The terms used in import business such as Warehouseman, Valued Policy, Wharfinger,World Trade Organization

 

The terms used in import business such as Warehouseman, Valued Policy, Wharfinger,World Trade Organization etc.

 

This post explains about terms used in import trade such as Tower's Liability,Unclean Bill,Uniform Rules of Collections,Unearned Premium,Voidable Policy , Warehouseman, Valued Policy,Wharfinger,World Trade Organization etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

The terms used in import business

 

Tonnage Deck :The uppermost continuous deck in ships having less than three decks, or the second continuous deck from below.

 

Tow :A ship being towed.

 

The terms used in import  business such as Warehouseman, Valued  Policy, Wharfinger,World Trade Organization etcTowage Bill :An account rendered for towage expenses.

 

Tower's Liability :Liability incurred by any ship or vessel incurred when she is towing another ship vessel or other object.

 

Trade Ullage :Natural loss to cargo (eng. evaporation).

 

Transhipment :The act of transferring goods from one vessel to another or from one conveyance to another including periods at transhipping ports or places.

 

Transtainer :A vehicle used for carrying cargo containers during loading or discharge operations or within port or terminal areas (see Straddle Carrier).

 

Transverse :Across a ship at right angles to a line drawn from bow to stern.

 

Tween Decker :Any ship having one or more decks below the main deck

 

Ullage :Distance between liquid surface & top of cargo tank - used to calculate volume of liquid in tank

 

Unclean Bill :A Bill of Lading that has been claused by the carrier to show that the goods were not in sound condition when received.

 

Under Deck Tonnage :The cubic capacity of the vessel below the tonnage deck in measurement tons of 100 cubic feet per ton.

 

Under insurance :Insuring for less than the full value of the subject matter insured.

 

Underwriter :One who agrees to compensate another for loss from an insured peril in consideration for payment of a premium.

 

Underwriting Agent :One who acts for an underwriter either in accepting business on his behalf (e.g. a company underwriting agent) or in taking care of his financial affairs in relation to underwriting (eg. a Lloyds underwriting agent).

 

Unearned Premium :Premium already paid to an underwriter which is in respect of a period when he was not at risk.

 

Uniform Customs & Practice for Documentary Credits (UCP) – A set of guidelines and rules drafted by the ICC covering dealings under Documentary Credits.

 

Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits (URR) – A set of rules drafted by the ]CC documenting the practice of handling reimbursements under Documentary Credits.

 

Uniform Rules of Collections (URC) :A set of rules drafted by the ICC covering the processing and handling of Documentary Collections by banks and the commercial parties to collections.

 

Unseaworthy :The condition of a vessel where from any cause it is unsafe to send her to sea US Commercial Service: The US Commercial Service is a Department of Commerce and International Trade Administration agency that helps US Companies, particularly small and medium-sized businesses make sales in international markets. Founded in 1980, the agency’s network includes 107 US Export Assistance Centers throughout the country, and more than 150 offices overseas. The US Commercial Service provides a multitude of export assistance services for US companies such as the Gold Key Matching Service, the International Partner Search, Commercial News USA, BuyUSA.com and the export.gov trade portal.

 

US Small Business Administration (SBA): The Small Business Administration (SBA) provides financial assistance to US exporters. SBA targets its assistance to small companies and strives to assist those businesses that otherwise might not be able to obtain trade financing. Applicants must qualify as small businesses under the SBA’s size standards and meet other eligibility criteria. SBA’s Export Working Capital Program gives lenders the comfort they need so small businesses can get the financing they need. Under the program, the SBA backs up a loan request with its repayment guaranty. The SBA guarantees up to $1 million or 90 percent of the loan amount, whichever is less; offers exporters preliminary commitments (PCs) that encourage lenders to provide credit; and offers a simplified application form. SBA’s International Trade Loan SBA guarantees to commercial lenders up to $1.25 million in combined working capital and fixed asset loans, including any other current SBA loan guarantees. Working capital may be made according to the provisions of the Export Working Capital Program or as a permanent working capital loan.

