Terms used in shipping such as Advocacy Center,Agency Clause,Agency Fee,Agent (Agt.),After Date etc

Terms used in shipping such as Advocacy Center,Agency Clause,Agency Fee,Agent (Agt.),After Date etc.

This post explains about terms used in shipping such as Advice of Shipment,Advising Bank,Advocacy Center,Agency Clause,Agency Fee,Agent (Agt.),After Date, Affreightment 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

Advice of Shipment:A notice sent to a local or foreign buyer advising that shipment has gone forward and containing details of packing, routing, etc. A copy of the invoice is often enclosed and, if desired, a copy of the bill of lading.

ADVISING BANK:A bank operating in the exporter’s country that handles letters of credit for a foreign bank by notifying the exporter that the credit has been opened in his favor.

Advising Bank:A bank operating in the seller's country, that handles letters of credit on behalf of a foreign bank.

Advisory Capacity - It is a term, which indicates that the shipper's agent, or representative is not empowered to make any definite decisions or adjustments without the approval of the group or the individual being represented.

Advisory Committee on Export Policy - "The Advisory Committee on Export Policy, ACEP, is an interagency dispute resolution body that operates at the Assistant Secretary level. ACEP is chaired by Commerce; membership includes the Departments of Defense, Energy, and State, the Arms Control and "

Advisory Committee on Trade Negotiations (ACTN) - "A group appointed by the U.S. President to advise him on matters of trade policy and related issues, including trade agreements."

Advisory Committee on Trade Policy and Negotiations - "The ACTPN is a group (membership of 45; two-year terms) appointed by the President to provide advice on matters of trade policy and related issues, including trade agreements. The 1974 Trade Act requires the ACTPN's establishment and broad representation"

Advocacy Center - "The Advocacy Center, established in November 1993, facilitates high-level U.S. official advocacy to assist U.S. firms competing for major projects and procurements worldwide. The Center is directed by the Trade Promotion Coordinating Committee; offices ar"

AES:Automated export system. System used by U.S. Customs for filing export documentations.

Affiliate - An affiliate is a business enterprise located in one country which is directly or indirectly owned or controlled by a person of another country to the extent of 10 percent or more of its voting securities for an incorporated business enterprise or an equi

Affiliated Foreign Group - "An affiliated foreign group means (a) the foreign parent, (b) any foreign person, proceeding up the foreign parent's ownership chain, which owns more than 50 percent of the person below it up to and including that person which is not owned more than 50 pe"

Affreightment - The hiring of a ship, the term may also sometimes be used to describe a contract for a series of voyages.

AFFREIGHTMENT, CONTRACT OF:An agreement by a steamship line to provide cargo space on a vessel at a specified time and for a specified price to accommodate an exporter or importer who then becomes liable for payment even though he is later unable to make the shipment. AFTIn, near, or toward the stern of the vessel.

AFREXIMBANK :African Export-Import Bank -

Africa Enterprise Fund - "The AEF, operating under the International Finance Corporation, began operations in late 1989. The Fund assists small and medium-size enterprises in sub-Saharan Africa, supports investment projects, and promotes development of private enterprises in Afri"

Africa Project Development Facility - The APDF seeks to accelerate development of productive enterprises sponsored by private African entrepreneurs as a means of generating self-sustained economic growth and productive employment in Sub-Saharan Africa. The facility provides advisory services

African Development Bank - AfDB (French: Banque Africaine de Developpement) provides financing through direct loans to African member states to cover the foreign exchange costs incurred in Bank-approved development projects in those countries. Fifty-one African countries are member

African Development Foundation - "ADF provides economic assistance to groups and institutions involved in development projects at the local level. The foundation's assistance, designed as a complement to the U.S. foreign aid program, is awarded only to native African organizations and in"

African Development Fund - The ADF (or AfDF)

African Export-Import Bank - "AFREXIMBANK offers short-term export trade financing to African exporters aimed at enhancing intra-African trade and Africa's exports. Agreement to create the bank was basedon a January 1993 agreement reached in Cairo, Egypt among African governments, ce"

African Management Services Company - "AMSCO provides temporary managers and management training to support the development of African companies. AMSCO works through a network of representatives in Africa; its clients include privately owned companies, public sector companies, and subsidiarie"

African Regional Organization for Standardization - "ARSO (French: Organisation Regionale Africaine de Normalisation, ORAN) promotes and coordinates standardization, quality control, certification, and metrology practices in Africa. The Organization has been developing African Regional Standards (ARS) in "

aft - At or towards the rear of a ship.

Aft:Back end of a vessel or movement toward the stern (back end) of a vessel.

AFTA - ASEAN Free Trade Area

After Date - "A term used on a draft, bill of exchange or note indicating the date from which a draft will begin counting days until maturity. If an exporter draws a draft and stipulates a payment ""30 days after date"", the draft is due 30 days from the date on which it"

AG - "Aktiengesellschaft, Australia Group"

AG - Arabian Gulf (used when vessels are proceeding to Arabian ports).

Agence de Cooperation Culterelle et Technique - "The ACCT (English: Agency for Cultural and Technical Cooperation) was created in 1970 to promote cultural and technical cooperation among French-speaking countries. Members include: Belgium, Benin, Burkina. Burundi, Canada, Central African Republic, Ch"

AGENCY AGREEMENT:An agreement whereby the steamship line appoints the steamship agent and defines the specific duties and areas of responsibility of that agent.

Agency Clause - Clause in Charter-Party, which stipulates whether the ship's agent at the loading and / or discharging ports are to be nominated by the shipowner or the charterer.

Agency Fee - Fee payable by the shipowner or ship operator to a port agent, whose duties may include arranging a berth with the port authority, ordering pilots, tugs and labor, entering the ship in at Customs and collecting freight.

Agency for International Development - "AID was created in 1961 to administer foreign economic assistance programs of the U.S. Government. AID has field missions and representatives in approximately 70 developing countries in Africa, Latin America, the Caribbean, and the Near East. "

Agency Tariff:A tariff published by an agent on behalf of several carriers.

Agency Tariff:Outlines charges (such as agency fee) assessed by agents for acting as protecting or husbanding for ships calling at port.

Agent (Agt.):A person authorized to transact business for and in the name of another person or company. Types of agent are:Brokers,Commission merchants,Resident buyers,Sales agents,Manufacturer's representatives

Agent (Agt.)A person authorized to transact business for and in the name of another person or company. Types of agents are:1. brokers2. manufacturer’s representatives3. commission merchants4. resident buyers5. sales agents6. vessel agents

The above details describes about terms called in shipping such as Advice of Shipment,Advising Bank,Advocacy Center,Agency Clause,Agency Fee,Agent (Agt.),After Date, Affreightment 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 as Additional Freight ,Admiralty ,Advance Freight,Advance,Adventure etc

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