Related Entries of the International Encyclopedia:

1. Time Charter The charter of a vessel for a specific period of time, during which the vessel will respond to operational direction from the charterer.......
2. Voyage Charter The charter of a stipulated vessel to move specified quantities of cargo between named ports during a given time period.......
3. Mate's Receipt A document issued by a ship's officer acknowledging receipt of a specific quantity of cargo. A mate's receipt is usually issued only in conjunction with a vessel charter.......
4. Feeder Vessel A small vessel or barge that carries goods from a principal port to outlying ports not served directly by the mother ship.......
5. Stowage The act of placing cargo within the hold of a vessel for transit. The term has been extended to include the loading of cargo within containers.......
6. Lighterage A charge imposed for the transfer of cargo from vessel to shore and vice versa by means of lighters.......
7. Bankable Charter A charter party in which the shipper is of such credit worthiness or financial Balance on Goods and Services. Balances on Current Account, Trade, and Services as Percent of GNP. standing that the vessel owner may use the charter contract as collateral for loans. In some cases, long-term charter agre......
8. Lump Sum Charter A flat fee payable by- charterer to a vessel owner, irrespective of whether the stipulated cargo, or any portion thereof, is actually shipped.......
9. On Deck Cargo Cargo, normally of a hazardous nature, that is stowed on the deck of the vessel for easy discharge overboard in the event of fire or other danger. The bill of lading for cargo stowed on deck for reasons of safety will bear a special "on deck" notation which conveys that the goods are carri......
10. Gross Charter Also known as gross terms, a vessel charter arrangement whereby all expenses, to include loading, unloading, pilotage (read this and related legal terms for further details), et cetera, are for the account of the vessel.......
11. Cargo Deadweight Tonnage The cargo- carrying capacity of a vessel, expressed in long tons, derived by substracting the weight of stores, fuel, water, and other necessary provisions from the vessel's deadweight tonnage.......
12. Overcarried Cargo Goods not discharged at their port of destination, but left aboard the vessel for discharge at a subsequent port.......
13. Respondentia The pledge of cargo by a vessel's master as collateral for a loan to permit the ship to continue on its journey or to make arrangements to forward the goods. The bond so created gives the lender a Maritime Lien (read thi......
14. Cargo Summary of Cargo Merchandise in the process of being transported; not to be confused with freight, which, in maritime usage, is the sum earned by a carrier for transporting goods. General cargo consists of various commodities comprising the property of many shippers or consignees; special [...]...
15. Freight Summary of Freight The earnings that a carrier derives from the carriage of merchandise. Freight should not be confused with cargo, which is the merchandise itself. Also, the term freight is used to represent payment made by a charterer to the vessel's owner for use of a ship under a [...]...
16. Dead Freight A payment made by a charterer to the owner of a vessel as compensation for stowing the ship to less than its capacity. The charterer is bound to ship a "full and complete cargo"; since freight is payable only on the cargo actually shipped, failure to deliver a full load deprives the [...]...
17. Light Cargo A cargo that fully occupies the cubic capacity of a ship but does not bring the vessel down to its marks in the water.......
18. Business Forecasting Services Business Forecasting Services If cyclic movements of prices in commodities, securities and money actually occur, as explained under the term ... Read more...
19. Dock Receipt A document used at some ports to acknowledge delivery of cargo to a pier for shipment aboard a given vessel. The format of a dock receipt often resembles that of a bill of lading and contains substantially the same information concerning the cargo; it is signed and/or stamped by the stevedore [...]...
20. Off-Charter The termination of a vessel charter agreement, freeing the vessel to pursue other cargoes. Off-charter should not be confused with off-hire, in which the payment of hire is suspended for some reason, but the contract remains in force.......
21. Address Commission A commission payable to a third party arising from a contract to charter a ship. Commonly known as ADCOM, this is not a brokerage fee but an additional commission paid by the vessel to any third party named by the charterer. An adcom is usually expressed as a percentage of the charter hire of the ve......
22. Cargo Deadweight The cargo-carrying capacity, expressed in long tons, of a vessel when fully loaded excepting water, stores, bunkers, and supplies.......
23. Both-To-Blame Clause A provision in an ocean bill of lading that addresses the responsibilities of the vessel to the cargo interests in the event of a collision at sea. The clause arises from an anomaly of maritime law whereby a vessel involved in a collision is exempted from liability to its own cargo (as provided in t......
