Related Entries of the International Encyclopedia:

1. Marine Cargo Insurance Marine Cargo Insurance in International Trade Meaning of Marine Cargo Insurance, according to the Dictionary of International Trade (Global Negotiator): Insurance covering loss of, or damage to, goods at sea. Marine insurance typically compensates the owner of merchandise for losses in excess [...]...
2. Cargo Insurance Cargo Insurance in International Trade Meaning of Cargo Insurance, according to the Dictionary of International Trade (Global Negotiator): Insurance placed on goods during transportation....
3. 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 (...
4. Shipper Shipper in International Trade Meaning of Shipper, according to the Dictionary of International Trade (Global Negotiator): As the party who contracts for carriage, the party who enters in a contract of carriage with a carrier and pays the carrier is in a position to give the carrier handling [...]...
5. 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.......
6. Shipment Received For Shipment B/L in International Trade Meaning of Received For Shipment B/L, according to the Dictionary of International Trade (Global Negotiator): A bill of lading which confirms the receipt of goods by the carrier, but not their actual loading on board. This document can be [...]...
7. Back Letter A letter of indemnity issued by a shipper of cargo to a steamship line to secure issuance of a clean bill of lading where one might not be issued otherwise. For example, a carrier may initially refuse to issue a clean bill of lading for cargo which appears to be damaged; a notation to this [...]...
8. 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.......
9. 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 [...]...
10. Feeder Vessel A small vessel or barge that carries goods from a principal port to outlying ports not served directly by the mother ship.......
11. 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 [...]...
12. Multimodal Transport Document Multimodal Transport Document in International Trade Meaning of Multimodal Transport Document, according to the Dictionary of International Trade (Global Negotiator): A document issued or signed by a carrier indicating carriage by more than one means of transportation. For example, a [...]...
13. 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 [...]...
14. 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.......
15. Lighterage A charge imposed for the transfer of cargo from vessel to shore and vice versa by means of lighters.......
16. 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.......
17. CIP Carriage and Insurance Paid To CIP Carriage and Insurance Paid to in International Trade Meaning of Cip Carriage and Insurance Paid to, according to the Dictionary of International Trade (Global Negotiator): In Incoterms CIP, the seller has the same obligations as under CPT (Carriage Paid to) terms, but with the addition [...]...
18. 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 [...]...
19. 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......
20. 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 [...]...
21. C.I.F. Contract Definition of C.I.F. ContractIn accordance with the work A Dictionary of Law, this is a description of C.I.F. Contract : C.I.F. contract (cost. insurance. freight contract) A type of contract for the international sale of goods by which the seller agrees not only to supply the goods but also to [...]...
22. Checker An employee of a steamship line or stevedoring firm responsible for the examination of cargo delivered to the pier for onward transport. Routinely, the checker ascertains the count and condition of the goods so delivered and issues a receipt for same, noting the date and time of delivery.......
23. Dry Port Dry Port in International Trade Meaning of Dry Port, according to the Dictionary of International Trade (Global Negotiator): A dry port is a port situated near sea. If the importer or exporter is far away from a sea port, it will be an inconvenience to co-ordinate and handle the goods [...]...
24. Preferential Cargo Preferential Cargo in International Trade Meaning of Preferential Cargo, according to the Dictionary of International Trade (Global Negotiator): Cargo that by the rules of the exporting or importing country must be transported by a particular flag carrier....
25. 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 [...]...
26. Ocean Bill of Lading Ocean Bill of Lading in International Trade Meaning of Ocean Bill of Lading, according to the Dictionary of International Trade (Global Negotiator): A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as instrument of ownership [...]...
27. CFS CFS Charge in International Trade Meaning of Cfs Charge, according to the Dictionary of International Trade (Global Negotiator): The charge assessed for services performed at the origin or destination for loading or unloading of cargo into/from containers at a CFS Container Freight Station....
28. Insurance Certificate Insurance Certificate in International Trade Meaning of Insurance Certificate, according to the Dictionary of International Trade (Global Negotiator): A document used so that coverage is provided to cover loss or damage to cargo while in transit when insurance is placed against an open marine [...]...
29. Marine Bill of Lading Marine Bill of Lading in International Trade Meaning of Marine Bill of Lading (B/L), according to the Dictionary of International Trade (Global Negotiator): A receipt for the cargo and a contract for transportation between a shipper and the ocean carrier. It may also be used as instrument of [...]...
30. Open-end Contract Open-end Contract in International Trade Meaning of Open-end Contract, according to the Dictionary of International Trade (Global Negotiator): A contract by which the buyer may purchase the seller's goods at any time within a specified period without changes in the price or other contract terms....
