Terms used in shipping such as classification rating,class rates,claim,cash in advance, chq. Etc.
This post explains about terms used in shipping such as classification society,classification rating,class rates,claim,cash in advance, chq.,chopt,chock,chinese economic area 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
Chinese Economic Area - The CEA is an informal reference to the economic integration of Southern China with Hong Kong and Taiwan which has proceded without any "arrangement."
Chock:A piece of wood or other material placed at the side of cargo to prevent rolling or moving sideways.
Chopt - in Charterers' Option - Term in a Charter-Party which stipulates that the charterers have a choice in specific circumstances. For example, the contract may allow for discharge at port 'A' or port 'B' in charterers' option, with the provision that one port is to be declared to the shipowner by a certain point in the voyage.
chq. – Cheque
CI:Cost and Insurance. A price that includes the cost of the goods, the marine insurance and all transportation charges except the ocean freight to the named point of destination.
CIA (CASH IN ADVANCE):A method of payment for goods whereby the buyer pays the seller before shipping the goods.
CIAT - Centro Internacional de Agricultura Tropical
CICA - Confederation Internationale du Credit Agricole
CIDA - Canadian International Development Agency
CIF - Cost Insurance and Freight - Sales tern denoting that the seller is responsible for arranging and paying for the carriage of the goods to the agreed port of discharge and for the insurance of the goods covering the period of carriage involved in the contract of sale. The risk of loss or damage generally passes to the buyer when the goods pass ship's rail at the port of loading.
CIF Cost, Insurance and Freight (named port of destination) – Incotrems:This term is similar to CFR but with the addition that the seller has to procure marine insurance against the buyer's risk of loss of or damage to the goods. This term very specifically requires the carriage of the goods in a "seagoing vessel".
cif - Cost, insurance, freight
CIF (Cost, Insurance & Freight) :The seller has the same obligations as under CFR however he is also required to provide insurance against the buyer’s risk of loss or damage to the goods during transit. The seller is required to clear the goods for export. This term should only be used for sea or inland waterway transport.
CIF (Cost, Insurance and Freight):This arrangement similar to CFR, but instead of the buyer insuring the goods for the maritime phase of the voyage, the shipper/seller will insure the merchandise. In this arrangement, the seller usually chooses the forwarder. “Delivery” as above, is accomplished at the port of destination.
CIF (Named Port):Abbreviation for "Cost, Insurance, Freight." (Named Port) Same as C&F or CFR except seller also provides insurance to named destination.
CIF&C:Price includes commission as well as CIF.
CIF&E:Abbreviation for "Cost, Insurance, Freight and Exchange."
CIF&E:Cost, Insurance, Freight And Exchange
CIF:Cost, Insurance and Freight. A term of trading in which the buyer of the goods pay for the cost of the goods, the cost of transporting the goods from origin to the port of discharge or final destination and the insurance premium for a maritime insurance policy for the value of the order.
CIFCI:Abbreviation for "Cost, Insurance, Freight, Collection and Interest."
CIFI&E:Abbreviation for “Cost, Insurance, Freight, Interest and Exchange.”
CIFI&E:Cost, Insurance, Freight, Interest and Exchange.
CILSS - Comite Permanent Interetats de Lutte contre la Secheresse, dans le Sahel
CIMS - Commercial Information Management System
CIP Cost and Insurance Paid to (named place of destination) – Incotrems:This term is similar to CPT but with the addition that the seller has to procure marine insurance against the buyer's risk of loss of or damage to the goods covering that period until the goods have been delivered from the carrier to the buyer. Being based on FCA, this term may be used for any mode of transport.
CIP - Freight or Carriage and Insurance Paid to - This term is the same as CPT but with the addition that the seller has to procure transport insurance against the risk of loss or damage to the goods during carriage. The seller contracts with the insurer and pays the insurance premium.
CIP (Carriage & insurance Paid to): The seller has the same obligations as under CPT but has the responsibility of obtaining insurance against the buyer’s risk of loss or damage of goods during the carriage. The seller is required to clear the goods for export however is only required to obtain insurance on minimum coverage. This term requires the seller to clear the goods for export and can be used across all modes of transport.
CIP/CIF:Carriage Insurance Paid/Cost Insurance and Freight. Carriage Insurance Paid to a named overseas port of disembarkation (i.e. import). Under this term, the seller quotes a price for the goods, including insurance, plus all transportation, and miscellaneous charges to the point of disembarkation from the vessel.
CIPs - Commodity Import Programs
CIR - Center for International Research
CIS - Commonwealth of Independent States
CISG - Convention on Contracts for the International Sale of, Goods
CIT - Court of International Trade
CITA - Committee for the Implementation of Textile Agreements
CITES - Convention on International Trade in Endangered Species in, Wild Fauna and Flora
CIV - Customs Import Value
civil service: Some U.S., state, city and parish government jobs are protected under civil service systems which are designed to provide a degree of security to employees and to deter nepotism, political patronage and arbitrary treatment of workers.
CJ - Commodity Jurisdiction
Ck. – Cask
CKD:Abbreviation for “ Cars Knocked Down “. Automobile parts and subassemblies manufactured abroad and transported to a designated assembly plant.
CL:Abbreviation for "Carload" and "Containerload".
Claim:A demand made upon a carrier for payment on account of a loss sustained through its alleged negligence.
CLASS RATES:A class of goods or commodities is a large grouping of various items under one general heading, and all items in the group make up a class. The freight rates that apply to all items in the class are called class rates.
Classification - A freight classification assigned to an article for the purpose of applying transportation charges. This is used for less that truckload (LTL) shipments.
Classification Rating:The designation provided in a classification by which a class rate is determined.
CLASSIFICATION SOCIETY:Worldwide experienced and reputable societies which undertake to arrange inspections and advise on the hull and machinery of a ship. A private organization that supervises vessels during their construction and afterward, in respect to their seaworthiness, and the placing of vessels in grades or “classes” according to the society’s rules for each particular type. It is not compulsory by law that a shipowner have his vessel built according to the rules of any classification society; but in practice, the difficulty in securing satisfactory insurance rates for an unclassed vessel makes it a commercial obligation.
The above details describes about terms called in shipping such as as classification society,classification rating,class rates,claim,cash in advance, chq.,chopt,chock,chinese economic area 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 freight forwarding trade below this post.Terms used in shipping such as Charter Party Broker,Charterer's Bill of Ladinq,Charterer’s Market , Chartering Agent ,Chassis
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