Terms used in shipping such as Cairns Group,CABOTAGE,CABNIS ,Cable Address,Bureau Veritas etc.
This post explains about terms used in shipping such as call sign,Calendar Month,Cairns Group,CABOTAGE,CABNIS ,Cable Address,Bureau Veritas,Business Information Office,Business Facilitation Office 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
Bureau Veritas:A French classification society which certifies seagoing vessels for compliance to standardized rules regarding construction and maintenance.
Business Close Time:Indicate the time that your place of business closes for the day.
Business Council for International Understanding - "The BCIU is an independent, non-partisan, business association which was formed at the initiative of President Eisenhower. BCIU operates the U.S. Ambassadorial and Senior Diplomat Industry Program in which most U.S. Ambassadors come to BCIU after appoint"
Business Executive Enforcement Team - "The Business Executive Enforcement Team, BEET, provides a channel for private sector executives to discuss export control enforcement matters with the Bureau of Export Administration."
Business Facilitation Office - This is usually a booth with a reference desk with product catalogs manned by the Commercial Section or a qualified contractor to assist fair visitors or buyers searching for U.S. products or services at an international trade fair.
Business Information Office - The business information office or center is a post or contract-staffed commercial reference facility usually at a scheduled international trade exhibition.
Business Information Service for the Newly Indpendent States - "BISNIS is a one-stop shop for U.S. firms interested in obtaining assistance on selling in the markets of the Newly Independent States of the former Soviet Union (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, T"
Buy American Act - An act mandating preferential treatment for American products when awarding some government procurement contracts. This act is waived for purchases covered by the government procurement code.
Buy American Restrictions - "BARs were derived from the Buy American Act (BAA) of March 1933 and amended by the Buy American Act of 1988. Restrictions may take several forms, including: (a) straightforward prohibition of public sector bodies from purchasing goods from foreign suppl"
Buyback - See: Countertrade.
BXA - Bureau of Export Administration
C – Consulate
C & F:Cost and Freight. It is a term of trading in which the buyer of the goods pays an amount which covers the cost of the goods plus the cost of transporting the goods from origin to the port of discharge or final destination.
C of O (Certificate of Origin):Stamped official document declaring Country of Origin, this is often required for Textile products
C&F (or CFR) and CIF:Cost and Freight or Cost, Insurance and Freight. It is a term of trading in which the buyer of the goods pays an amount which covers the cost of the goods plus the cost of transporting the goods to the port of discharge (just landed, no local charges are prepaid). CIF also includes marine insurance.
C&F Named Port - Cost and freight. All costs of goods and transportation to the named port are included in the price quoted. Buyer pays insurance while aboard ship up to overseas inland destination.
C&F Terms of Sale (INCOTEMS):Obsolete, although heavily used, term of sale meaning "cargo and freight" whereby Seller pays for cost of goods and freight charges up to destination port. In July, 1990 the International Chamber of Commerce replaced C&F with CFR.
C.A. - Central America (Le. - WCCA or ECCA depending which side).
C.I.F.:Cost, Insurance and Freight: Export term in which the price quoted by the exporter includes the costs of ocean transportation to the port of destination and insurance coverage.
CABAF - Currency and bunker adjustment factor surcharge applied by some shipping lines, and set by some liner conferences on behalf of their members, which consists of a currency adjustment factor and a bunker adjustment factor combined. This surcharge is normally expressed as a percentage of the freight rate.
Cable Address - A code word of less than 10 letters, registered annually with the Central Bureau of Registered Addresses, used in lieu of the entire name and address of a firm receiving or sending cablegrams in order to reduce the number of words required in a cablegram.
CABNIS - Consortia of American Businesses in the Newly Independent, States
cabotage: Shipment of cargo between a nation’s ports is also called coastwise trade. The U.S. and some other countries require such trade to be carried on domestic ships only.
CABOTAGE:The carriage of goods or passengers for remuneration taken on at one point and discharged at another point within the territory of the same country.
Cabotage:Water transportation term applicable to shipments between ports of a nation; commonly refers to coast-wise or inter-coastal navigation or trade. Many nations, including the United States, have cabotage laws which require national flag vessels to provide domestic interport service.
CABOTAGE:Where cargo is carried on what is essentially a domestic flight and therefore not subject to international agreements that fix set rates. Cabotage rates are negotiable between shipper and airline and apply on flights within a country and to its overseas territories.
CAD – Cash Against Documents - Term of sale whereby the buyer receives the commercial documents, including the Bill of Lading, which is the document of title, on paying the seller for the goods. This term is also used to qualify a contract of carriage in which the carrier releases the Bill of Lading to the shipper in exchange for the goods.
CAF - Currency Adjustment Factor - Surcharge applied to freight rates by shipping lines or set by liner conferences on behalf of their members. The purpose of the currency adjustment factor is embodied in the E.S.C. (European Shippers' Councils) / C.E.N.S,A. (Council of European and Japanese national Shipowners' associations ) Code. It is to ensure that the revenue of the shipping lines is unaffected by the lines in relation to the tariff currency. The code provides formulae, adopted by many conferences, for calculating the CAF and, since the values of currencies can move upwards as well as downwards, the CAF which is normally expressed as a percentage of the freight, maybe negative as well as positive. Thus a tariff rate of $100 becomes $108 when subject to a plus 8 per cent CAF.
Cairns Group - The Cairns Group, established in August 1986 in Cairns, Australia, is an informal association of agricultural exporting countries. Members include: Argentina, Australia, Brazil, Canada, Chile, Colombia, Fiji, Hungary, Indonesia, Malaysia, New Zealand, Philippines, Thailand, and Uruguay. The Group seeks to reduce export subsidies and internal support measures and to bring about other reforms to international agricultural trade. The Cairns Group countries account for one third of world farm exports.
Caisse Centrale de Cooperation Economique - The CCCE, a specialized financial institution, is the lead agency in the French Ministry of Cooperation and Development in providing funds for aid and cooperation. The Caisse provides support for development and technical assistance in developing countries, particularly in supporting economic and social development in Africa and in various countries on the Indian Ocean, the Caribbean and the South Pacific, and in overseas French departments and territories where it supports productive private and public investment. The Caisse was created in December 1941; headquarters are in Paris, France.
Calendar Month - A "month" in a time charter usually means a calendar month, which extends from the given day of the month to the day of corresponding number in next month. If that next month, being shorter, does not have a day of that number, the calendar month expires on the last day of that month. For example, if a ship is delivered on August 31st, the 1st month's hire expires September 30th; the next month's hire would be payable on October 31st, not October 30th.
call sign - Sequence of letters and numbers, unique to each ship, that identify the ship.
The above details describes about terms called in shipping such as call sign,Calendar Month,Cairns Group,CABOTAGE,CABNIS ,Cable Address,Bureau Veritas,Business Information Office,Business Facilitation Office 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 Bridge Port,Bridge Point,breakbulk vessel,Break Bulk Cargo ,Break bulk
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