Terms used in shipping such as Lien Clause,Lighter,Lift,Limean,Limits Of liability,Limnet etc.
This post explains about terms used in shipping such as Letter of Indemnity, Licenses, Lien Clause,Lighter,Lift,Limean,Limits Of liability,Limnet 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
Letter of Indemnity:Guarantee from the shipper or consignee to indemnify carriers or forwarders for costs and/or loss, if any, in order to obtain favorable action by carriers or forwarders. It is customary practice for carries and forwarders to demand letters of indemnity from consignees for taking delivery of cargoes without surrendering bill of lading which has been delayed or is lost.
Liab. – Liability
LIB - Limited International Bidding
LIBID - London Interbank Bid Rate
LIBOR - London Interbank Offered Rate
Licenses: Some governments require certain commodities to be licensed prior to exportation or importation. Clauses attesting to compliance are often required on the B/L.Various types issued for export (general, validated) and import as mandated by government(s).
LI-Door — Liner in / Door (loading is at liner cost, delivering is provided to client's door).
ABS: The American Bureau of Shipping is a U.S. classification society that certifies if a ship is in compliance with standard rules of construction and maintenance.
Lien Clause - Clause in a voyage Charter-Party which entitles the shipowner to exercise a lien on the cargo, that is, to retain control of the cargo until any freight, deadfreight or demurrage which is owing is paid. This provision is often incorporated into the cesser clause, which seeks to relive the charterer once the cargo has been shipped.
Lien:A legal claim upon goods for the satisfaction of some debt or duty.
LIEN:Retention of property until outstanding dept is paid
LIFEBOAT DRILL:The master of every vessel is bound by international law to make the officers, crew and passengers adequately acquainted with the procedures of lowering and the use of lifeboats in case of emergency.
LIFEBOAT:A specially constructed double ended boat which can withstand heavy, rough seas.
Life-Cycle Processing - An accounting approach in which a company sets product prices based on recovering costs over the life cycle of the product. U.S. authorities dispute the validity of this approach because projections of future yield improvements cannot be verified at the time of dumping calculations.
LIFFE - London International Financial Futures and Options, Exchange
LIFO – Liner In Free Out - Qualification to freight rate denoting that it is inclusive of the sea carriage and the cost of loading. It excludes the cost of discharging, which is payable by the shipper or receiver, as the case may be. There may be a laytime and demurrage arrangement at the port of discharging since the carrier has no control over the discharging.
lift - Weight of an individual piece of cargo lifted or carried.
Lift On-Lift Off (LO/LO): Cargo handling technique involving transfer of commodities to and from the ship using shoreside cranes or ship's gear.
LIGHT DISPLACEMENT TONNAGE:The weight of a ship’s hull, machinery, equipment, and spares. This is often the basis on which ships are paid for when purchased for scrapping. The difference between the loaded displacement and light displacement is the ship’s deadweight.
Lightening:A vessel discharges part of its cargo at anchor into a lighter to reduce the vessel's draft so it can then get alongside a pier.
Lighter - An open or covered vessel which transfers cargo between ship and shore, used mainly in harbors and inland waterways. Lighters are generally used for shorter hauls than barges.
Lighter - It is a flat-bottomed boat used in transporting cargo between a vessel and the shore.
LIGHTER ABOARD SHIP:An ocean ship which carries barges. These barges are loaded with cargo, often at a variety of locations, towed to the ocean ship, sometimes referred to as the mother ship, and lifted or, in some cases, floated on board. After the ocean crossing, the barges are off-loaded and towed to their various destinations. The ocean ship then receives a further set of barges which have been assembled in readiness. This concept was designed to eliminate the need for specialized port equipment and to avoid transshipment with its consequent extra cost.
LIGHTER:(1) General name for a broad, flat-bottomed boat used in transporting cargo between a vessel and the shore. The distinction between a lighter and a barge is more in the manner of use than in equipment. The term “lighter” refers to a short haul, generally in connection with loading and unloading operations of vessels in harbor while the term “barge” is more often used when the cargo is being carried to its destination over a long distance. (2) An open or covered barge equipped with a crane and towed by a tugboat. Used mostly in harbors and inland waterways.
Lighter:An open or covered barge towed by a tugboat and used mainly in harbors and inland waterways.
Lighter:An open or covered barge towed by a tugboat and used mainly in harbors and inland waterways to carry cargo to/from alongside a vessel.
Lighterage - It is a term used for the cost of loading or unloading a vessel by means of barges alongside.
LIGHTERAGE:(1) Charge for conveying cargo by lighters or barges. (2) The cost of loading or unloading a vessel by means of barges alongside.
Lighterage:Refers to carriage of goods by lighter and the charge assessed therefrom.
LIGHTERING:Conveying cargo with another vessel known as a lighter from ship to shore, or vice versa.
LILO — Liner in/out (loading and discharging is at liner cost).
LIMEAN - London Interbank Mean Rate
Limited (Liability) - In the United Kingdom there are two types of limited companies: (a) a private limited company in which the public cannot be invited to subscribe to any share issue and (b) a public limited company (plc) which can raise funds through share issues. Before a limited company can "go public," it must have a minimum share capital. A private limited company requires no minimum share capital.
Limited Appointment - Limited appointees to the U.S. and Foreign Commercial Service (or to other foreign services) are persons from the private sector or from the Federal Government who are non-career officers assigned overseas for a limited time.
Limited International Bidding - LIB is one of several forms of procurement made with World Bank financing. In some circumstances (such as: small purchases, urgent need, or few suppliers), suppliers or contractors of specialized goods and services participate by invitation rather than in response to an advertisement. See: International Business Opportunities Service International Competitive Bidding Local Competitive Bidding.
Limits Of liability:The maximal compensation assumed by the carrier of the damage or short of the goods in container transportation. The following are some regulations of the compensation of full container load: if the number of pieces is not included in the bill of lading, the claim unit is one container, otherwise the unit is one piece. If the damage or lost happens during inland transportation rather than shipping, the compensation is in accordance with the maximal compensation of land transportation. If the containers are owned or supplied by the shipper, and the damage or lost results from the carrier, the claim unit is one container.
LIMNET - London Insurance Market Network
line - A company that operates a ship on a regular basis between advertised ports and offers space for goods in return for freight based on a tariff of rates.
Line Release System - The Line Release System, a part of Customs' Automated Commercial System, is designed for the release and tracking of shipments through the use of personal computers and bar code technology. To qualify for line release, a commodity must have a history of invoice accuracy, and be selected by local Customs districts on the basis of high volume. To release the merchandise, Customs reads the bar code into a personal computer, verifies that the bar code matches the invoice data, and enters the quantity. The cargo release is transmitted to the Automated Commercial System, which establishes an entry and the requirement for an entry summary, and provides the Automated Broker Interface system participants with release information.
The above details describes about terms called in shipping such as Letter of Indemnity, Licenses, Lien Clause,Lighter,Lift,Limean,Limits Of liability,Limnet 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 letter of credit (revocable),letter of credit (negotiable),letter of indemnity
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