31. Letter of Indemnity A document issued by a shipper of merchandise to a steamship line as an inducement for the carrier to issue a clean bill of Lading (read this and related legal terms for further details) where it might not otherwise do s......
32. Nvocc Nvocc in International Trade Meaning of Nvocc, according to the Dictionary of International Trade (Global Negotiator): Non-vessel-operating common carrier is company providing point-to-point international transport of goods although it does not necessarily operate or own transport vehicles or [...]...
33. Open Marine Cargo Insurance Policy Open Marine Cargo Insurance Policy in International Trade Meaning of Open Marine Cargo Insurance Policy, according to the Dictionary of International Trade (Global Negotiator): A type of insurance policy intended to cover an indefinite number of future individual shipments. The insurance [...]...
34. Bridgeport Bridgeport in International Trade Meaning of Bridgeport, according to the Dictionary of International Trade (Global Negotiator): A port where cargo is received by the ocean carrier and stuffed into containers but then moved to another coastal port to be waded on a vessel....
35. Carriage Of Goods By Sea Act Carriage Of Goods By Sea Act Summary of Carriage Of Goods By Sea Act Known commonly by the acronym COGSA, the principal U.S. statute governing carrier liabilities and immunities for loss and damage arising during the transport of goods by water in the foreign commerce of the United States. [...]...
36. 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......
37. 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. ......
38. Cost Sharing Cost Sharing in Aging Law Concept of Cost Sharing in the context of Community Health Care and Services for Older Persons, published by the World Health Organization (WHO):Payment method whereby a person is required to pay some health costs in order to receive medical care. The general set of [...]...
39. Certificate Receipt Forwarder's Certificate Receipt in International Trade Meaning of FCR (Forwarder's Certificate Receipt), according to the Dictionary of International Trade (Global Negotiator): A receipt for shipped goods tendered by a carrier (such as a dock receipt, or marine, air or ground transport [...]...
40. 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 [...]...
41. Reimbursement Reimbursement in Aging Law Concept of Reimbursement in the context of Community Health Care and Services for Older Persons, published by the World Health Organization (WHO):The process by which health care providers receive payment for their services. Because of the nature of the health care [...]...
42. Combined Transport Document A bill of lading issued by a combined transport operator (read this and related legal terms for further details) covering shipment of goods by more than one mode of transport. The document specifies the point at which th......
43. Tramp Vessel Tramp Vessel in International Trade Meaning of Tramp Vessel, according to the Dictionary of International Trade (Global Negotiator): A vessel which does not operate under any regular schedule from one port to another, but calls any port where cargo may be obtained. To be distinguished from [...]...
44. 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......
45. Shipbroker Shipbroker in International Trade Meaning of Shipbroker, according to the Dictionary of International Trade (Global Negotiator): In vessel chartering, a party who acts as an intermediary in return for a fee or brokerage, negotiating the terms of a contract between charterer and vessel owner....
46. Lloyd's Register A publication containing details of the characteristics and construction of various oceangoing vessels. The publication is not produced by Lloyd's Of London (read this and related legal terms for further details), wh......
47. Net Terms Net Terms in International Trade Meaning of Net Terms, according to the Dictionary of International Trade (Global Negotiator): Vessel chartering terms under which the vessel owner is not responsible for the cost of loading, stowing, trimming and unloading the vessel. See also FIO and FIOST....
48. War Risk Insurance War Risk Insurance in International Trade Meaning of War Risk Insurance, according to the Dictionary of International Trade (Global Negotiator): Insurance coverage against war risks as outlined in detail in some dozen rather than specific paragraphs of an insurance policy. The policy [...]...
49. 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.......
50. Import Contract Import Contract in International Trade Meaning of Import Contract, according to the Dictionary of International Trade (Global Negotiator): The import contract is suitable when a company is buying goods from abroad by way of import in the course of a business to business transaction. The [...]...
51. Place of Receipt Place of Receipt in International Trade Meaning of Place of Receipt, according to the Dictionary of International Trade (Global Negotiator): Location where cargo enters the care and custody of carrier....
52. Air Waybill A document issued by an airline as a receipt for cargo and contract of carriage between the carrier and shipper. An air waybill is the effective equivalent of a bill of lading, except that it lacks the feature of being issued in negotiable form. Two types of air waybills are commonly used. A [...]...
53. Free in and Out A condition in transportation under which the carrier has no responsibility to load or unload the vessel, barge, or other conveyance. The shipper is obliged to stow the cargo, and the consignee to effect unloading; loading and unloading expenses may be borne by either the shipper or the [...]...