24. Off-Hire Clause Also known as the breakdown clause, a provision in a time charter party that charter hire shall cease from the breakdown or inability of the vessel to perform until the condition is remedied. A common breakdown clause provides that hire shall abate as the result of any detention of or loss of time d......
25. Charter Party A maritime contract for the lease of all or part of a ship for a period of time or for a voyage or voyages. The expression is derived from the Latin carta partida, meaning "divided document," because the charter agreement was written twice on one sheet of paper, which was then cut or [...]...
26. Combination Vessel Usually used in reference to a vessel that is partially cellularized to accommodate containers, with the remainder of its cargo-carrying space dedicated to break-bulk stowage.......
27. Clear Days The number of days that a vessel under charter must give to the shipper in advance of arrival in order to prepare the cargo for shipment. The day upon which the notification is received and the day on which the vessel actually arrives are excluded from the clear days. If the charter party specifies ......
28. Shut-Out The act of leaving behind certain cargoes when too much cargo arrives for a given vessel sailing. Usually the cargo is not turned away upon delivery to the pier but is accepted by the carrier and despatched aboard a subsequent vessel.......
29. Transshipment The act of passing cargo from one carrier to another to continue the journey in those cases where the first carrier does not go from origin of a shipment to destination.......
30. Deviation The departure by a vessel from the scope or route of the planned voyage. An unreasonable departure from the normal course of the voyage is generally considered improper and, in those cases where cargo interests suffer losses as a result of such a departure, a finding by a court that the vessel devia......
31. Agency Fee A charge imposed by a shipowner's local agent for services on behalf of a vessel while the ship is in port; also, the commission paid by a vessel's owner to local sales agents on cargo shipped on the vessel.......
32. As Laytime A condition in some vessel charter agreements stipulating that time lost to the vessel because the charterer, shipper, or consignee cannot provide a berth for the ship will count as laytime, i.e., LAYTIME (read this and rela......
33. Frustration A condition or occurrence during the period when a vessel is under charter that precludes performance of the charter contract or has the effect of defeating the object of the charter. Where frustration occurs, the charter is terminated.......
34. Manifest A document listing all the cargo stowed aboard a vessel, usually broken down by port of unloading. The manifest is an abstract of the individual bills of lading issued for each consignment and is customarily provided to customs authorities for inspection upon landing.......
35. Open Charter A charter party that specifies neither the port(s) of destination nor the cargo to be carried.......
36. Wharfage A charge imposed by a pier operator for receiving, handling, and transferring cargo to or from a vessel. Customarily, these charges are absorbed by the vessel. ......
37. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
38. Owner's Charter Party A contract covering the hire of a vessel with provisions particularly favorable to the vessel's owner. See Charter Party.......
39. Roll-On/roll-Off A method of ocean cargo service employing a vessel with ramps astern or amidships to permit wheeled vehicles to be loaded aboard. The opportunity to run cargo on and off by ramps, without the necessity of cranes or similar equipment, permits accelerated loading and unloading of the vessel, particula......
40. Benefit Of Insurance Clause A provision contained in some ocean bills of lading providing that the ocean carrier is not liable for cargo losses where the merchandise is covered by insurance. This provision has been upheld by the courts (Phoenix Insurance Company vs. Erie & Western Transport Company, 117 U.S. 312, 6 S.Ct. 750 1......
41. Heavy Cargo A load of cargo that settles a vessel down to its marks in the water but does not fully occupy the cubic capacity of the ship.......
42. Cargo Broker A broker representing the charterer in finding a vessel for hire.......
43. Container Freight Station A warehouse or terminal licensed by U.S. Customs to receive in-bond consolidations of containerized cargo. The containers delivered to this station carry imported merchandise in small lots destined to many consignees; the goods will be removed from the containers under customs supervision and [...]...
44. Charter Hire The freight paid by the charterer of a vessel to the vessel owner.......
45. Trip Charter The operation of a vessel, under a Time Charter (read this and related legal terms for further details), for a specific voyage or voyages.......
46. Holiday As used in vessel charter parties, any time period during which loading or discharging of cargo that might otherwise take place is suspended because of local law or practice in the port.......
47. Inducement In maritime shipping, the tender by a shipper to a carrier of a sufficient amount of cargo so as to warrant a vessel calling at a port not ordinarily scheduled during the voyage.......
