Terms used in shipping such as Uniform liability system,Union du Maghreb Arabe , Union of Banana Exporting Countries etc.
This post explains about terms used in shipping such as Underwriter, Undercharge, Uniform liability system,Union du Maghreb Arabe ,Union of Banana Exporting Countries,Unit Load,US Customs,Unless Used ,Unloading 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
Unclean Bill of Lading - See dirty Bill of Lading.
Unconfirmed: A letter of credit forwarded to the beneficiary by the advising bank without engagement on the part of the advising bank.
UNCSTD - United Nations Conference on Science and Technology for, Development
UNCTAD MMO:UNCTAD Multi Modal Transport Convention.
UNCTAD:United Nations Conference on Trade and Development
UND - United Nations Disaster Relief Organization
Undercharge:To charge less than the proper amount.
Underwriter:In marine insurance, one who subscribes his name to the policy indicating his acceptance of the liability mentioned therein, in consideration for which he receives by way of a premium.
UNDP - United Nations Development Program
UNEP - United Nations Environment Program
UNESC - United Nations Educational, Scientific and Cultural, Organization
Unfair Trade Practice - This term refers to any act, policy, or practice of a foreign government that: (a) violates, is inconsistent with, or otherwise denies benefits to the U.S. under any trade agreement to which the United States is a party; (b) is unjustifiable, unreasonable, or discriminatory and burdens or restricts United States commerce; or (c) is otherwise inconsistent with a favorable section 301 determination by the U.S. Trade Representative.
UNFPA - United Nations Fund for Population Activities
UNGA - United Nations General Assembly
UNHCR - United Nations High Commissioner for Refugees
UNICEF - United Nations Children's Fund
UNID - United Nations Industrial Development Organization
UNIDROIT - International Institute for the Unification of Private Law
UNIFORM COMMERCIAL CODE:The Uniform Commercial Code, or Uniform Customs and Practice for Documentary Credits ICC Publication No. 500, was first established and published in 1933 by the International Chamber of Commerce. Revisions were made in 1951, 1962, 1974, 1983, and 1993. The code defines documentation standards to be followed by international banks when negotiating letters of credit. The code is binding, and seeks to define a worldwide standard applicable to all involved in international trade, exchanging goods, and money using the international letter of credit.
Uniform Customs and Practices for Documentary Credits (UCP):Rules for letters of credit drawn up by the Commission on Banking Technique and Practices of the International Chamber of Commerce in consultation with the banking associations of many countries. See Terms of Payment.
Uniform liability system:This is a kind of liability system such that the through transport manager assumes the duty. According to the system, the carrier who signs the through transport bill of lading assumes whole duty, i.e., the carrier assumes same duty for the damage or short in any transport phase. If the phase can be identified, the through transport carrier can claim for compensation to the actual carrier of the phase.
Union de Paises Exportadores de Banano - See: Union of Banana Exporting Countries.
Union Douaniere et Economique de l'Afrique Centrale - See: Central African Customs and Economic Union.
Union du Maghreb Arabe - See: Arab Maghreb Union.
Union Internationale des Telecommunications - See: International Telecommunication Union.
Union Monetaire Quest-Africaine - See: West African Monetary Union.
Union of Banana Exporting Countries - The Union (Spanish: Union de Pa¡ses Exportadores de Banano, UPEB) promotes the banana industry among membes. The Union was established in 1974; headquarters are in Panama. Members include: Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua, Panaman, and Venezuela.
Unit Load:Packages loaded on a pallet, in a crate or any other way that enables them to be handled at one time as a unit.
Unit Train:A train of a specified number of railcars, perhaps 100, wherein they remain in a unit for a designated destination or until a change in routing is made.
UNITAR - United Nations Institute for Training and Research
Unitisation - It is a term for the packing of single or multiple consignments into the ulDs or pallets.
Unitization:The consolidation of a quantity of individual items into one large shipping unit for easier handling. - Loading one or more large items of cargo onto a single piece of equipment, such as a pallet.
UNIVERSAL POSTAL UNION:The organization which negotiates international mail charges.
Unloading:Removal of a shipment from a vessel.
UNMANNED MACHINERY SPACES:A space where alarm bells are installed on the bridge of a ship to trace or rectify any machinery faults. The computerized devices will report any fault immediately it appears and the engineers on board can attend to the necessary ramifications.
UNSEAWORTHINESS:The state or condition of a vessel when it is not in a proper state of maintenance, or if the loading equipment or crew, or in any other respect is not ready to encounter the ordinary perils of sea.
URC522:Uniform Rules for Collections, International Chamber of Commerce publication 522, which lays out guidelines for banks to follow when handling Collections. (See also Collections).
US Customs - Trade Partner Against Terrorism (C-TPAT) - a voluntary supply chain security program led by U.S. Customs and Border Protection (CBP) and focused on improving the security of companies' supply chains with respect to terrorism.
USDA:United States Department of Agriculture.
UU - Unless Used - Charter-Party term which provides that a proportion normally all or half, of time used to load or discharge, as the case may be, during excepted periods counts for the purpose of calculating total time used.
V A T, Mexico:Valued-Added Tax on the portion of service provided by the Mexican carrier. The invoicing party is due to collect and remit this tax.
V.C. - Valuation clause
V.L.C.C. - very large crude carrier
v.o.p. - Value as in original policy
V.T.S. - Vessel Traffic Systems
V/C - Voyage Charter - Contract of carriage in which the charterer pays for the use of a ship's cargo space for one, or sometimes more than one, voyage. Under this type of charter, the shipowner pays all the operating costs of the ship while payment for port and cargo handling charges are the subject of agreement between the parties. Freight is generally paid per unit of cargo, such as ton, based on are agreed quantity, or as lump sum irrespective of the quantity loaded, the terms and conditions of the contract are set down in a document known as Charter-Party. A ship chartered in this way is said to be on voyage charter.
The above details describes about terms called in shipping such as Underwriter, Undercharge, Uniform liability system,Union du Maghreb Arabe ,Union of Banana Exporting Countries,Unit Load,US Customs,Unless Used ,Unloading 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 Registry of Seamen, Release, Relay, Reinst.,Restricted,Restitution,Revenue Ton
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