54. Particular Average Summary of Particular Average A partial loss of the value of cargo shipped by sea attributable to a marine peril. See free of particular average.(Main Author: William J. Miller) Particular Average in International Trade Meaning of Particular Average, according to the Dictionary [...]...
55. Delivery Order Written instructions issued by the owner of goods or his authorized agent to the holder of such goods directing that the merchandise be released or shipped to a specified party.......
56. Carriage Paid (CPT) Carriage Paid to in International Trade Meaning of Cpt Carriage Paid to, according to the Dictionary of International Trade (Global Negotiator): In Incoterms CPT the delivery of goods occurs when the seller makes them available to the carrier that he has hired to perform international [...]...
57. General Cargo Rate General Cargo Rate in International Trade Meaning of General Cargo Rate, according to the Dictionary of International Trade (Global Negotiator): The rate a carrier charges for the shipment of cargo that does not have a special class rate or commodity rate....
58. Supply Contract Supply Contract in International Trade Meaning of Supply Contract, according to the Dictionary of International Trade (Global Negotiator): An agreement by which a seller promises to supply all of the specified goods or services that a buyer needs over a certain time and at a fixed price, and [...]...
59. Inherent Vice A latent defect in a product that causes damage to it, renders it useless, or otherwise inflicts an economic loss that is limited to the item itself. Insurance policies do not respond for losses attributable to inherent vice.......
60. Wharf A structure, built upon piles, against which a vessel may dock and discharge cargo.......
61. Free of Particular Average A clause in a basic marine cargo insurance policy restricting settlements in the case of partial losses attributable to perils of the sea or incidents where the vessel has been sunk, burned, or stranded during the course of the voyage. An F.P.A. policy provides the most limited coverage. The [...]...
62. Negotiation Summary of Negotiation The act whereby title to, and rights in, a negotiable instrument are transferred from one party to another. Instruments payable to "bearer"or endorsed in blank are negotiated by mere delivery; instruments payable "to order"of a specific party are [...]...
63. Bailee Summary of Bailee A person or firm entrusted with temporary possession of the personal property of another. Possession of the goods by the Bailee conveys no title and the Bailee must surrender them to the owner upon completion of the purpose that gave rise to the bailment. A steamship [...]...
64. Delivery Summary of Delivery The act whereby the owner of a vessel gives operational control over to the charterer.(Main Author: William J. Miller) In the United States For information about Delivery in the context of international trade, click here Delivery in International Trade Meaning [...]...
65. Insurable Interest An interest such that, should an insured peril occur, the insured party would suffer an economic loss.......
66. Gross Tonnage Gross Tonnage in International Trade Meaning of Gross Tonnage, according to the Dictionary of International Trade (Global Negotiator): The capacity of a vessel (no cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessel closed-in spaces. [...]...
67. Professional Liability Insurance Professional Liability Insurance in Aging Law Concept of Professional Liability Insurance in the context of Community Health Care and Services for Older Persons, published by the World Health Organization (WHO):Liability insurance to protect professionals for loss or expense resulting from [...]...
68. Credit Risk Insurance Credit Risk Insurance in International Trade Meaning of Credit Risk Insurance, according to the Dictionary of International Trade (Global Negotiator): Insurance designed to cover risks of nonpayment for delivered goods....
69. Carrier's Certificate A document issued by a steamship line, an airline, or other transportation company carrying imported merchandise certifying to the customs authorities that the party named is the legitimate recipient of the goods and is authorized to effect clearance through customs (see figure). The party so named ......
70. Common Carrier Read Carrier as cross-reference......
71. Carrier Liability Limit Carrier Liability Limit in International Trade Meaning of Carrier Liability Limit, according to the Dictionary of International Trade (Global Negotiator): The maximum amount of money for which a carrier is legally liable for loss or damage to cargo. This is surprisingly low. For example, under [...]...
72. Clean Product Carrier A tank vessel that transports only refined petroleum products, such as gasoline or kerosene, as contrasted with a ship which carries crude petroleum.......
73. Conference Carrier A steamship line that is a member of a Conference (read this legal term for further details).......
74. Straddle Carrier A self-propelled vehicle which lifts a container within its own framework. The device is commonly used at port facilities and container yards.......
75. Bridge Carrier A railroad that neither originates nor delivers a given lot of cargo; an intermediate carrier.......
76. Certificated Airline Carrier An airline which has been issued a certificate of public convenience AND NECESSITY (read this and related legal terms for further details) by competent governmental authority to operate airline service over prescribed ro......