48. Seabridge A service offered by some ocean carriers whereby cargo moving between Europe and East Asia is taken by one vessel from the exporting country to a U.S. port for relay, from the same port, to destination. The goods move under a single through bill of lading. A seabridge movement is the effective equiv......
49. General Cargo Vessels General Cargo Vessels in International Trade Meaning of General Cargo Vessels, according to the Dictionary of International Trade (Global Negotiator): A vessel designed to handle breakbulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized [...]...
50. Dock The space in the water at which a ship comes to rest. A dock is not a PIER or wharf (qq.v.), each of which has its own specific meaning. It would be appropriate, however, to say that a vessel docked at a pier. Also, used as a verb, to dock means to reduce the price of a product or commodity [...]...
51. Ordinary Course Of Trade A concept routinely applied in customs valuation that holds that the dutiable value of goods is the price at which they would normally sell if customary channels of distribution were observed. For example, where it was industry practice for a product to be sold directly by a manufacturer to an end u......
52. Spot Charter A vessel that is prepared to commence loading immediately upon fixing of the charter. As a practical matter, spot charters arise only in relation to vessels already in port but not otherwise occupied.......
53. Constructed Price A value for customs purposes that ignores the invoice price of the merchandise but is derived by computing the cost inputs of the product (materials plus reasonable manufacturing expenses in the country of origin plus a profit factor), to which are added the normal costs associated with preparing th......
54. Fixing A Charter The conclusion of a contract (charter party) for the charter of a vessel.......
55. Full Berth Terms Conditions of carriage by water under which the owner of the goods is not responsible for the costs of loading or discharging his cargo to or from the vessel.......
56. Himilaya Clause A provision in an ocean bill of lading that extends to stevedores or other employees of a carrier the carrier defenses against claims for loss and damage of cargo provided in the carriage of goods by sea act (read this and r......
57. Out Turn Report A document issued by a vessel upon arrival at a given port detailing the cargo off-loaded. The report is used as evidence in cases where it is alleged that goods were not offloaded, or were discharged in bad order.......
58. Spot Price The price of a commodity in the Spot Market (read this and related legal terms for further details), i.e., the price quoted for immediate sale and delivery. ......
59. Clean Acceptance A formal acknowledgment by a principal in negotiations for the charter of a vessel that he accepts the offer submitted to him, without further modification, and that he binds himself to execute the charter PARTY (read this a......
60. Discretionary Cargo Cargo exempt from the controls of cargo preference legislation that require certain goods be shipped only aboard vessels of the home country or of other countries with which special arrangements have been concluded. Discretionary cargoes may be shipped aboard the vessels of any country.......
61. Free Ships/free Goods A position asserted by certain authorities in international law that all cargo carried aboard a neutral vessel is exempt from seizure by belligerents in time of war. This view conflicts with a more widely held attitude that belligerents have a legal right to interdict munitions and supplies with war......
62. Liner Terms A provision in some ship charter contracts in which the vessel pays loading or discharging costs, or both.......
63. Special Cargo Policy A marine cargo policy issued to cover a specific shipment. A special policy may be issued when the shipper infrequently transports goods by water, or when the merchandise is so unusual or so valuable as to warrant a special policy. Frequent shippers customarily obtain an Open Policy (...
64. Withdrawal Price A floor price at which European Economic Community producers of certain food products may withhold their goods from the market. The withdrawal price is generally below the base price (i.e., the target price set for a given commodity) and the purchase price at which EEC governments will intervene in ......
65. Marine Extension Clause A provision in an ocean marine cargo policy for coverage of the merchandise in cases where: (1) there is a deviation by the vessel, transshipment, forced discharge, or the exercise of any liberty granted to the vessel operator under the contract of affreightment; or (2) the goods are landed at a por......
66. Measurement Ton An expression of cubic measurement equal to forty cubic feet, used either to define the interior of a vessel or as a basis for assessing freight on cargo. With virtually worldwide conversion to metric measurement, a measurement/stow ton may be defined as the equal of a cubic meter, depending [...]...
67. Merchantman A vessel engaged in the business of carrying goods.......
68. Normal Price Within the scope of the Brussels Definition Of Value (read this and related legal terms for further details), the value basis upon which ad valorem duties will be assessed on imports. The normal price is the price the go......
69. Overbooked The condition in which too much cargo has been accepted for a given vessel sailing. It is not necessary that all the cargo be delivered to the pier, merely that too many bookings, or space allocations, have been issued. The customary carrier response is to hold some of the cargo, usually the late ar......
