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Terms used in freight forwarding such as House/House,Hub Airport,Independent Action,Bond Export Consolidator,Import Document Fee etc.
This post explains about terms used in freight forwarding such as House Bill Of Lading, House/House,Hub Airport,Independent Action,Bond Export Consolidator,Import Document Fee,IMDG Code,Igloo 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 freight forwarding
House Bill of Lading (HB/L) :Bill of lading issued by a forwarder or an NVOCC operator.
House Bill Of Lading (HBL) - This bill of lading is issued by the forwarder and will typically show the supplier (ex: ABC Manufacturing) as the shipper and the import customer (ex: XYZ Company) as the consignee.
This is the shipping agreement between the customer and the forwarder. The house bill covers just one shipping agreement and will still require an ocean carrier's master bill to move the freight.
House Bill: A House Bill is a secondary and sometimes Sub-internal bill of lading. It may show the relationship of the actual shipper and actual consignee
House to House Rates:This rate usually applied from the Shipper's Warehouse to the Consignee's Warehouse. Also known as Warehouse to Warehouse.
House to House Transport:The transport of cargo from the premises of the consignor to the premises of the consignee. Note: In the United States the term 'Point to Point Transport' is used instead of the term 'Door to Door Transport', because the term 'house' may mean 'customs house' or 'brokers house', which are usually located in the port.
House/House- See FCL/FCL. A shipment of goods from the shippers premises through to the consignee’s premises
House/Pier- See FCL/LCL
HTS :Harmonized Tariff Schedule – US classification of products/commodities released by the US International Trade Commission. All shipments moving from Canada into the US MUST show the HTS code (HS Code).
Hub Airport: An airport that serves as the focal point for the origin and termination of long-distance flights; flights from outlying areas are fed into the hub airport for connecting flights.
Hub: 1) A large retailer or manufacturer having many trading partners. 2) A reference for a transportation network as in "hub and spoke" which is common in the airline and trucking industry. For example, a hub airport serves as the focal point for the origin and termination of long-distance flights where flights from outlying areas are fed into the hub airport for connecting flights. 3) A common connection point for devices in a network. 4) A Web "hub" is one of the initial names for what is now known as a "portal". It came from the creative idea of producing a website, which would contain many different "portal spots" (small boxes that looked like ads, with links to different yet related content). This content, combined with Internet technology, made this idea a milestone in the development and appearance of websites, primarily due to the ability to display a lot of useful content and store one's preferred information on a secured server. The web term "hub" was replaced with portal.
I.A.T.A.- International Air Transport Association. The international organization of airlines that regulates conditions of operation, safety, schedules, and pricing for international air transport.
I.C.D.:Inland container depot.
I.M.D.G. Code - International Maritime Dangerous Goods Code. The regulations published by the IMO for transporting hazardous materials internationally.
I.T.-I.T. stands for Immediate Transportation. This is the Customs document that permits freight to transfer from one port to another prior to clearance. Also see IN-BOND.
IA (Independent Action) - A carrier can take an independent action within a conference resulting in a unique rate for that carrier, ability to file a rate independently of other carrier's action.
IATA - International Air Transport Association.
IATA (International Air Transport Association):International Air Transport Association. The trade and service organization representing international airlines from more than 100 countries.
IATA CARGO AGENT: A forwarder/broker who has been approved and is recognized by IATA to receive cargo, issue airwaybills and other documents for carriers and collect charges for air shipments.
IATA CARRIER: A carrier that is a member of the International Air Transport Association(IATA).
IATA Designator – Two character airline identification and precedes the
IATA: See International Air Transport Association
IATA: International Air Transportation Authority – governs the airline industry (both passenger and cargo). Known in North America as Cargo Network Services (CNS).
IBEC: In Bond Export Consolidator. A bonded warehouse where bonded and non-bonded cargo are stored for the purpose of co-mingled export consolidation
ICAO:International Civil Aviation Organization. A United Nations agency organized to ensure orderly worldwide technical development of civil aviation.
ICC - Abbreviation for:"Interstate Commerce Commission," "International Chamber of Commerce."
ICC -The International Chambers of Commerce
ICTF - Immediate Container Transfer Facility.
ID :Import duty
IDF - Import declaration form. An IDF is applied for and obtained from customs for any Commercial Importation. The IDF contains Value of the cargo for tax calculation, Quantity, Quality and Classification (HS Code)
IDF -Import Document Fee. A charge levied by airlines in Australia for handling the documents for each shipment they carry. In 1997 this charge was A$20.00 per Master Air Waybill.
Idle Time:The amount of ineffective time whereby the available resources are not used e.g. a container in a yard.
IE, TE :The abbreviation of the status of a 7512 Transportation Entry, IE= Immediate Exportation, TE= Transportation and Exportation.
IFF: Institute of Freight Forwarders
IFM - Inward Foreign Manifest.
Igloo An aircraft container which has a shape that is contoured to fit the shape and dimensions of an aircraft cargo hold.
IMDG Code- International Maritime Dangerous Goods Code, which is the code for the carriage of dangerous goods by sea
IMDG :International Maritime Dangerous Goods code
Immediate Delivery Entry - See Customs Entries.
Immediate Delivery Entry (I.D. Entry) - Procedure used to expedite the clearance of cargo. It allows up to ten days for the payment of estimated duty and processing of the consumption entry. In addition, it permits delivery of the cargo prior to payment of the estimated duty and then allows subsequent filing of the consumption entry and duty.
Immediate Transportation Entry (IT) - See Customs Entries.
IMO- The International Maritime Organisation, which is the United Nations body responsible for making safety and anti-pollution conventions and recommendations for sea transport.
Import :To bring in goods from a foreign country.
Import Licence :A document required and issued by some national governments authorizing the importation of goods into their individual countries countries an import permit is the same as an import licence.
Import License:Many countries have currency exchange controls which serve to limit the amount of currency available for the purchase of foreign merchandise. The import license is used to control orders sent to foreign exporters. It is important for exporters to understand their foreign buyer's licensing requirements as payment negotiations are made prior to any exportation.
The above details describes about terms called in freight forwarding such as House Bill Of Lading,House/House,Hub Airport,Independent Action,Bond Export Consolidator,Import Document Fee,IMDG Code,Igloo 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 freight forwarding trade below this post. Terms used in freight forwarding such as Hague Rules, Handling agent,Harmonized Code,Haulage,House Air Waybill,Hazardous Materia
The above information is a part of Online export import training guide
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