Terms used in shipping such as Protective Clauses,Protective Order ,Protest System,Purchase Price, Purchaser


Terms used in shipping such as Protective Clauses,Protective Order ,Protest System,Purchase Price, Purchaser etc.



This post explains about terms used in shipping such as Project License,Project Cargo,Profit,Protective Clauses,Protective Order ,Protest System,Purchase Price, Purchaser,Purchasing Power Parity 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


Product Groups - Commodity groupings used for export control purposes. See: Export Control Classification Number.


PRODUCTION UNIT:Equipped to extract petroleum, e.g. oil production ship.


Prof. Com. - Profit commission (reinsurance)


Terms used in shipping such as Protective Clauses,Protective Order ,Protest System,Purchase Price, Purchaser etcProfit - For the purposes of constructed value in an antidumping duty investigation or review, the profit used is the profit normally earned by a producer, from the country of export, of the same or similar product as that under investigation. By statute, the amount of profit shall not be less than 8 percent of the sum of general expenses and cost.


PROFORMA:When used with the title of a document, the term refers to an informal document presented in advance of the arrival or preparation of the required document, in order to satisfy a customs requirement.


Project Cargo:This is a term normal referred to when shipping cargo air or sea, which does not fall within standard methods. Ie over-height, or oversize cargo which requires special equipment and handle.


Project License - The Bureau of Export Administration uses the project license to authorize large-scale exports of a wide variety of commodities and technical data for specified activities. Those activities are restricted to capital expansion, maintenance, repair or operating supplies, or the supply of materials to be used in the production of other commodities for sale. Items intended for resale in the form received are not permitted and must be effected under a Distribution License.


Project Rate:Single tariff item, established to move multiple commodities needed for a specified project, usually construction.


PROOF OF DELIVERY (POD):The delivery receipt copy of a freight bill indicating the name of the person who signed for a package with the date and time of delivery.


Proof of Delivery. A document required from the carrier or driver for proper payment.


PROPANE CARRIER:A ship designed to carry propane in liquid form. The propane is carried in tanks within the holds; it remains in liquid form by means of pressure and refrigeration. Such ships are also suitable for the carriage of butane.


PROPORTIONAL PRICE:Price from or to an intermediate point; may be used only to construct an interline price; i.e., a combination of two prices


Protecting Agent - Agent appointed by the owners or charterers to protect their interest and to supervise the work carried out by the ship's agent when. under the Charter-Party. the vessel is consigned to another's agent. If the Charter-Party calls for owner's agents, the charterers may appoint a protecting or supervisory agent to protect their interest at the port of loading and / or discharge. The same applies to shipowners, time charterers and voyage charterers.


Protectionism - The use of restrictions to discourage imports and artificially help domestic producers compete with foreign suppliers.


Protective Clauses - Clauses in a Charter-Party which provide contingencies for unforeseen situations, such as ice, strikes, general average or collision. Also known as protecting clause.


Protective Order - With regard to antidumping cases, a term for the order under which most business proprietary information is made available to an attorney or other representative of a party to the proceeding. See: Tariff Act of 1930.


Protest System - The Protest System, a part of Customs' Automated Commercial System, tracks protests from the date they are received through final action. A protest is the legal means by which an importer, consignee, or other designated part may challenge decisions made by a District Director of Customs.


PROTEST:U.S. Customs Form 19 allows for a refund of an overpayment of duty if filed within 90 days of liquidation.


Protocol - See: International Agreements Title and Rank.


Protocol of Provisional Application - A legal device that enabled the original contracting parties to accept general GATT obligations and benefits, despite the fact that some of their existing domestic legislation at that time discriminated against imports in a manner that was inconsistent with certain GATT provisions. Although meant to be "temporary," the Protocol has remained in effect; and countries that signed the PPA in 1947 continue to invoke it to defend certain practices that are otherwise inconsistent with their GATT obligations. Countries that acceded to the GATT after 1947 have also done so under the terms of the Protocol.


PSC:Port Service Charge, similar to APCA.


PSV - Post-Shipment Verification


PTA - Preferential Trade Area for Eastern and Southern African, States


Ptg. Std. - Petrograd Standard (timber trade)


Public Limited Company - See: Limited (Liability).


Public Service Commission:A name usually given to a State body having control or regulation of public utilities.


Publishing Agent:Person authorized by transport lines to publish tariffs or rates, rules, and regulations for their account.


Pulp Temperature:Procedure where carrier tests the temperature of the internal flesh of refrigerated commodities to assure that the temperature at time of shipment conforms to prescribed temperature ranges.


Pup:A short semi-trailer used jointly with a dolly and another semi-trailer to create a twin trailer.


Pup:small (usually 20') trailer that is utilized by less than truckload carriers. Often, these trailers are hooked together in groups of two or three to ship merchandise from one destination to another.


Purchase Price - A statutory term used in dumping investigations to refer to the United States sales price of merchandise which is sold or likely to be sold prior to the date of importation, by the producer or reseller of the merchandise for exportation to the United States. Certain statutory adjustments (e.g., import duties, commissions, freight) are made, if appropriate, to permit a meaningful comparison with the foreign market value of such or similar merchandise. See: Tariff Act of 1930.


Purchaser - Within the context of export controls, the purchaser is that person abroad who has entered into the export transaction with the applicant to purchase the commodities or technical data for delivery to the ultimate consignee.


Purchasing Agent - An agent who purchases goods in his/her own country on behalf of large foreign buyers such as government agencies and large private corporations.


Purchasing Power Parity - Purchasing power parity is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.


Purposes - Time allowed in a voyage Charter-Party for loading and discharging combined, expressed as a number of days or hours. Also referred to as all purposes.


PVOs - Private Voluntary Organizations


Q.S. - Quota share


Qlty – Quality


qn. – Quotation


QRs - Quantitative Restrictions


Quadrilateral Meetings - These are meetings involving trade ministers from the U.S., the European Community, Canada, and Japan to discuss trade policy matters.


QUALIFIED MEMBER OF THE ENGINE DEPARTMENT(OMED):Unlicensed members of the engine department who attend to a fully automated engine room.


The above details describes about terms called in shipping such as Project License,Project Cargo,Profit,Protective Clauses,Protective Order ,Protest System,Purchase Price, Purchaser,Purchasing Power Parity 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 ,Primary Product,Principal Officer ,Prior Deposits,Private Carrier,Prior Notice

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