Terms used in shipping such as Compensation, Conbill, COMSAT, Concession, Concealed Loss , Conference etc.
This post explains about terms used in shipping such as Communautes , Europeenes,Compensation,Conbill,COMSAT,Concession,Concealed Loss , Conference, Conference rate,Conference 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
Commonwealth of Independent States - The CIS was established in December 1991 as an association of 11 republics of the former Soviet Union. The members include: Russia, Ukraine, Belarus (formerly Byelorussia), Moldova (formerly Moldavia), Armenia, Azerbaijan, Uzbekistan, Turkmenistan, Tajikistan, Kazakhstan, and Kirgizstan (formerly Kirghiziya). The Baltic states did not join. Georgia maintained observer status, before joining the CIS in November 1993. Until that time, the NIS (Newly Independent States) differed from the CIS in that the NIS is a collective reference to 12 Soviet republics, including Georgia.
Communautes Europeenes - The CE mark is applied to products, their packaging or paperwork as a declaration of conformity, third party testing and/or certification, quality assurance audit and/or full type approval by a body authorized by a European Economic Community member state and recognized by the European Commission. Effective January 1, 1993, the CE mark on a product attests that it complies with all in-force Directives pertinent to it. The CE mark preempts all other European Community national safety marks. If it is discovered that the CE mark has been improperly affixed, the product in question will be prohibited and no longer marketed. Legal penalties are at the discretion of each member state.
Communications Satellite Corporation - COMSAT was established in 1963 under provision of the Communications Satellite Act of 1962. The legislation directed that COMSAT establish the world's first commercial international satellite communications system. The Act also stipulated that the company operate as a shareholder-owned "for-profit" corporation. COMSAT represents the U.S. in the International Telecommunications Satellite Organization.
Comp. T.L. - Compromised total loss
Compagnie Francaise d'Assurance pour le Commerce Exterieur - COFACE is a French company acting as a commercial export finance agency by insuring short-term political and commercial risk and by facilitating the financing for export credit. Any French exporter (manufacturers, intermediaries, confirmers, and merchants) of French goods and services can be insured for sales abroad. In conjunction with the Banque Francaise du Commerce Exterieur and other banks and institutions, COFACE provides services similar to the Export-Import Bank. COFACE was established in 1946; headquarters are in Paris, France. See: Banque Francaise du Commerce Exterieur.
Compensation - A GATT principle which holds that if any member country raises a tariff above its bound rate, withdraws a binding or otherwise violates a trade concession with GATT justification, the party must lower other tariffs or make other concessions to offset the disadvantage suffered by trading partners or face offsetting actions (retaliation) by affected parties.
Compensatory and Contingency Financing Facility - The CCFF is an International Monetary Fund (IMF) facility which provides resources to an IMF member for a shortfall in export earnings or an excess in cereal import costs that is due to factors largely beyond the member's control and which is temporary. Compensatory financing, introduced in 1963 and broadened several times, provides aid to members experiencing balance of payments problems as a result of fluctuations in commodity prices and shortfalls of receipts in tourism, "workers' remittances" and most services. Contingency financing helps members with IMF-supported adjustment programs to maintain the momentum of adjustment efforts in the face of a broad range of unanticipated, adverse external shocks -- for example, changes in international interest rates or prices or primary imports or exports.
Competitive Broker - A broker engaged in efforts to bring together an owner's confidential broker with the broker of a suitable charterer is engaged in competitive chartering and is called a competitive broker.
COMPLEMENT:The number of officers and crew employed upon a vessel for its safe navigation and operation.
Composite Currency Peg - See: Exchange Rate Classifications.
Composite Theoretical Performance - Computer hardware export license requirements are evaluated according to Composite Theoretical Performance (CTP), which replaced the former Processing Data Rate (PDR) parameter. CTP is measured in Million Theoretical Operations Per Second (MTOPS). CTP was developed by the U.S. as a new parameter, and was adopted by CoCom during the Core List negotiations, because PDR was not applicable to certain modern computer architectures such as vector processors, massively parallel processors, and array processors. CTP is designed to measure all of these architectures, as well as signal processing equipment.
COMPRO - COMPRO is an on-line trade data retrieval system maintained by the International Trade Administration within the U.S. Department of Commerce. The system is exclusively for use within the federal government trade community (ITA, USTR, ITC, and other executive branch agencies. It is also the oldest and best known component of the Trade Policy Information System (TPIS). COMPRO is slated to be replaced in the FY 1995-96 TPIS modernization, but its functions will remain available in an expanded and generalized form. See: Trade Policy Information System.
COMSAT - Communications Satellite Corporation
Conbill - Bill of Lading approved by the BIMCO for use when no Charter-Party is signed.
Concealed Damage:Damage that is not evident from viewing the unopened package.
Concealed Loss - When the recipient of a package is not able to see damage to the item(s) until the package is opened. The damage was not visible at the time of delivery
Concession - A tariff reduction, tariff binding, or other agreement to reduce import restrictions; usually accorded pursuant to negotiation in return for concessions by other parties.
Conditional Most-Favored-Nation Treatment - The according of Most Favored Nation (MFN) treatment subject to compliance with specific terms or conditions. All members of GATT, including the United States, accord unconditional MFN treatment to most other GATT members. The United States, howeerms of Title IV of the Trade Act of 1974.
Conds. – Conditions
Confederation Internationale du Credit Agricole - COCA (English: International Confederation of Agricultural Credit, ICAC) coordil credit banks and other institutions which provide or study agricultural credits. ICAC was established in 1932; headquarters are in Zurich, Switzerland.
Conference - Two or more shipping lines operating a service in common between designated geographical areas. The lines agree a set of freight rates and any special rates for shippers and each line charges the same as the others. The ships used are of types suitable for the trade. Unlike tramp shipping where freight rates are function of daily supply and demand, conference rates are relatively stable: base rates are altered by means of a general rate increase which in many cases is once a year. Lines in a conference are governed by the rule of membership which may include rights to load or discharge at certain ports, and pooling of cargo. Also referred to as a freight conference or a shipping conference or a liner conference.
Conference Europeenne des Administrations des Postes et des Telecommunications - CEPT (English: lecommunciations services. Many CEPT standards creating activities have been assumed by the European Telecommunications Standards Institute. CEPT maintains offices in Paris, France and Bern, Switzerland. See: European Telecommunications Standards Institute.
Conference rate: Rates arrived at by conference of carriers applicable to water transportation.
Conference:A group of shipping companies who have associated to offer regular services on specific routes at published rates. Sometimes referred to as liner shipping. Non conference shipping lines are sometimes referred to as independent or outsiders.
CONFERENCE:A group of vessel operators joined together for establishing freight rates.
CONFERENCE:An affiliation of shipowners operating over the same route(s) who agree to charge uniform rates and other terms of carriage. A conference is “closed” if one can enter only by the consent of existing members of the conference. It is “open” if anyone can enter by meeting certain technical and financial standards. Conference members are common carriers.
Conference:An association of ship owners operating in the same trade route who operate under collective conditions and agree on tariff rates.
The above details describes about terms called in freight forwarding such as Communautes , Europeenes,Compensation,Conbill,COMSAT,Concession,Concealed Loss , Conference,Conference rate,Conference 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 trade below this post.Terms used in shipping such as Commodity Credit Corporation,Common Carrier , Common Agricultural Policy , COMMON CARRIER
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