Terms used in shipping such as ,Primary Product,Principal Officer ,Prior Deposits,Private Carrier,Prior Notice etc.
This post explains about terms used in shipping such as Prepaid,Prepaid billing,Pre-storage plan,Primary Product,Principal Officer ,Prior Deposits,Private Carrier,Prior Notice,Pro Forma Invoice,Pro Rata 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
Prepaid (Ppd.):Freight charges paid by the consignor (shipper) prior to the release of the bills of lading by the carrier.
Prepaid (Ppd.):One of the payment status where freight and charges are required to be paid by shipper before original bill of lading is released to them.
Prepaid billing:freight charges paid by shipper or third party.
PREPAID FREIGHT:Generally speaking, freight charges both in ocean and air transport may be either prepaid in the currency of the country of export or they may be billed collect for payment by the consignee in his local currency. On shipments to some countries, however, freight charges must be prepaid because of foreign exchange regulations of the country of import or rules of steamship companies or airlines.
Pre-payment:The buyer pays the seller for the goods prior to shipment.
President's Export Council - The President's Export Council (PEC) advises the President on government policies and programs that affect U.S. trade performance; promote export expansion; and provide a forum for discussing and resolving trade-related problems among the business, industrial, agricultural, labor, and government sectors. The Council was established by Executive Order of the President in 1973 and was originally composed only of business executives. The Council was reconstituted in 1979 to include leaders of the labor and agricultural communities, Congress, and the Executive branch. Twenty-eight private sector members serve "at the pleasure of the President" with no set term of office. Other members include five U.S. Senators and five Members of the House, the Secretaries of Agriculture, Commerce, Labor, State, and Treasury, the Chairman of the Export-Import Bank, and the U.S. Trade Representative. The Council reports to the President through the Secretary of Commerce. The President's Export Council, Subcommittee on Export Administration (PECSEA), formed in June 1976, advises the PEC, the White House, and Commerce on all export control matters, including those which affect Commerce, State, Defense and Energy. The PECSEA membership comprises 25 industry representatives, selected by the Secretary of Commerce.
President's Export Council, Subcommittee on Export Administration - See: President's Export Council.
PRE-SLUNG CARGO:Cargo shipped already in a cargo sling or net, such as coffee in bags or coconut shells. It is usually prepared and loaded at the pier, ready for the vessel’s arrival and subsequent loading.
Pre-storage plan: The schedule of the loading of the container vessel. The pre-stowage plan is compiled by the foreign vessel agent company according to the ordering list, loading and piling plan of the yard. The containers are loaded after the vessel arrives at the harbor with the permission of the carrier. If the harbor is one of the stops of the vessel, and there have been containers on the vessel, the pre-stowage plan should be compiled according to the reply of the vessel after informing the related information. The pre-stowage plan is composed of the transections of the rows, columns and tiers. The following requirements have to be met in pre-stowage: 1) Assure the intensity of the vertical section and the stability of the vessel; 2) Keep reasonable draught difference, so that the vessel reached the best sailing performance, i.e., convenient to operate and
fast; 3) Reasonably utilize the carrying capacity and volume of the vessel; 4) Assure the containers are complete in the house and safe on the deck; 5) Enable the convenience of loading and unloading; 6) Assure the containers to be unloaded in the next harbor are on the top in case of multiple unloading harbors.
PRIMA FACIE:A Latin term frequently encountered in foreign trade that means “on first appearance.” When a steamship company issues a clean bill of lading, it acknowledges that the goods were received “in apparent good order and condition” and this is said by the courts to constitute prima facie evidence of the conditions of the containers; that is, if nothing to the contrary appears, it must be inferred that the cargo was in good condition when received by the carrier.
Primary Product - A product in an unprocessed or natural state (e.g. an agricultural, mineral or fishery product).
Principal Officer - See: Title and Rank.
Principal Supplier - The country that has the largest portion of total GATT trade in a product imported into a given country. The principal supplier has first rights to negotiate compensation should a country assess a duty in excess of its bound rate. Any tariff concessions granted to the principal supplier are granted automatically to all other countries accorded MFN status.
Prior Deposits - A government requirement that an importer deposit in a commercial bank or central bank a specified sum of money (usually a percentage of the value of the imports my for a specified length of time as a condition of importing). These deposits are often held without interest and thus represent a real cost. They are recognized as barriers to trade.
Prior Notice (PN):Prior Notice requirements include a set of data elements on food imports that must be filed electronically, using either the FDA website or Automated Broker Interface (ABI).
Private Carrier:Owned and operated by a shipper. Usually refers to private trucking fleets. Components include: vehicle fleet, drivers, maintenance equipment. Often more expensive than contracting out, but not always. Can serve special needs: fast, high-ontime-reliability delivery; special equipment; special handling; availability.Examples: Safeway (grocery), Office Depot (office products).
Private Export Funding Corporation - PEFCO is a private company, accessed through its member banks and a few exporters, that works with Eximbank in using private capital to finance U.S. exports. The corporation acts as a supplemental lender to traditional commercial banking sources by making loans to public and private borrowers located outside of the United States who require medium and/or longer-term financing of their purchases of U.S. goods and services.
Private Form - Standard Charter-Party devised and used by a particular company. Oil companies when chartering tankers use the majority of these charter-parties.
Private Voluntary Organizations - PVOs are non-profit, tax-exempt and nongovernmental organizations governed by a group of private /citizens whose purpose is to engage in voluntary, charitable and development operations overseas. The U.S. Agency for International Development has registered over 150 PVOs which are eligible to receive USAID funding.
Pro Forma Charter-Party - Document containing all the terms and conditions of a contract between a shipowner and a charterer but which is unsigned and therefore is not a contract itself.
Pro Forma Disbursements Account - Statement sent by a ship's agent at a port to the shipowner in advance of the ship's call at the port. It consists of the expenses that are likely to be incurred, including port charges, pilotage, towage and the agent's commission. This account is used to help the shipowner estimate the viability of a voyage and serves as a request by the agent for sufficient funds to be made available prior to the ship's arrival.
Pro Forma Invoice - An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, and similar characteristics).
Pro Forma Invoice:An invoice provided by a supplier prior to the shipment of merchandise, informing the buyer of the kinds and quantities of goods to be sent, their value, and important specifications (weight, size, and similar characteristics). When an importer apply's for Letter of Credit as the means of payment, a Pro Forma Invoice from the beneficiary of such Letter of Credit , usually the exporter, is required by the L/C issuing bank.
Pro Forma:A Latin term meaning "For the sake of form."
PRO NUMBER:(1) A number assigned by the carrier to a single shipment, used in all cases where the shipment must be referred to. (2) The number used in identifying waybills and freight bills. Pro means progressive and agents use progressive numbers for this identification
Pro Rata:A Latin term meaning "In proportion."
PRODUCT CARRIER:tanker which is generally below 70,000 deadweight tons and used to carry refined oil products from the refinery to the consumer. In many cases, four different grades of oil can be handled simultaneously.
The above details describes about terms called in shipping such as Prepaid,Prepaid billing,Pre-storage plan,Primary Product,Principal Officer ,Prior Deposits,Private Carrier,Prior Notice,Pro Forma Invoice,Pro Rata 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 Port of Discharge,Port of Entry,POW WOW,pratique,Pratique Certificate, Preamble
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