Related Entries of the International Encyclopedia:

1. 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......
2. 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......
3. 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......
4. 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......
5. Berth No Berth A stipulation that may be included in a vessel charter party (read this and related legal terms for further details) providing that if the point of loading or discharge is a berth, and if the berth is not immediately ava......
6. Cargo-Carrying Capacity Synonymous with Deadweight Tonnage (read this and related legal terms for further details).......
7. 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......
8. Freight Broker Synonymous with Cargo Broker (read this and related legal terms for further details), in vessel charter transactions.......
9. Full And Down The condition of a vessel that is down to marks, i.e., loaded up to the maximum LOAD-LINE (read this and related legal terms for further details) capacity as well as having all cargo- carrying space fully occupied.......
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. 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 (...
12. On Board Bill Of Lading An ocean bill of LADING (read this and related legal terms for further details) bearing the carrier's endorsement "on board" or words of like import stipulating that the cargo covered by the bill of lading ......
13. On Deck Bill Of Lading An ocean BILL of Lading (read this and related legal terms for further details) bearing the specific endorsement "on deck," "on deck at shipper's risk," or words of like import. Such bills of ladi......
14. Visby Amendment A proposed revision to the Hague Agreement (read this and related legal terms for further details) of 1924 on the liability of ocean carriers for loss and damage to cargo. The Visby Amendment does not contemplate materia......
15. 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.......
16. Hazardous Cargo Cargo having dangerous properties requiring special stowage or handling in transit. Precise regulations defining what is hazardous and prescribing how such materials shall be packed, labeled, and documented are to be found in Title 49 of the Code of Federal Regulations. In addition, goods going abro......
17. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
18. Offshore Finance Company Synonymous with Foreign Base Finance Company (read this and related legal terms for further details).......
19. 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......
20. 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......
21. Transaction Value Of Similar Goods Sold An alternative method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
22. Green Clause A provision in a letter OF CREDIT (read this and related legal terms for further details) similar to a RED CLAUSE (read this and related legal t......
23. Pilotage The charge imposed on a vessel for the services of a pilot to guide the ship into or out o: a harbor. The actual costs of pilotage are computed in terms of pilotage units (read this and related legal terms for further detail......
24. Slot Ship Synonymous with cellularized vessel (read this and related legal terms for further details).......
25. 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.......
26. Mart And Countermart letters patent (read this and related legal terms for further details) issued by governmental authority to vessel owners authorizing them to wage war upon national enemies and to derive profit from vessels or goods acqui......
27. Overcarried Cargo Goods not discharged at their port of destination, but left aboard the vessel for discharge at a subsequent port.......
28. Tramp A vessel that offers nonscheduled service between such ports as afford cargoes of opportunity. Unlike a Liner (read this and related legal terms for further details), a tramp seeks to acquire a full load from one shipper......
29. Optional Bill Of Lading An ocean bill of Lading (read this and related legal terms for further details) that gives the carrier the prerogative of stowing the cargo anywhere aboard the vessel at his convenience; the effect is to permit cargoes s......
30. 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.......
31. 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.......
32. Consignee The person or firm to whom goods are shipped under a bill of lading (read this and related legal terms for further details) and so named in the bill.......
33. Feeder Vessel A small vessel or barge that carries goods from a principal port to outlying ports not served directly by the mother ship.......
34. 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 [...]...
35. Sacrifice The economic loss sustained when cargo, rigging, or other property is jettisoned or destroyed in the course of saving an imperiled ship; sacrifice losses are usually recoverable in General Average (read this and related lega......
36. Weather Permitting A condition in a vessel charter party that provides that time lost during loading or discharge because of weather conditions shall not count as Laytime (read this and related legal terms for further details).......
37. Liquidity Balance In national balance of payments accounting, the sum of the basic balance (i.e., current account plus long-term capital transactions), short-term capital transactions, net changes in holdings of special drawing rights, plus errors and omissions.......
38. Liquidity Rationing The regulation of a nation's money supply by central banking authorities. A central bank is able to control the money supply and the availability of funds to different sectors of the economy by freezing reserves, intervening in the money market, and similar devices.......
39. 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......
40. Hague Agreement The product of a 1924 conference on ocean carrier liability sponsored by the International Chamber of Commerce. The agreement embraced various defenses to carrier liability for loss or damage to cargo and established a limitation of liability at one hundred pounds sterling (approximately five hundre......
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. Berth A stipulation in a vessel charter party (read this and related legal terms for further details) that laytime ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal terms ......
43. Cargo Deadweight The cargo-carrying capacity, expressed in long tons, of a vessel when fully loaded excepting water, stores, bunkers, and supplies.......
44. 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.......
45. Straight Consignment Goods conveyed under a straight, i.e., nonnegotiable, Bill of lading (read this and related legal terms for further details).......
46. 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......
47. Superimposed Clause A notation on the face of a Bill Of lading (read this and related legal terms for further details) that indicates a defect in the cargo or its mode of transport. Such notations include "received in damaged condition......
48. 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......
49. 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......