77. Independent Carrier A steamship line that is not a member of the Conference (read this legal term for further details) over a given trade route.......
78. Intercity Carrier A motor carrier subject to Interstate Commerce Commission authority with a majority of revenues derived from nonlocal cartage.......
79. Local Carrier A motor carrier that operates wholly within a single or contiguous commercial zone but is still subject to Interstate Commerce Commission authority because of other motor carriage business, for example, because it handles interstate interline business or hauls certain regulated commodities.......
80. National Flag Carrier A common car RIER (read this and related legal terms for further details)-usually a steamship line or an airline- that bears its country's flag and is viewed in the trading community as representing the commercial in......
81. Nonconference Carrier A steamship line that is not a member of the Conference (read this legal term for further details) over a given trade route.......
82. Ultralarge Crude Carrier A tanker exceeding three hundred thousand deadweight tons.......
83. Very Large Crude Carrier A tanker measuring between two and three hundred thousand deadweight tons.......
84. Bulk Carrier Bulk Carrier in International Trade Meaning of Bulk Carrier, according to the Dictionary of International Trade (Global Negotiator): A vessel specifically designed to transport bulk cargo. There are two types of bulk carriers: those designed to transport dry bulk cargo such as grain or coal, [...]...
85. Flag Carrier Flag Carrier in International Trade Meaning of Flag Carrier, according to the Dictionary of International Trade (Global Negotiator): A vessel registered under the flag of a particular country. Some counties support their merchant marine industry by limiting certain types of cargo to vessel [...]...
86. Free Carrier (FCA) Free Carrier in International Trade Meaning of FCA (Free Carrier), according to the Dictionary of International Trade (Global Negotiator): In Incoterms FCA the seller fulfils his obligation to deliver when he has handed over the goods, cleared for export, into the charge of the carrier [...]...
87. Inland Carrier Inland Carrier in International Trade Meaning of Inland Carrier, according to the Dictionary of International Trade (Global Negotiator): A transportation line that hauls export and import traffic between ports and airports and inland points....
88. Non-Vessel Operating Common Carrier A common carrier providing point-to-point international transport of goods. This type of carrier, commonly known as NVOCC, may not actually operate any transport equipment, acting instead as a coordinator among actual carriers. For example, an NVOCC might issue a bill of lading from Saint Louis to M......
89. Admitted Carrier An insurance company that is admitted, i.e., licensed to do business, in a given jurisdiction.......
90. Reinsurance An arrangement in which an insurance underwriter contractually spreads its policy risks with other underwriters, sharing the premium with them. For example, an underwriter may issue a policy for fifty million dollars to cover the loss of a ship; being unwilling to assume the full risk of loss, [...]...
91. 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 [...]...
92. Counterpurchase A form of countertrade (read this and related legal terms for further details) in which two parties agree to purchase specified quantities of merchandise from each other at a fixed price. The effect is that each party si......
93. Countertrade A commercial arrangement in which the buyer pays for his purchases, wholly or partly, with something other than money. Very often countertrade deals include some cash, but a significant portion of the transaction is settled with commodities or services. Countertrade has been employed heavily [...]...
94. Catastrophic Health Insurance Catastrophic Health Insurance in Aging Law Concept of Catastrophic Health Insurance in the context of Community Health Care and Services for Older Persons, published by the World Health Organization (WHO):Health insurance which provides protection against the high cost of treating severe or [...]...
95. Capacity to Contract Capacity to Contract • Barriers to Contract--you either have the right to contract or not ? Analogous to Civil Procedure: either have standing or not. ? Constitutional Law: citizenship barriers. Graded (resident aliens, etc..), but sets up right to 'enter' legal system vs. not. [...]...
96. Bailment Summary of Bailment A contract by which one person (bailor) entrusts personal property to another person (bailee) for some specific purpose. All contracts for the carriage of goods, for example, are bailments.(Main Author: William J. Miller) Bailment, in law, a transfer of the [...]...
97. Beneficiary Summary of Beneficiary The party named in a letter of credit as authorized to draw bills of exchange for acceptance by the issuing bank.(Main Author: William J. Miller) Spanish Translation of beneficiary This is the legal translation of English to Spanish in relation to [...]...
98. Bill of Lading Bill Of Lading Summary of Bill Of Lading A document issued by a carrier to a shipper acknowledging receipt of the goods, and stating the points of pick-up and delivery, as well as other information relative to value declared for carriage, terms and conditions of transport, freight charges, [...]...
