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Terms used in freight forwarding such as Lagan,Lading,KYOTO CONVENTION,Lash Down,Less than container load,Less than Truck Load, ,Letter of Credit etc.
This post explains about terms used in freight forwarding such as Lagan, Lading,KYOTO CONVENTION,Lash Down, Less than Truck Load,Less-Than-Truckload ,Letter of Credit 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
KGS:Kilogram (2.2046 pounds).
Kilogram - 1,000 grams or 2.2046 pounds.
Kitting: Light assembly of components or parts into defined units ahead of production issue or customer shipment. Kitting reduces the need to maintain an inventory of pre-built completed products, but increases the time and labor consumed at shipment.
Knocked Down (KD) - Articles which are taken apart to reduce the cubic footage displaced or to make a better shipping unit and are to be re-assembled.
Knots Per Hour:Units of measure for ship's speed: Nautical Miles per Hour. One nautical mile is 1852 meters.
KT:Kilo ton (1,000 kilograms).
KYOTO CONVENTION: International Convention on the simplification and harmonization of customs procedures.
Kyoto Convention:The convention for the International Customs Co-operation Council held in Kyoto in 1974 for the simplification and harmonisation of national customs procedures. On 25th of June 1999 the updated and restructured International Convention on the simplification and harmonisation of Customs Procedures (Kyoto Convention) was unanimously adopted by 114 customs administrations. This convention was restructured to deal with computerised controls and to ensure better co- operation between customs authorities mutually and with trade in general.
L.C.L.: Less than container load.
L.I.F.O.: Liner in free out.
L/B:Land Bridge.
L/C -See Letter of Credit.
Label:A slip of e.g. paper or metal attached to an object to indicate the nature, ownership, destination, contents and/or other particulars of the object.
LADEN: Loaded.
Lading - Refers to the freight shipped; the contents of a shipment.
Lading: The cargo carried in a transportation vehicle.
Lagan- Cargo jettisoned and buoyed so that it may float and be recovered.
LAND: Landing Charge is usually a destination charge for LTL cargo
Landed Cost:The total cost which an importer pays to have goods delivered into their premises. This typically includes the costs of the goods, international transport, insurance premium, port charges, customs duties, delivery charges, bank charges etc.
LANDED PRICE:The buyer's calculation of the total costs of buying and receiving a product, somewhat irrespective of selling terms.
Lane: A major origin-destination pair, i.e., traffic lane, an origin-destination pairing. A manufacturer in Chicago ships to a destination in New York, producing the Chicago to New York trafficlane.
Lash Down:A method of securing cargo inside the hold or on deck of a vessel. Usually done with cables.
LASH- Lighter (barge) aboard a ship.
Lash:To hold goods in position by the use of, e.g., wires, ropes, chains and straps.
Laytime: Time given by the shipowner to allow a chartered vessel to load and/or discharge cargo.
LBS:Pounds.
LCL - Abbreviation for "Less than Container Load." The quantity of freight which is less than that required for the application of a container load rate. Loose Freight. Applies to ocean cargo.
LCL - A Less than Container Load shipment is one that is not large enough on volume or weight to fill a container.
LCL – Less than container load
LCL (Less Than Container Load) - Cargo in any quantity (usually loose cargo) intended for carriage in containers, the carrier is responsible for packing and unpacking the container at the carrier's premises.
LCL:Less than Container Load – ocean freight term, equivalent of LTL
LCL/FCL- Also called Pier/House movement. Exporters or forwarders deliver loose cargo to the ship’s depot (container base or container freight stations). The ocean carrier packs all the loose cargo into a container and loads onto ship. At destination, the full container is delivered to the consignee for unpacking at his premises.
LCL/LCL -Also called Pier/Pier movement.Cargo is delivered ‘loose’ to Container Freight Station (CFS) and packed for shipment by ocean carrier. At destination, the cargo is then unpacked from the container at the ocean carrier’s unpacking facility.
LCL:Less than Container Load, a small amount of cargo insufficient to on its own be economically shipped as FCL. It will be combined with other LCL cargo from other shippers going to the same destination port, into an FAK FCL. See also Consolidation.
Leg: A portion of a complete trip which has an origin, destination, and carrier and is composed of all consecutive segments of a route booked through the same carrier.
Less than Container Load: LCL A general reference for identifying cargo in any quantity intended for carriage in a container, where the Carrier is responsible for packing and/or unpacking the container. For operational purposes a LCL (Less than full container load) container is considered a container in which multiple consignments or parts thereof are shipped.
Less than Truck Load: LTL A term used if the quantity or volume of one or more consignment(s) does not fill a standard truck.
Lessee:The party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.
Lessor:The party who conveys specified property to another for a period of time in return for the receipt of rent.
Less-Than-Truckload (LTL): Goods weighing less than 10,000 pounds from several shippers loaded onto one trailer.
LETTER OF CREDIT – COMMERCIAL:A letter addressed by a bank, at the insurance and responsibility of a buyer of merchandise, to a seller, authorizing him to draw drafts to a stipulated amount under specified terms and undertaking conditionally or unconditionally to provide eventual payment for drafts.
LETTER OF CREDIT (COMMERCIAL (L/C)) - A letter addressed by a bank, at the insurance and responsibility of a buyer of merchandise, to seller, authorizing him to draw drafts to a stipulated amount under specified terms and undertaking conditionally or unconditionally to provide eventual payment for drafts.
Letter of Credit (L/C) - Financial document issued by a bank at the request of the consignee guaranteeing payment to the shipper for cargo if certain terms and conditions are fulfilled. Normally it contains a brief description of the goods, documents required, a shipping date, and an expiration date after which payment will no longer be made.
Letter of Credit :A conditional order in writing, issued by a buyer's bank, guaranteeing to pay the seller upon presentation of stipulated documents, strictly in accordance with the credit. It is strongly recommended that every exporter and importer has a copy of the "Uniform Customs and Practice for Documentary Credits", International Chamber of Commerce publication 500. These are available from most major Chambers of Commerce, or from us at AUD 20.00 including postage, handling and GST, to Australian addresses only.
The above details describes about terms called in freight forwarding such as Lagan,Lading,KYOTO CONVENTION,Lash Down,Less than container load,Less than Truck Load,Less-Than-Truckload ,Letter of Credit 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 Inventory Management,Inventory Accuracy,Issuing Bank ,Issuing Carrier,Jetsam
The above information is a part of Export Import Training online
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