Terms used in shipping such as Pan American Union,Paris Club ,Paris Convention,Part Cargo,Pass-Through,Per Diem etc.
This post explains about terms used in shipping such as Paired Ports,Pallet exchange,Pan American Union,Paris Club ,Paris Convention,Part Cargo,Pass-Through,Per Diem,Particular Average 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
PAIRED (PORT OF ARRIVAL IMMEDIATE RELEASE AND ENFORCEMENT DETERMINATION):A U.S. Customs program that allows entry documentation for an import shipment to be filed at one location, usually an inland city, while the merchandise is cleared by customs at the port of entry, normally a seaport. May be ineffective with certain types of high-risk cargoes, such as quota-regulated textiles or shipments from drug production regions. Cities where there is a natural flow of cargo are actually “paired” in the program; e.g., Atlanta, an inland city, is linked with Savannah, a seaport.
Paired Ports:A U.S. Customs program wherein at least two designated Customs ports will enter cargo that arrives at either port without the necessity of an in-bound document.
Pallet / Skid:A small platform, 40x48 inches usually, on which goods are placed for handling within a warehouse or a transportation vehicle such as a ship. Good for grouping break-bulk cargo for handling.
Pallet exchange:when a carrier is expected to bring the amount of pallets with him or her upon pickup and exchange them with the shipper for pallets loaded with freight. Upon unloading the same role is expected with the consignee.
Pan American Standards Commission - See: Comision Panaamericana de Normas Tecnicas.
Pan American Union - See: Organization of American States.
PANAMAX:A vessel designed to be just small enough to transit the Panama Canal
Paper Ramp:A technical rail ramp, used for equalization of points not actually served.
Paper Rate:A published rate that is never assessed because no freight moves under it.
PAPERLESS RELEASE:Under ABI, certain commodities from low-risk countries not designated for examination may be released through an ABI-certified broker without the actual submission of documentation.
PAPS…Pre-Arrival Processing System:An electronic system that allows U.S. Customs to review and pre-release shipments for import into the U.S.
Paramount Clause - Clause in a Bill of Lading or Charter-Party which stipulates that the contract of carriage is governed by the Hague Rules or the Hague-Visby Rules or the enactment of these miles in the country having jurisdiction over the contract.
Parcel Receipt:An arrangement whereby a steamship company, under rules and regulations established in the freight tariff of a given trade, accepts small packages at rates below the minimum bill of lading, and issues a parcel receipt instead of a bill of lading.
Paris Club - The Paris Club has become a popular designation for meetings between representatives of a developing country that wishes to renegotiate its "official" debt (normally excluding debts owed by and to the private sector without official guarantees) and representatives of the relevant creditor governments and international institutions. These meetings usually occur at the request of a debtor country that wishes to consolidate all or part of its debt service payments falling due over a specified period. Meetings are traditionally chaired by a senior official of the French Treasury Department. Comparable meetings occasionally take place in London and in New York for countries that wish to renegotiate repayment terms for their debts to private banks. These meetings are sometimes called "creditor clubs." See: London Club.
Paris Convention - The Paris Convention for the Protection of Industrial Property, first adopted in 1883, is the major international agreement providing basic rights for protecting industrial property. It covers patents, industrial designs, service marks, trade names, indications of source, and unfair competition. The U.S. ratified this treaty in May of 1887. The treaty provides two fundamental rights:- The principle of national treatment provides that nationals of any signatory nation shall enjoy in all other countries of the union the advantages that each nation's laws grant to its own nationals. - The right of priority enables any resident or national of a member country to, first, file a patent application in any member country and, thereafter, to file a patent application for the same invention in any of the other member countries within 12 months of the original filing and receive benefit of the original filing date. The resident or national of a member country also can claim the filing date of a trademark application or industrial design filed in another member country within six months of the filing date in his or her own country or country of residence.
PARS/INPARS…Pre-Arrival Review System:Available both at the border and inland (INPARS). An electronic system that allows CCRA to review and pre-release shipments for import into Canada.
Part Cargo - Goods which do not represent the entire cargo for a particular ship but whose quantity is sufficient to be carried on the charter terms.
Part Charter - The chartering of a ship to carry a quantity of goods, which represents only a part of the cargo.
PART CHARTER:Where part of an airline’s scheduled flight is sold as if it were a charter in its own right. Often incorrectly used as a synonym for split charter.
Part Load Charter - It is the chartering of a ship or an aircraft where it agrees that part of the cargo will be discharged at one destination and a part of it at another.
Partial Shipments:Under letters of credit, one or more shipments are allowed by the phrase "partial shipments permitted."
Participating Carrier (Tariff):A carrier that is a party, under concurrence, to a tariff issued by another transportation line or by a tariff's publishing agent.
PARTICULAR AVERAGE (PA):Partial loss or damage to goods.
Particular Average:See Insurance, Particular Average.
PASSENGER SHIP:A passenger ship that its authorized to carry over twelve passengers.
Pass-Through - Pass-through operations (also called transshipments) involve a foreign country's use of one country in a trade bloc as a means of gaining preferential treatment from other countries in the bloc. See: Transshipment.
Patent Cooperation Treaty - The Patent Cooperation Treaty, PCT, is a worldwide convention, open to any Paris Convention country. The PCT entered into force in 1978. Unlike the Paris Convention, which addresses substantive intellectual property rights, the PCT addresses procedural requirements, aiming to simplify the filing, searching, and publication of international patent applications.
Payee:A party named in an instrument as the beneficiary of the funds. Under letters of credit, the payee is either the drawer of the draft or a bank.
Payer:A party responsible for the payment as evidenced by the given instrument. Under letters of credit, the payer is the party on whom the draft is drawn, usually the drawee bank.
PBEC - Pacific Basin Economic Council
PCT - Patent Cooperation Treaty
pd. - Passed. Paid
PE - Centrally Planned Economy
PEC - President's Export Council
PECC - Pacific Economic Cooperation Council
PECSEA - President's Export Council, Subcommittee on Export, Administration
PEFC - Private Export Funding Corporation
PER CONTAINER RATE: Rates and/or changes on shipments transported in containers or trailers and rated on the basis of the category of the container or trailer.
Per Diem:A charge made by one transportation line against another for the use of its equipment. The charge is based on a fixed rate per day.
Per Diem:A charge, based on a fixed daily rate.
Per Diem:Per day.
The above details describes about terms called in shipping such as Paired Ports,Pallet exchange,Pan American Union,Paris Club ,Paris Convention,Part Cargo,Pass-Through,Per Diem,Particular Average 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 World Food Program,World Health Organization ,World Food Council ,World Traders Data Reports etc
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