 

Valued Policy :The agreed value of the subject matter insured is stated on the policy. Hull and Goods policies are invariably of this type.

 

Vice Propre :Inherent vice

 

Void Policy :A policy which is invalid in a court of law (eg. a policy in respect of which the assured has no insurable interest or a P. P. 1. policy).

 

Voidable Policy :A policy in respect of which the underwriter is entitled to avoid liability (see Avoidance).

 

Voyage Charter :The shipowner hires his vessel subject to various conditions for the carriage of cargo for a single voyage.

 

Wagering Policy :A policy in respect of which the assured has no insurable interest.

 

WAIVER:If you breach these Conditions of Use and we take no action, we will still be entitled to use our rights and remedies in any other situation where you breach these Conditions of Use.

 

Warehouse :Any building or structure used for the storage of goods.

 

Warehouseman :The person responsible for the care of goods while they are in store

 

Warehousing Entry :A document required by Customs authorities when goods arc placed in a bonded warehouse.

 

Warping :Using ropes or cables to manoeuvre a ship.

 

Warranty :An undertaking by one party to a contract agreeing to abide by certain conditions required by the other party in relation to performance of the contract (eg. warranty of seaworthiness whereby the shipowner agrees to provide a seaworthy vessel to carry the goods specified in a contract of affreightment).

 

Warranty:Unless otherwise stated in the vehicle description, this vehicle is being sold "as is". No representations or warranties are made by seller, nor are any representations or warranties relied upon by bidders in making bids. Manufacturer's warranties may still apply. Extended warranties may be available; please contact us for details.We reserve the right to cancel all bids and end an auction early should the vehicle no longer be available for sale.

 

Waterborne Agreement :An understanding in the marine insurance market whereby underwriters will cover goods against war risks only while they are on board an overseas vessel. Limited cover is allowed while goods are in craft en route between the ship and shore and also during transhipment.

 

Weather Working Day :A day of 24 hours on which work is not prevented by bad weather.

 

Well :An open space between superstructures or deckhouses on a ship.

 

Wharfage :The charges made for the use of a wharf, usually levied on the cargo owner.

 

Wharfinger :The person in charge of a wharf.

 

With Average :Used in cargo insurance, this means that the policy covers both particular and general average

 

Without Benefit of Salvage :A term in a marine insurance policy whereby the underwriter forgoes his subrogation rights.

 

Working Day :A day in which work is normally done at a particular port, excluding Sundays or official holidays.

 

World Trade Organization (WTO): Created in 1995 as a result of the Uruguay Round of the GATT, and hosted in Geneva, Switzerland, the World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At the heart of the system – known as the multilateral trading system – are the WTO’s agreements, negotiated and signed by a large majority of the world’s trading nations, and ratified in their parliaments. These agreements are the legal ground-rules for international commerce. Essentially, they are contracts, guaranteeing member countries important trade rights. They also bind governments to keep their trade policies within agreed limits to everybody’s benefit. But their purpose is to help producers of goods and services, exporters, and importers conduct their business.

 

Wreck :Whatever may remain of property which has been severely damaged in a maritime adventure. An underwriter who has paid a total loss on the property is entitled to take over the wreck, dispose of it as he thinks fit and retain the whole of the proceeds, if any, even if these exceed the claim paid.

 

York-Antwerp Rules :A set of internationally accepted rules for application to general average circumstances. Most contracts of affreightment provide for general average to be adjusted in accordance with these rules. In the absence of such agreement adjustment is made in accordance with the law of the place where the adventure is terminated.

 

The above details describes about terms called in import trade such as Tower's Liability,Unclean Bill,Uniform Rules of Collections,Unearned Premium,Voidable Policy , Warehouseman, Valued Policy,Wharfinger,World Trade Organization etc .These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in overseas trade below this post. 

The terms used in import business such as Lighterage ,Location Clause ,Lloyd's Agents ,Missing Ship ,Memorandum 

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