70. Buffer Stocks Buffer Stocks and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of Buffer Stocks: Commodity stocks managed by countries or international organizations to moderate market price fluctuations. When prices rise [...]...
71. Distress Freight Cargo carried by a ship at a depressed freight rate because, in the absence of that cargo, the vessel would be obliged to sail empty or nearly so to its next port. The term is used most commonly in connection with tramp vessels.......
72. Arrived Ship A vessel under charter that has arrived at its point of loading or discharge; laytime (read this and related legal terms for further details) will begin to accrue from the time of arrival. A vessel has arrived if it fill......
73. Forward Margin In foreign exchange transactions, the difference between the current, or "spot," price for a given currency and the price at some future date. If the "futures" price, that quoted by sellers of contracts for future purchase of that currency, is higher than the spot price, the subj......
74. Spot In foreign exchange and commodities markets, the current price for a given commodity or currency; the spot price is contrasted with the futures price, which is the price that is offered for delivery at some specified time in the future.......
75. Disponent Owner The party having operational control of a vessel without actual legal title. For example, a person taking a ship under a bareboat charter is responsible for the operation of the vessel, and as such is regarded as the disponent owner.......
76. Net Ton A unit of measurement in determining the cargo-carrying capacity of a vessel. It is computed in the same manner as the Gross Ton (read this and related legal terms for further details) but includes only revenue-producing......
77. Trade Barrier Summary of Trade Barrier Constraints upon the exchange of goods among nations imposed by governments; such constraints are manifested in the form of tariffs, quotas, exchange controls, and a variety of so-called nontariff barriers. Barriers usually arise to protect domestic industries, [...]...
78. Consumer Price Index Summary of Consumer Price Index An index of the retail price of four hundred consumer products and services, computed monthly by the Bureau of Labor Statistics. Formerly known as the Cost of Living Index, the compilation includes retail price inputs of given items from many cities across [...]...
79. Derelict A vessel that has been abandoned at sea.......
80. Hell-Or-High-Water Charter A long-term charter in which the charterer agrees to pay the vessel hire without the customary deductions, such as off-hire time.......
81. Off-Hire A period of time when a chartered vessel is not earning income for the owner. Most charter parties provide for times when a vessel will be considered off-hire, e.g., when the vessel fails to perform properly.......
82. Entry of Goods Entry of Goods and the Laws of International Trade Entry of goods: Overview Customs Trade Law The entry process Evidence of right to make entry Entry for consumption Entry documents Surety Entry summary documentation Electronic entry: Automated Commercial [...]...
83. Jumboizing The process of increasing a vessel's cargo-carrying capacity, usually by cutting a vessel in two halves amidships and inserting additional hold sections. ......
84. Loading Summary of Loading A risk premium in addition to interest charges and acceptance fees deducted by a bank or discount house from the face value of a bill of exchange (read here for further details) presented for discounting. This additional margin will vary, depending upon the quality of the [...]...
85. Transaction Value The primary method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
86. Deck Cargo Deck Cargo in International Trade Meaning of Deck Cargo, according to the Dictionary of International Trade (Global Negotiator): Goods shipped on the deck of a ship rather than in its holds. Since deck cargo is more exposed to the elements, traders may wish to stipulate that goods not be [...]...
87. Demise A bareboat charter, i.e., a vessel charter arrangement in which the owner provides only the ship, and the charterer arranges for his own crew, fuel, and stores and otherwise operates the ship.......
88. Jetsam Summary of Jetsam Goods voluntarily cast overboard in an emergency to lighten a ship.(Main Author: William J. Miller) Introduction to Jetsam Jetsam, goods deliberately thrown into the sea to lighten a vessel in a storm or wreck." (1) Jetsam in International Trade Meaning of [...]...
89. Notice Of Readiness Written notification provided by a vessel owner to a charterer, shipper, or consignee that the vessel has arrived at port and is prepared to commence loading or discharging of cargo, as the case may be. Failure by the charterer, shipper, or consignee to commence loading/discharging is apt to start L......
90. Survey Summary of Survey An examination of a vessel or cargo by an independent third party for the purpose of establishing condition. For example, a survey may be performed on damaged cargo to ascertain the circumstances surrounding the loss and potential salvage.(Main Author: William J. [...]...
