body which was created in December 1974 to help eliminate hunger and malnutrition frame Rail flat car The Council monitors world food production, Weights and Measures: consumption, and trade patterns The Measurement ton 40 cubic ft or one Council provides a forum for international discussion and assistance on ways of cubic meter improving food production in developing Net ton, or short ton 2,000 lbs countries and in increasing world food Gross ton/long ton 2,240 lbs security WFC headquarters are in Rome, Metric ton/kilo ton 2,204.6 lbs Italy Cubic meter 35.314 cubic ft World Food Program - The WFP, created in 1963, is a United Nations program with headquarters in Rome, Italy WFP West Africa Economic Community CEAO (French: Communaute Economique administers the International Emergency Food Reserve and supports projects which de l'Afrique de l'Ouest), created in 1974, includes: Benin, Burkina Faso, Cote d'Ivoire, incease agricultural production, nutrition, Mali, Mauritania, Niger, and Senegal (Togo and social and economic development in has observer status) The CEAO operates developing countries as a free trade area for agricultural products World Health Organization - The WHO (French: Organisation Mondiale de la Sante, and raw materials and as a preferential OMS) is a specialized agency of the United trading area for approved industrial Nations which sets standards for the quality products, with a regional cooperation tax http://amchouston.home.att.net/GlossaryW.htm (2 of 5) [8/16/2002 6:01:04 AM] Glossary W (TCR) replacing import duties and control of drugs, vaccines, and other encouraging trade among members A substances affecting health WHO was Community fund (FOSIDEC) promotes established in July 1946; headquarters are private lender Community participation in in Geneva, Switzerland See: Codex advancement of the Community's least Alimentarius Commission developed nations (Burkina Faso, Mali, World Intellectual Property Organization Mauritania, and Niger) CEAO envisions WIPO (French: Organisation Mondiale de la eventual creation of a customs union and Propriete Intellectuelle, OMPI) promotes coordination of fiscal policies Community protection of intellectual property around the headquarters are in Ouagadougou, Burkina world through cooperation among states, Faso and administers various "Unions," each West Africa Rice Development founded on a multilateral treaty and dealing Association - WARDA conducts research with the legal and administrative aspects of on rice improvement in mangrove swamps, intellectual property The Organization was established in 1967 (came into force in inland swamps, upland conditions, and irrigated conditions The Association is one 1970), and became a specialized agency of the United Nations in December 1974; of several centers associated with the headquarters are in Geneva, Switzerland Consultative Group on International World Intellectual Property Organization Agricultural Research WARDA was established in 1970; headquarters are in (WIPO) - One of the 15 'specialized Bouake, C“te d'Ivoire Members include 16 agencies' of the United Nations system of West African countries: Benin, Burkina organizations WIPO, located in Geneva, is Faso, Chad, C“te d'Ivoire, Gambia, Ghana, responsible for the promotion of the Guinea, Guinea-Bissau, Liberia, Mali, protection of intellectual property Mauritania, Niger, Nigeria, Senegal, Sierra (copyrights, trademarks, patents) throughout Leone, and Togo See: Consultative Group the world through cooperation among states, on International Agricultural Research and for the administration of various West African Clearing House - WACH 'Unions,' each founded on a multilateral (French: Chambre de Cooperation de treaty and dealing with the legal and l'Afrique de l'Ouest, CCAO) provides administrative aspects of intellectual settlement of payments services among property central bank and other monetary authorities World Meteorological Organization in West Africa WACH was established in Originally established under another name 1975 (began operations in 1976); in 1875, the WMO was reconstituted and headquarters are in Freetown, Sierra Leone renamed in 1951 The WMO facilitates Membership includes the Central Bank of worldwide cooperation in establishing a West African States (representing Benin, network for meteorological, hydrological, Burkina Faso, C“te d'Ivoire, Mali, Niger, and geophysical observations, for Senegal, and Togo) as well as The Gambia, exchanging meteorological and related Ghana, Guinea, Guinea-Bissau, Liberia, information, and for promoting Mauritania, Nigeria, and Sierra Leone standardization in meteorological West African Development Bank - The measurements Organization headquarters West African Development Bank, WADB, are in Geneva, Switzerland (French: Banque Quest-Africaine de World Tourism Organization - The WTO, http://amchouston.home.att.net/GlossaryW.htm (3 of 5) [8/16/2002 6:01:04 AM] Glossary W Developpement, BOAD) promotes regional associated with the United Nations, is an economic development and integration in intergovernmental technical body dealing West Africa The Bank was established in with all aspects of tourism The Organization 1973 (began operations in 1976); promotes and develops tourism as a means headquarters are in Lome, Togo WADB of contributing to economic development, members include: Benin, Burkina Faso, C“te international understanding, peace, and d'Ivoire, Mali, Niger, Senegal, and Togo prosperity The WTO provides a world West African Monetary Union - WAMU clearing house for the collection, analysis, (French: Union Monetaire Quest Africaine, and dissemination of technical tourism information and it offers national tourism UMOA) began operation in 1963 and was revised in 1973 The Union comprises seven administrations and organizations a means French-speaking African countries: Benin, for multilateral approaches to international discussions and negotiations on tourism Burkina Faso, Cote d'Ivoire, Mali, Niger, policy and practice The Organization was Senegal, and Togo which share a: (a) central bank (Banque Centrale des Etats de established in November 1974; l'Afrique de l'Ouest) which coordinates the headquarters are in Madrid, Spain World Trade Organization - Provisions to Union's monetary and credit policies; (b) common currency (CFA Franc) which is establish the WTO were reached in the freely convertible into the French Franc at a Uruguay Round of the General Agreement fixed parity; and (c) a common regional on Tariffs and Trade (GATT) The WTO is development bank, the West African scheduled to be established no later than Development Bank WAMU headquarters 1997 as an international organization of are in Daka, Senegal comparable stature to the World Bank and Western European Union - The WEU was the International Monetary Fund The created in October 1954 (began operations Organization is expected to facilitate implementation of trade agreements in May 1955) to promote mutual defense reached in the Uruguay Round by bringing and progressive political unification of its members The Union, which serves interests them under one institutional umbrella, requiring full participation of all countries in between those furthered by the European Economic Community and the North Atlantic one new trading system, and providing a Treaty Organization, has faced the need to permanent forum to discuss new issues change and has become focused on three facing the international trading system The missions: humanitarian aid, peacekeeping, WTO system will be available only to countries which: (a) are contracting parties and crisis management and some peace enforcement considerations Membership, to the GATT, (b) agree to adhere to all of the which included Belgium, France, Germany, Uruguay Round agreements, and (c) submit schedules of market access commitments Italy, Luxembourg, the Netherlands, for industrial goods, agricultural goods, and Portugal, Spain, the United Kingdom, has services been increasing toward approximately 40 World Traders Data Reports - WTDR is an nations as a result of negotiations on membership or associate status with International Trade Administration fee-based Greece, Turkey, Norway, Iceland, Denmark, service which provides a confidential and Ireland WEU headquarters moved from background report on a specific foreign firm, prepared by commercial officers overseas London, England to Brussels, Belgium in http://amchouston.home.att.net/GlossaryW.htm (4 of 5) [8/16/2002 6:01:04 AM] Glossary W December 1992 WTDRs provide information about the type WEU - Western European Union of organization, year established, relative size, number of employees, general Wf - Wharf reputation, territory covered, language WFC - World Food Council WFDFI - World Federation of Development preferred, product lines handled, principal owners, financial references, and trade Financing Institutions references WTDRs include narrative WFP - World Food Program information about the reliability of the foreign WH - World Health Organization wharf - Structure built alongside the water firm where ships berth for loading or unloading WT - World Tourism Organization, World Trade Organization goods Wharfage - A charge assessed by a pier or wt - Weight Wtd - Warranted dock owner for handling incoming or WTDR - World Trade Data Report outgoing cargo WTDR - World Traders Data Report white products - Refined products Wties - Warranties WIP - World Intellectual Property WTM - World Tourism Market Organization Wty - Warranty With Average - A marine insurance term meaning that a shipment is protected from partial damage whenever the damage exceeds percent (or some other percentage) If the ship is involved in a major catastrophe, such as a collision, fire or stranding, the minimum percentage requirement is waived and the insurance company pays for all of the damage See: Marine Cargo Insurance Without Reserve - A term indicating that a shipper's agent or representative is empowered to make definitive decisions and adjustments abroad without approval of the group or individual represented A N B O C P D Q E R F S G T http://amchouston.home.att.net/GlossaryW.htm (5 of 5) [8/16/2002 6:01:04 AM] H U I V J W K X L Y M Z Glossary X A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -XXS pt - Excess point XS Loss - Excess loss reinsurance x.c - Ex coupon x.d - Ex dividend x.in - Ex interest A N B O C P D Q E R F S G T http://amchouston.home.att.net/GlossaryX.htm [8/16/2002 6:01:27 AM] H U I V J W K X L Y M Z Glossary Y A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -YY.A.R - York/Antwerp Rules, 1950 Yard - A classification, storage or switching area Yt - Yacht A N B O C P D Q E R F S yaw (to) - Failure of a ship to steer a straight course Y.A.H.I.D.Z - Yangling Agriculture Hi-Tech Demonstration Zone G T http://amchouston.home.att.net/GlossaryY.htm [8/16/2002 6:01:39 AM] H U I V J W K X L Y M Z Glossary Z A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -ZZEP - Zone d'Exchanges Preferentiels pour Zangger Committee - The Zangger