Terms used in shipping such as Insulated Container,Integrated Carriers,Intaken Weight , Insurance,Inter Arr,Insurance Certificate

 

Terms used in shipping such as Insulated Container,Integrated Carriers,Intaken Weight , Insurance,Inter Arr,Insurance Certificate etc.

 

 

This post explains about terms used in shipping such as Inspection Certificate,Inst. Wties,Insulated Container,Integrated Carriers,Intaken Weight ,Insurance,Inter Arr,Insurance Certificate,Insulated Tank Container 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.

 

Terms used in shipping

 

INLAND WATERS:Term referring to lakes, streams, rivers, canals, waterways, inlets, bays, and the like.

 

INMARSAT - International Maritime Satellite Organization

 

INR - Initial Negotiating Right

 

Terms used in shipping such as Insulated Container,Integrated Carriers,Intaken Weight , Insurance,Inter Arr,Insurance Certificate etcInside delivery:when driver is expected to unload freight and place inside building in predetermined area. This does not include un-cartoning, set up, or installation.

 

Inspection Certificate:A certificate issued by an independent agent or firm attesting to the quality and/or quantity of the merchandise being shipped. Such a certificate is usually required in a letter of credit for commodity shipments.

 

Inspection Certification - Some purchasers and countries may require a certificate of inspection attesting to the specifications of the goods shipped, usually performed by a third party. Inspection certificates are often obtained from independent testing organizations.

 

Inst. Wties - Insurance warranties

 

Installment Shipments - Successive shipments permuted under letters of credit. Usually they must take place within a given period of time. If not shipped within that period, the credit ceases to be available automatically unless otherwise authorized in the letter of credit.

 

Installment Shipments:Successive shipments are permitted under letters of credit. Usually they must take place within a given period of time.

 

Instruments of International Traffic - Lift vans, cargo vans, shipping tanks, skids, pallets, caul boards, and cores for textile fabrics, arriving (whether loaded or empty) in use or to be used in the shipment of merchandise in international traffic are designated as "instruments of international traffic" (IIT) within the meaning of section 322(a0, Tariff Act of 1930, as amended. Upon Customs acceptance of a type 3 bond, covering these IIT types, such instruments may be released without entry or the payment of duty, subject to the provisions of 19 CFR 10.41a.

 

Insulated Container Tank:The frame of a container constructed to hold one or more thermally insulated tanks for liquids.

 

Insulated Container:A container insulated on the walls, roof, floor and doors, to reduce the effect of external temperatures on the cargo.

 

Insulated Tank Container:The frame of a container constructed to hold one or more thermally insulated tanks for liquids.

 

Insurance Certificate - This certificate is used to assure the consignee that insurance is provided to cover loss of or damage to the cargo while in transit.

 

Insurance Policy:Contract of insurance

 

Insurance with Average-clause:This type of clause covers merchandise if the damage amounts to three percent or more of the insured value of the package or cargo. If the vessel burns, sinks, or collides, all losses are fully covered. In marine insurance, the word average describes partial damage or partial loss.

 

Insurance, All-risk:This type of insurance offers the shipper the broadest coverage available, covering against all losses that may occur in transit.

 

Insurance, General-Average:In water transport, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo. Those sharing in the spared cargo proportionately cover the loss of the sacrificed cargo.

 

Insurance, Particular Average:A Marine insurance term which refers to partial loss on an individual shipment from one of the perils insured against, regardless of the balance of the cargo. Particular-average insurance can usually be obtained, but the loss must be in excess of a certain percentage of the insured value of the shipment, usually three to five percent, before a claim will be allowed by the company.

 

Insurance:A process whereby someone with a risk of something happening to their financial detriment (the assured) pays someone else (an underwriter) a fee (premium) to bear that risk on their behalf.

 

Int. – Interest

 

Intaken Weight - Actual weight of cargo loaded on board a ship.

 

Integrated Carriers - Carriers that have both air and ground fleets; or other combinations, such as sea, rail, and truck. Since they usually handle thousands of small parcels an hour, they are less expensive and offer more diverse services than regular carriers.

 

Integrated Tariff of the European Community - TARIC is a publication which presents the regulations pertaining to import of products into the EC as well as for some exports. TARIC adopts the provisions of Community legislation, the harmonized system, and the combined nomenclature (CN).

 

INTEGRATED TUG BARGE:A large barge of about 600 feet and 22,000 tons cargo capacity, integrated from the rear on to the bow of a tug purposely constructed to push the barge.

 

Integrators:Companies that provide door-to-door domestic and international air freight service. Own and operate aircraft, as well as ground delivery fleets of trucks. In contrast, freight-hauling airlines (e.g., Delta, Lufthansa) typically do not provide door-to-door service. Example: UPS, FedEx, BAX Global, Emery Worldwide.

 

Intellectual Property Rights - IPR is a generic phrase encompassing intangible property rights, including, among others, patents, trade and service marks, copyrights, industrial designs, rights in semiconductor chip layout designs, and rights in trade secrets.

 

INTELLECTUAL PROPERTY:Ownership of the legal rights to possess, use, or dispose of products created by human ingenuity, including patents, trademarks and copyrights.

 

INTELSAT - International Telecommunications Satellite Organization

 

Inter Arr - Internal arrangements

 

Interagency Group on Countertrade - The IGC, established in December 1988 under Executive Order 12661, reviews policy and negotiates agreements with other countries on countertrade and offsets. The IGC operates at the Assistant Secretary level, with the Department of Commerce as chair. Membership includes 11 other agencies: Agriculture, Defense, Energy, Justice, Labor, State, Treasury, the Agency for International Development, the Federal Emergency Management Agency, the U.S. Trade Representative, and the Office of Management and Budget.

 

Inter-American Commercial Arbitration Commission - The IACAC administers a system for arbitrating and conciliating international commercial disputes throughout the Western Hemisphere. The Commission, associated with the Organization of American States, follows provisions of the United Nations Commission on International Trade Law. IACAC was originally established in 1934; headquarters are in Washington, D.C.

 

Inter-American Development Bank - IADB, or IDB, (Spanish: Banco Interamericano de Desarrollo, BID), is a regional financial institution which helps accelerate economic and social development in Latin America and the Caribbean. The Bank was established in 1959 (began operations in October 1960); headquarters are in Washington, D.C. The twenty-eight regional members include: Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, United States, Uruguay, and Venezuela. The IDB also includes 16 non-regional members: Austria, Belgium, Denmark, Finland, France, Germany, Israel, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. See: Caribbean Development Bank Inter-American Investment Corporation.

 

Inter-American Investment Corporation - The IIC is a multilateral investment corporation that promotes the economic development of the regional member countries by stimulating the establishment, expansion, and modernization of private enterprises, especially those of medium and small scale, in Latin America and the Caribbean. The IIC works directly with private enterprises in these countries and neither seeks nor requires government guarantees. The Corporation makes direct investments such as equity participation, loans and purhcases of debt instruments, as well as direct investment through other financial institutions. The Corporation also finances feasibility studies, underwrites securities, provides technical and managerial assistance, and helps entrepreneurs in mobilizing additional capital. The IIC is affiliated with the Inter-American Development Bank; it was established in 1986; headquarters are in Washington, D.C.

 

The above details describes about terms called in shipping such as Inspection Certificate,Inst. Wties,Insulated Container,Integrated Carriers,Intaken Weight ,Insurance,Inter Arr,Insurance Certificate,Insulated Tank Container 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 shipping business below this post.Terms used in shipping such Industrial List,Industry Subsector Analysis,Infant Industry,In-Flight Survey,Infrequent Exporter

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