99. Cabotage Summary of Cabotage Literally, coastwise navigation, generally used to denote the proscription of foreign flag vessels in a nation's coastwise trade. Since an act of Congress in 1817 (2 Stat. 351), the coastwise trade of the United States has been reserved exclusively to American [...]...
100. Calvo Doctrine So named for the Argentine jurist Carlos Calvo, holds that a nation is obliged to extend to foreign business in its domain only non- discriminatory treatment; by entering a country, a foreign firm implicitly accepts local jurisdiction and will be treated as a national. This doctrine is [...]...
101. Capital Account Entries in a nation's balance of payment accounts reflecting long- or shortterm loans made to other countries, or by other countries to the recording nation. See Balance of Payments.......
102. 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 [...]...
103. Carmack Amendment The common name for the carrier liability provisions of the Hepburn Act of 1906 (49 U.S.C. Sec. 20[11]) by which the Interstate Commerce Act was amended to restrict efforts by certain common carriers to limit their liability for loss and damage of merchandise in transit. The amendment provides that ......
104. Cartage The transfer of merchandise locally, e.g., from a pier to a nearby warehouse; also, the charge for cartage services.......
105. Cartel Summary of Cartel An alliance among firms in the same line of business aimed at controlling or dominating their field on an international basis.(Main Author: William J. Miller) Definition of Cartel In accordance with the work A Dictionary of Law, this is a description of Cartel : [...]...
106. Contract Carriage Read Carrier as cross-reference......
107. Contract Of Affreightment Contract Of Affreightment Summary of Contract Of Affreightment A contract, between the shipper of goods and a transport company, specifying the terms and conditions under which a given lot of merchandise is to be moved. The contract is usually evidenced by a bill of lading containing the [...]...
108. Contract Shipper A merchant that has executed an Exclusive Patronage Contract (read this and related legal terms for further details) with a shipping conference, thereby agreeing to ship all its goods aboard vessels of steamship lines th......
109. Demurrage Charges payable by a shipper or consignee to a carrier for failing to unload, release, or otherwise return to service the carrier's equipment within a prescribed period of time. The amount of free time allowed to load, unload, or return the equipment and the rate of charges are specified in [...]...
110. Forward Exchange Contract An agreement to exchange, at a specified future date, a fixed number of units of one currency for a fixed number of units of another currency. Such contracts are often procured by merchants when they must settle future accounts in a foreign currency and wish to protect against possible losses [...]...
111. Free Alongside A condition in a shipping contract whereby the shipper bears all costs of delivering the goods up to a ship's tackle. This definition is modified to accommodate local customs of the port. ......
112. General Average Summary of General Average An ancient principle in international maritime law requiring a contribution by the vessel and cargo interests to pay for "extraordinary expenses and sacrifices"incurred in saving the vessel and its cargo. The term average derives from an Arabic word [...]...
113. Hamburg Rules A proposed international convention dealing with carrier liability for loss or damage to cargo transported by sea. Known formally as the United Nations Convention on the Carriage of Goods by Sea 1978, the convention was the product of a conference held at Hamburg, Federal Republic of [...]...
114. Hedging The act of avoiding price fluctuations over time of commodities or foreign currencies by buying or selling "forward." By hedging, a merchant fixes the future price of a commodity or currency. For example, an American who has purchased ten thousand yards of cloth at one pound per yard [...]...
115. Horizontal Integration Summary of Horizontal Integration Also known as horizontal expansion, the expansion of a firm through the acquisition of additional production capacity in its primary field. For example, a shipping company may expand horizontally by acquiring other vessels on the same trade route.(Main [...]...
116. Incoterms A codification of terms used in foreign trade contracts. Local customs and usage imported variations in meaning for such common terms as F.A.S., C.I.F., et cetera, often resulting in disputes between buyer and seller as to the respective obligations of each. In 1936 the Paris-based [...]...
117. Laytime The amount of time permitted the charterer of a vessel to perform loading and unloading without incurring additional charges. Charter parties normally provide for demurrage charges to accrue for time used beyond that allocated; similarly, the contract may provide for despatch money to be paid [...]...
118. Liner Terms A provision in some ship charter contracts in which the vessel pays loading or discharging costs, or both.......
119. Longshoreman A person employed in the loading and unloading of a vessel and the handling of cargo in and about the harbor area. The term longshoreman is often confused with stevedore; the latter is a firm contracted by the vessel to provide loading and unloading services, and employing longshoremen. ......
120. Spot Market A market for commodities or currency in which the sale results in an immediate or nearly immediate exchange of the goods or instruments for cash, as compared with a futures market, which trades in contracts for the future delivery of the product.......