50. Firm Indication An emphatic form of Indication (read this and related legal terms for further details) in vessel charter transactions.......
51. Gross Terms Synonymous with Gross Charter (read this and related legal terms for further details).......
52. Nonprivileged Foreign Status The condition of imported merchandise entered into a Foreign Trade Zone (read this and related legal terms for further details), other than goods that have been granted privileged foreign status (...
53. Quota-Class Merchandise Goods subject to Quota (read this and related legal terms for further details) restrictions.......
54. 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.......
55. Deductive Value Method An alternative method of valuing goods for customs purposes under the Customs Valuation code (read this and related legal terms for further details).......
56. 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......
57. Notional Concept Of Valuation An approach to the application of ad valorem duties that holds that duties should be applied upon the price the goods "ought to fetch" under specified conditions; this view was widely held for many years and was embraced in the Brussels Definition Of Value (...
58. Roll Trailer A low-bed trailer used to carry containers, machinery, and similar cargo, usually on a pier-to-pier basis in conjunction with Roll-On Roll-Off (read this and related legal terms for further details) vessels. These traile......
59. Switching Also known as switch trading, a Countertrade (read this and related legal terms for further details) arrangement under which a purchaser in one country assigns to a seller in another country an obligation due from a thir......
60. 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......
61. 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.......
62. 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.......
63. Aggregated Shipment A sum of cargo, bound for a single consignee, which has been assembled over time by a carrier at his premises from smaller lots shipped in from one or more sources. The entire lot will be shipped on to the consignee as a single load. The carrier may impose a charge for performing the ASSEMBLY servic......
64. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
65. Nonprivileged Domestic Status The condition of merchandise of U.S. origin entered into a foreign trade zone (read this and related legal terms for further details), other than goods that have been granted privileged domestic STATUS (...
66. Transaction Value Of Identical Merchandise An alternative method of valuing goods for customs purposes under the CustomsValuation Agreement (read this and related legal terms for further details).......
67. General Agreements To Borrow An arrangement among the GROUP OF TEN (read this and related legal terms for further details) nations to provide supplemental financing to the International Monetary Fund (...
68. Positive Concept Of Valuation An approach to the application of ad valorem duties that holds that duties should be applied upon the actual value of the transaction, as defined by buyer and seller. This view has been substantially fulfilled by the recent adoption of the transaction value basis of valuation in the Customs Valuatio......
69. 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......
70. Unilinear Tariff Synonymous with general TARIFF (read this and related legal terms for further details). Union D'Assureurs Des Credits Inter- Nationaux. The full, formal name of the Berne Union (...
71. Voluntary Stranding A grounding which results from the design and actions of the master to save the ship from imminent peril. Costs and sacrifices resulting from the voluntary act are recoverable in General Average (read this and related legal ......
72. Yugen Kaisha A form of limited company organization used in Japan for small or family-con- trolled corporations. This form, usually identified by the letters YK, resembles the American dosed corporation and usually includes restrictions on the transfer of stock. A large or public company is usually organized as ......
73. Column 1 Rate The rate of duty applied by U.S. Customs to imports from nations enjoying Most Favored Nation (read this and related legal terms for further details) status. See TARIFF (CUSTOMS); Tariff Schedules of the United States.......
74. 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 [...]...
75. Minimum List A statistical classification system for foreign trade advanced by the League of Nations. The report entitled Minimum List of Commodities for International Trade Statistics was published in 1938. Following World War II, it was superseded by the United Nations standard international Trade Classificati......
76. Zone Restricted Status A condition accorded to goods entered into a Foreign Trade Zone (read this and related legal terms for further details) solely for destruction or exportation to another country. These goods may not be manipulated or proc......
77. 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......
78. Forty-Forty-Twenty A provision of the Unctad Code Of Conduct For Liner Conferences (read this and related legal terms for further details) that calls for a system of cargo preference in which 40 percent of export cargoes would move on shi......
79. Pivot Charge The minimum charge imposed by an air carrier for the use of a Unit Load Device (read this and related legal terms for further details), or air container. The charge is based upon a Pivot Weight (...
80. 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 [...]...
81. Cargo Broker A broker representing the charterer in finding a vessel for hire.......
82. Fire Statute An act of Congress (46 USCA Sec. 182) passed in 1851 to relieve carriers of obligations to shippers for fire losses aboard ship, "unless such fire is caused by the design or neglect of the owner"; this provision has been effectively supplanted by Section 4(2)(b) of the carriage of GOODS BY......
83. Nairobi Treaty On The Protection Of The Olympic Symbol An international agreement to protect the Olympic symbol against commercial use without the approval of the International Olympic Committee (IOC). The treaty specifies that adhering states will prohibit use of the Olympic symbol on goods or advertising or as a trademark except under license from th......
84. Tariff (Customs) A document issued by a nation's customs authority principally for the purpose of specifying rates of duty to be applied on various imported products. A tariff customarily also includes quantitative restrictions (quotas) upon certain imports, preferential duties on products imported from specifie......
