Terms used in shipping such as Warehouse receipt, Warehouse Entry,Warehousing, Weight Cargo,Weight Certificate etc.
This post explains about terms used in shipping such as Warehouse receipt, Warehouse Entry,Warehousing,Waybill ,Weight Cargo,Weight Certificate,Well Car,West African Clearing House,West African Development Bank 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
Warehouse Entry:Document that identifies goods imported when placed in a bonded warehouse. The duty is not imposed on the products while in the warehouse but will be collected when they are withdrawn for delivery or consumption.
Warehouse receipt - It is a receipt issued by a warehouse which lists goods received for storage.
WAREHOUSE RECEIPT:A receipt of commodities deposited in a warehouse identifying the commodities deposited. It is non-negotiable if permitting delivery only to a specified person or firm, but it is negotiable if made out to the order of a person or firm or to a bearer. Endorsement (without endorsement if made out to bearer) and delivery of a negotiable warehouse receipt serves to transfer the property covered by the receipt. Warehouse receipts are common documents in international banking.
Warehouse Withdrawal for Transportation (WDT):Allows merchandise that has been withdrawn from a bonded warehouse at one port to be transported in bond to another port, where a superseding entry will be filed.
Warehouse Withdrawal for Transportation Immediate Exportation (WDEX):Allows merchandise that has been withdrawn from a bonded warehouse at one U.S. port to be exported from the same port exported without paying duty.
warehouse: A place in which goods or merchandise is stored.
Warehouse:A place for the reception and storage of cargoes.
Warehouse:A place for the reception, delivery, consolidation, distribution, and storage of goods/cargo.
WAREHOUSE-TO-WAREHOUSE:A clause in marine insurance policy whereby the underwriter agrees to cover the goods while in transit between the initial point of shipment and the point of destination with certain limitations, and also subject to the law of insurable interest. The warehouse-to-warehouse clause was once extremely important, but marine extension clauses now often override its provisions.
Warehousing - Warehousing refers to the storage of goods for a specified period of time.
Warehousing:The storing of goods/cargo.
WARRANTIES (1) EXPRESSED WARRANTY::An agreement written in a marine underwriter’s insurance policy which must be strictly and literally complied with. A violation voids the insurance, e.g., trading warranties. (2) Implied Warranty: – Fundamental conditions implied in a contract of marine insurance are seaworthiness of the vessel and the legality of the venture.
WATCH:The day at sea is divided into six four-hour periods. Three groups of watchstanders are on duty for four hours and then off for eight, then back to duty. Seamen often work overtime during their off time.
way bill: The document used to identify the shipper and consignee, present the routing, describe the goods, present the applicable rate, show the weight of the shipment, and make other useful information notations.
Waybill (WB):A document prepared by a transportation line at the point of a shipment; shows the point of the origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service. A waybill is forwarded with the shipment or sent by mail to the agent at the transfer point or waybill destination. Unlike a bill of lading, a waybill is not a document of title.
WCL - World Confederation of Labor
Wdg. – Wording
WEATHER PERMITTING:That time during which weather that prevents working shall not count as laytime
Webb-Pomerene Association - Associations engaged in exporting that combine the products of similar producers for overseas sales. These associations have partial exemption from U.S. anti-trust laws but may not engage in import, domestic or third country trade or combine to export services.
WEF - with effect from - This is said, for example, of the date when a new or amended surcharge of a shipping line takes effect.
Weight Cargo:A cargo on which the transportation charge is assessed on the basis of weight.
Weight Certificate:Usually issued by an official weigher on the dock, this certificate records the weight (as well as measurements) being entered on the back of the second and third copies of the dock receipt by clerk on the dock.
Weight Load Factor - It is the payload achieved as against available and is expressed as a percentage.
WEIGHT LOAD FACTOR:Payload achieved as against available, expressed as a percentage. Volume rather than weight frequently limit cargo; load factors of 100 percent are rarely achieved.
Weight Note:This note, or slip, shows the individual weight of each unit and is included in cases. It is also the official weigher's record.
Weight, Legal - It is net weight of goods along with inside packing. It does not include the weight of the exterior containers or packing materials.
WEIGHT, LEGAL:Net weight of goods plus the inside packing.
WEIGHT:(1) GrossThe weight of the goods including packing, wrappers, or containers, both internal and external. The total weight as shipped. (2) Net – The weight of the goods themselves without the inclusion of any wrapper. (3) Tare – The weight of the packaging or container. (4) Weight/Measurement Ton – In many cases, a rate is shown per weight/measurement ton, carrier’s option. This means that the rate will be assessed on either a weight ton or measurement ton basis, whichever will yield the carrier the greater revenue. For example, the rate may be quoted based on 2,240 pounds, 40 cubic feet, one metric ton, or one cubic meter. (5) Weight Ton There are three types of weight ton: the short ton, weighing 2,000 pounds; the long ton, weighing 2,240 pounds; and the metric ton weighing 2,204.68 pounds. The last is frequently quoted for cargo being exported from Europe.
Weights and Measures/Measurement ton:• 35.314 cubic ft or one cubic meter• Net ton/short ton - 2,000 lbs• Gross ton/long ton - 2,240 lbs• Metric ton/kilo ton - 2,204.6 lbs• Cubic meter - 35.314 cubic ft
Weights and Measures:Measurement ton - 40 cubic ft or one cubic meter,Net ton or short ton - 2,000 lbs,Gross ton/long ton - 2,240 lbs,Metric ton/kilo ton - 2,204.6 lbs,Cubic meter - 35.314 cubic ft.
Well Car:Also known as stack car. A drop-frame rail flat car.
West Africa Economic Community - CEAO (French: Communaute Economique de l'Afrique de l'Ouest), created in 1974, includes: Benin, Burkina Faso, Cote d'Ivoire, Mali, Mauritania, Niger, and Senegal. (Togo has observer status). The CEAO operates as a free trade area for agricultural products and raw materials and as a preferential trading area for approved industrial products, with a regional cooperation tax (TCR) replacing import duties and encouraging trade among members. A Community fund (FOSIDEC) promotes private lender Community participation in advancement of the Community's least developed nations (Burkina Faso, Mali, Mauritania, and Niger). CEAO envisions eventual creation of a customs union and coordination of fiscal policies. Community headquarters are in Ouagadougou, Burkina Faso.
West African Clearing House - WACH (French: Chambre de Cooperation de l'Afrique de l'Ouest, CCAO) provides settlement of payments services among central bank and other monetary authorities in West Africa. WACH was established in 1975 (began operations in 1976); headquarters are in Freetown, Sierra Leone. Membership includes the Central Bank of West African States (representing Benin, Burkina Faso, C"te d'Ivoire, Mali, Niger, Senegal, and Togo) as well as The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mauritania, Nigeria, and Sierra Leone.
West African Development Bank - The West African Development Bank, WADB, (French: Banque Quest-Africaine de Developpement, BOAD) promotes regional economic development and integration in West Africa. The Bank was established in 1973 (began operations in 1976); headquarters are in Lome, Togo. WADB members include: Benin, Burkina Faso, C"te d'Ivoire, Mali, Niger, Senegal, and Togo.
The above details describes about terms called in shipping such as Warehouse receipt, Warehouse Entry,Warehousing,Waybill ,Weight Cargo,Weight Certificate,Well Car,West African Clearing House,West African Development Bank 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 Pilotage,Plot number,Point to Port Rate,Point of Origin,Political Risk,Pooling,Port authority
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