les Etats de l'Afrique, de l'Est et de l'Afrique Committee of the Nonproliferation Treaty Australe Exporters examines controls enacted ZF - La Zone Franc pursuant to the Nuclear Nonproliferation Treaty by refining the list of items requiring Zone d'Exchanges Preferentiels pour les Etats de l'Afrique de l'Est et de l'Afrique nuclear safeguards The Zangger Committee consists of 23 Nuclear NonAustrale - See: Preferential Trade Area for Proliferation Treaty (NPT) nuclear supplier Eastern and Southern African States nations which includes all nuclear weapons Zulu Time - Time based on Greenwich states except France and China Through a Mean Time series of consultations in the early 1970's, the countries of the Zangger Committee compiled a "trigger list" of nuclear materials and equipment The shipment of any item on the list to a non-nuclear weapons state "triggers" the requirement of International Atomic Energy Agency (IAEA) safeguards Since the Zangger Committee is associated with the NPT, its members are obligated to treat all non-nuclear weapons parties to the treaty alike For fear of discrediting the NPT, the Zangger countries cannot target strict nuclear controls toward certain nations with questionable proliferation credentials; the NPT binds them to assist non-nuclear weapons states with peaceful atomic energy projects A N B O C P D Q E R F S G T http://amchouston.home.att.net/GlossaryZ.htm [8/16/2002 6:01:46 AM] H U I V J W K X L Y M Z [...]... office space, market information, a" A N B O C P D Q E R F S G T H U http://amchouston.home.att.net/GlossaryA.htm (12 of 12) [8/16/2002 5:49:22 AM] I V J W K X L Y M Z Glossary B A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -BBAF - Abbreviation for "Bunker Adjustment Bundesministerium fur Wirtschaft - "The Factor." Used to compensate steamship BMWi (German: Ministry for... [8/16/2002 5:51:20 AM] I V J W K X L Y M Z Glossary B http://amchouston.home.att.net/GlossaryB.htm (11 of 11) [8/16/2002 5:51:20 AM] http://amchouston.home.att.net/GlossaryC.htm A N B O C P D Q Dictionary of Shipping Terms E F G H I R S T U V J W K X L Y M Z -CCommittee on Renewable Energy, C- Consulate Commerce, and Trade- CORECT facilitates C&F - Cost and Freight the cost-effective use of U.S renewable... edits between the shippers instructions and the actual shipment received This produces a very accurate B/L - Short Term B/L: Opposite of Long Form B/L, a B/L without the Terms & Conditions written on it Also known as a Short Form B/L The terms are incorporated by reference to the long form B/L - Split B/L: One of two or more B/L's which have been split from a single B/L - Stale B/L: A late B/L; in banking,... must ratify the tr" Belgium-Luxembourg Economic Union - at the bottom of a hold to provide a ship with stability when at sea or a minimum quantity "BLEU (French: UEBL, from Union of cargo required by a shipping line for Economique Belgo-Luxembourgeoise), calling at a port for loading established in July 1921, introduced a berth - A location alongside a quay where a system of monetary association between... trading partners Under BSAs, the governments agreed to reduce or eliminate state intervention that is, domestic subsidies and market barriers." Bill of Lading (B/L) - A document that establishes the terms of a contract between a shipper and a transportation company It serves as a document of title, a contract of carriage and a receipt for goods Developpement Economique en Afrique BAGGAGE - General... Cargo Selectivity do not change financial status; this is slightly BDEAC - Banque de Developpement des different from corrected B/L Etats de l'Afrique Centrale BDEGL - Banque de Developpement des - B/L Terms & Conditions: the fine print on Etats du Grand Lac B/L; defines what the carrier can and cannot BEAC - Banque des Etats de l'Afrique do, including the carrier's liabilities and Centrale contractual... and specific description of the goods shipped - Intermodal B/L: B/L covering cargo moving via multimodal means Also known as Combined Transport B/L, or Multimodal B/L - Long Form B/L: B/L form with all Terms & Conditions written on it Most B/L's are short http://amchouston.home.att.net/GlossaryB.htm (6 of 11) [8/16/2002 5:51:20 AM] Glossary B form which incorporate the long form clauses by reference... transactions are defined as the transfer of (Bundesstelle " Bureau of International Expositions ownership of something that has an economic value measurable in monetary "The Bureau of International Expositions, terms from residents of one country to BIE, is an international organization residents of established by the Paris Convention of 1928 Balance on - " - Current account; - Goods, to regulate the conduct... pertaining to U.S Munitions List items, is intended to verify that information stated on export license applications is valid and that the use of the commodity or service exported is consistent with the terms of the license It" Bonded Exchange - Exchange which cannot be freely converted into other currencies Bond System - "The Bond System, a part of Customs' Automated Commercial System, provides information... indirectly owns or controls, B.S.T - British Summer Time http://amchouston.home.att.net/GlossaryB.htm (2 of 11) [8/16/2002 5:51:20 AM] Glossary B with power to vote, more than five percent of b.t - Berth terms voting shares of each of one or more other B.T.U - Bow Thrust Unit(s) banks." B.th.U - British Thermal Unit Bank of Central African States - "The B.V - Bureau Veritas bank (French: Banque des Etats