85. Fair Market Value The value an imported product would fetch, under similar circumstances of sale, were the goods sold in the country of origin. Customs authorities are usually interested in the fair market value of imported merchandise inasmuch as sales below such value may serve as the basis of a Dumping (...
86. 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 [...]...
87. Swapping A form of countertrade (read this and related legal terms for further details) by which the parties trade off goods that each controls at various locations so as to eliminate or mitigate transportation costs.......
88. Commodity Control List A listing of products subject to U.S. export controls administered by the Department of Commerce. The list includes items under controls imposed by COCOM (read this and related legal terms for further details) as well as......
89. Madrid Agreement For The Repression Of False Or Deceptive Indications Of Source On Goods An international agreement, commonly known as the Madrid Union, concluded for the purpose of suppressing false or misleading origin markings on goods sold in international commerce. Adhering states are obligated to seize and deny importation to merchandise bearing false markings indicating origin in......
90. 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.......
91. 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......
92. 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.......
93. Safeguard Measures Actions taken by a nation to protect its domestic industry and commerce from what it views as unfair or improper practices by a trading partner. For example, a trading partner's use of improper subsidies designed to artificially stimulate exports might result in such safeguard measures as the im......
94. Usance Credit Also known as a time credit, a Letter of Credit (q. v.) that provides that the drafts drawn under the credit will mature thirty, sixty, or more days, up to nine months, after sight or date. A letter of credit providing for settlement more than nine months from shipment of the goods is normally in t......
95. Ab Quai Synonymous with AB KAI (read this and related legal terms for further details).......
96. Coastwise Option A provision of the carriage OF GOODS BY SEA ACT (read this and related legal terms for further details) (COGSA) which permits COGSA to be incorporated into bills of lading covering shipments in the domestic maritime comm......
97. Column 2 Rate The rate of duty applied by U.S. Customs to imports from nations not enjoying Most Favored Nation (read this and related legal terms for further details) status. The Column 2 rate is the statutory rate of duty provided i......
98. 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......
99. Maritime Subsidy Board A body collateral to the Maritime administration (read this and related legal terms for further details) responsible for reviewing applications for subsidies to U.S. merchant vessel operators to permit competition with l......
100. Poultry War Synonymous with Chicken War (read this and related legal terms for further details).......
101. Collective Reserve Unit An artificial currency unit proposed in 1965 by Valéry Giscard d'Estaing of France. The cru, as it was known, was to have been linked to gold to create international reserves. The GROUP OF ten (read this and relat......
102. Consignment Summary of Consignment Goods in transit under a bill of lading (read this and related legal terms for further details)(Main Author: William J. Miller) Consignment in International Trade Meaning of Consignment, according to the Dictionary of International Trade (Global [...]...
103. Customs Enforcement Area An area not to extend more than fifty miles seaward, beyond the CUSTOMS WATERS (read this and related legal terms for further details). Within this zone customs officers are authorized to enforce U.S. laws if the preside......
104. Freely Offered Goods offered in the normal course of trade to all buying on essentially the same basis, e.g., with like prices, terms, discounts, et cetera. Under prior valuation schemes, the value at which the goods were "freely offered" served as the basis for the assessment of customs duties; this con......
105. Gold Tranche Position A drawing of foreign exchange from the international monetary FUND (read this and related legal terms for further details), by a member nation up to or equal with that country's gold on deposit with the IMF. In effec......
106. Marks And Numbers The use of identifying symbols and numbers on Break-Bulk (read this and related legal terms for further details) cargoes to differentiate among shipments. The practice, still widely followed, originated as a response to ......
107. Net Capacity Synonymous with deadweight Tonnage (read this and related legal terms for further details).......
108. 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......
109. Quayage Synonymous with Quay Dues (read this and related legal terms for further details).......
110. Under Deck Bill Of Lading An ocean bill of Lading (read this and related legal terms for further details) bearing the specific notation that the goods have been stowed below deck. Under deck stowage has been traditionally regarded as safer than s......
111. Special And Differential Treatment The concept that developing nations require special consideration in bilateral and multilateral trade negotiations, and that concessions should be granted to the developing nations without reciprocity. Although this concept has been advanced in various individual multilateral trade agreements, the T......
112. International Liquidity Resources See Also Public Finance Public Policy Tax Law Financial Regulation...
113. Libel A lawsuit in admiralty jurisdiction.......
114. Libelant The complainant in an admiralty suit, or libel; corresponds to a plaintiff.......
115. Licensing Summary of Licensing A process whereby a firm (the licensor) permits another firm abroad to use its trademarks, manufacturing processes, patents, or other inputs to manufacture or assemble the product locally, for which the licensee remits royalties to the firm granting the license. [...]...
116. Lift-On/lift-Off A type of vessel that is loaded by lifting break-bulk or containerized cargo aboard by cranes or similar gear.......
117. 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.......
118. Light Grain Grains, including barley and oats, having a density of fifty-six to seventy cubic feet per ton. ......
119. Lighterage A charge imposed for the transfer of cargo from vessel to shore and vice versa by means of lighters.......
120. Limited Coinage A government policy limiting the right of individuals to bring bullion to the mint and have it coined. See free coinage.......