91. Bulk Cargo Bulk Cargo in International Trade Meaning of Bulk Cargo, according to the Dictionary of International Trade (Global Negotiator): Cargo that consist entirely of one commodity and is usually shipped without packaging. Examples of bulk cargo are grain, coal, and oil....
92. Differential Exchange Rates A scheme in which a government prescribes different rates of exchange for the local currency, depending upon the transaction involved. The government may assign its currency a given value in terms of gold for capital transfers, for example, but provide for a less favorable rate of exchange for impor......
93. New Jason Clause A stipulation in ocean bills of lading subject to the U.S. carriage of goods by Sea Act (read this and related legal terms for further details). Prior to the adoption of the Harter Act of 1893, American law recognized no......
94. Gold Stock A nation's supply of monetary gold.......
95. Stock in Trade Stock In Trade What is “stock-in-trade”? Stock in trade is the inventory of goods, and merchandise, held by a business ... Read more...
96. Stock Resources See Also Further Reading Information related to stock in the Max Planck Encyclopedia of International Law(MPEPIL), Germany, United Kingdom...
97. Debenture Stock Spanish Translation of debenture stockThis is the legal translation of English to Spanish in relation to debenture stock and / or a definition of this topic: Acción Privilegiada (in Spanish, without translation of the dictionary entry)....
98. Non Voting Stock Spanish Translation of non voting stockThis is the legal translation of English to Spanish in relation to non voting stock and / or a definition of this topic: Acción Sin Voto (in Spanish, without translation of the dictionary entry)....
99. Stock Options Spanish Translation of stock optionsThis is the legal translation of English to Spanish in relation to stock options and / or a definition of this topic: Stock Options (in Spanish, without translation of the dictionary entry)....
100. Stock Exchange Law Contents Stock Exchange Law Stock Exchange Law Stock exchange law is today a subdivision of capital markets or securities law. ... Read more...
101. Stock-transfer Agent Description of Stock-transfer Agent Resources See Also Corporations...
102. Joint-stock Company Resources See Also Joint-stock association or company...
103. Corporate Stock Resources See Also Stock...
104. Cumulative Preferred Stock Resources See Also Stock...
105. Guaranteed Stock Resources See Also Stock...
106. Workers Stock Ownership Resources See Also Enterprise Joint Enterprise Joint Venture...
107. Stock Exchange Resources See Also Finance Consumer Credit Negotiable Instrument Securities Financial Regulation Corporate Finance...
108. Joint-stock Insurance Company Resources See Also Stock insurance company...
109. Stock Registrar Bank as Stock Registrar, Transfer Agent, or Dividend Disbursing Agent in relation with Care, Custody and Transfer of Corporate Securities This content deals with legal and regulatory aspects of Stock Registrar covered in connexion with Care, Custody and Transfer of Corporate Securities and [...]...
110. American Stock Exchange Description of American Stock Exchange Resources See Also Exchanges Securities Regulation...
111. Classes of Stock Resources See Also Stock...
112. Building Used as a noun, a vessel. The term is used in conjunction with vessels under construction or already afloat; a newly launched vessel is said to be a new building.......
113. Bull Rings Metal rings recessed into the floor of a container or trailer to permit lashing of cargo.......
114. Bulldog Bonds Sterling-denominated debt obligations issued by entities outside the United Kingdom.......
115. Bullet Payment Also known as a balloon payment, a large payment made at the end of an installment loan. In many cases, a bullet payment represents the repayment of principal at the end of an interest-only loan.......
116. Bundled Pricing An arrangement between buyer and seller in which the purchase price for certain goods also includes other goods or services, such as the right to use patents, technical assistance, replacement parts under a warranty, et cetera.......
117. Bunker The fuel oil burned by a ship.......
118. Bunker Clause A provision common to certain charter parties stipulating that the charterer shall pay to the vessel owner the value of coal or fuel oil aboard the ship at the commencement of the charter, and the owner shall pay the charterer the value of all coal or fuel oil aboard the vessel upon the termination ......
119. Bunker Surcharge A charge imposed by a steamship carrier, in addition to the basic freight, to offset the impact of sudden and transitory increases in the costs of fuel. Surcharges are usually expressed as a percentage of the basic freight.......
120. Buy American Act A 1933 act of Congress which provides that Federal agencies and certain contractors to the Federal government are obliged to buy articles of American manufacture unless American goods cannot be procured at reasonable cost in relation to foreign equivalents. The act has been challenged in multilatera......