The terms used in import business such as Bill of Exchange, Barratry,Bill of Lading , Assignment etc
This post explains about terms used in import trade such Ambient Temperature, Arbitration ,Assignment,Australian Zone Charge,Average,Avoidance,Bill of Exchange, Barratry,Bill of Lading 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.
The terms used in import business
Ab lnitio :From the beginning.
Abandonment :The right a marine assured has to abandon property in order to establish a constructive total loss. An underwriter is not obliged to accept abandonment, but if he does he accepts responsibility for the property and liabilities attaching thereto, in addition to being liable for the full sum insured.
Act of God :An inevitable event occurring without the intervention of man, such as flood, tempest, or death. Operating in case of certain contracts, such as those of insurers or carriers.
Actual Container Gross Weight :Total weight of a container, i.e. the weight of the payload plus empty container weight, together with any loose internal fittings.
Actual Pay Load :The difference between the actual gross weight and the gross tare weight of a container.
Actual Total Loss :This relates to an insurance policy and can occur in any of four ways:1)The property is completely destroyed: 2)The owner is irretrievably deprived of the property: 3)Goods change their character to such a degree that they can be said to be no longer the thing insured by the policy: 4) The subject matter of the insurance, be it ship or goods on board the ship, is recorded as missing at Lloyds.
Ad Valorem (Lat.) :According to the value. An ad valorum stamp on deeds or documents is one fixed in proportion to the amount of rent reserved or other element of value expressed in the deed.
Additional Fees and Taxes:Out of state buyers are responsible for all state, county, city taxes and fees, as well as title/registration fees in the state that the vehicle will be registered.
Affidavit :A written declaration on oath
Affreightment :A contract to carry goods by ship. Charter-parties and Bills of Lading are contracts of affreightment.
Agency/Distributor: A direct market entry method where the exporter contracts a partner or representative in the country of import to sell and/or represent their products. Although the terms agent, sales agent, sales representative, distributor, etc. are often misused interchangeably, there are some important differences to note.
Agent/Sales Representative: Overseas, a sales agent or sales representative is the equivalent of a manufacturer’s representative in the United States. The representative uses the company’s product literature and samples to present the product to potential buyers. A representative usually handles many complementary lines that do not conflict. The sales representative usually works on a commission basis, assumes no risk or responsibility, and is under contract for a definite period of time (renewable by mutual agreement). The contract defines territory, terms of sale, method of compensation, reasons and procedures for terminating the agreement, and other details. The sales representative may operate on either an exclusive or a non-exclusive basis. Firms in the US, and other developed countries have stopped using the term “agent” and instead rely on the term “representative,” since agent can imply the authority, perhaps even a power of attorney, to make commitments on behalf of the firm he or she represents.
All Containership :Vessel designed to carry containers only and no other cargo. (see Cellular Vessel)All material contained on Import into Wordpress is provided without any or warranty of any kind. You use the material on Import into Wordpress at your own discretion
All Risks :An insurance term which means that the policy covers the insured property for loss caused by any fortuity. The policy does not cover inevitable loss.
Ambient Temperature :The temperature of a substance surrounding a body. Thus the ambient temperature of a container would be the temperature of the air to which it is exposed outside.
And arrival :A term relating to return of premiums on a hull policy. The ship must be safe at expiry of the policy, otherwise no return of premium will be paid.
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Arbitration :The submitting of matters of controversy to judgement by persons selected by all parties to the dispute.
Arrest :The detention of a vessel until the purpose of the arrest has been fulfilled Assessor. A person who officially estimates the value of goods for the purpose of apportioning the sum payable in the settlement of claims
Assignment :The documentary transfer of title to goods when signed over to an interested party.
Australian Zone Charge (AZC) :This is that portion of the Through Service, which applies to the Land leg delivery in Australia. Either in the collection of goods for export, or the delivery of goods which have been imported. Partial loss of the whole adventure deliberately made to prevent total loss of the whole adventure. It may be sacrifice of property or expenditure incurred to save the adventure. Parties who benefit from a general average loss are required to make good that loss by contributing in the proportion that the saved value of the party’s property bears to the saved value of all interest involved in the adventure.
Average (Particular) :A fortuitous partial loss of insured property proximately caused by an insured peril, but which is not a general average loss.
Average Admuster :A person appointed by a shipowner to collect data, guarantees, etc., in relation to general average, and to calculate contributions due from the parties concerned to make good general average losses. The adjuster may also adjust claims on hull insurance policies on behalf of underwriters.
Average Bond :An agreement signed by all interested parties acknowledging their liability to pay a share of the loss under General Average.
Average Disbursements :Expenditure incurred by the shipowner in connection with a general average act or an act of salvage. Such expenditure, when properly incurred, is recoverable from the G.A. or salvage fund created by the average adjuster, not from hull underwriters.
Avoidance :The right of an underwriter to avoid a contract of marine insurance. This can occur in the event of a breach of good faith or non-disclosure or misrepresentation of a material fact by the assured or by his broker or, in the case of a voyage policy, where the voyage does not commence within a reasonable time after acceptance of the risk by the underwriter.
Award :The decision given by an arbitrator, to whom a matter in dispute has been referred. An arbitrator states only the effect of his decision, without reasons thus differing from a judge, who usually states the grounds of his judgement.
Back Freight :Payment due to the shipowner for the carriage of goods back to the port of loading or beyond the contract port owing to circumstances beyond the control of the shipowner.
Bare Boat Charter :Charterer hires a vessel for a long period, appoints the master and crew, and pays all running expenses.
Barratry :An illegal or fraudulent act committed by the master or crew to the prejudice of the owner or charterer.
Beaufort Scale :A windscale and sea disturbance table by which mariners grade the force of wind thus communicating the general condition of the sea to others by the use of a wind force number.
Bid Retractions:Bid retractions are not allowed nor will be recognized within 12 hours of auctions end. Seller will not be obligated to sell in the event of a late retraction.
Bill of Exchange :As defined by the Bills of Exchange Act 1909 a bill of exchange is:- "an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
Bill of Lading :A document which is a receipt for cargo received on board and is evidence of the contract between shipper and shipowner. It is also evidence of title to the goods described on it
Bonded Goods :Imported goods deposited in a Government warehouse until duty is paid.
Bonding Company :An organisation that is prepared to undertake an agreement to make good a financial guarantee on behalf of another responsible for such guarantee. Owners of "arrested" vessels may obtain such a bond to satisfy a court and to obtain release of the vessel.
The above details describes about terms called in import trade such as Ambient Temperature, Arbitration ,Assignment,Australian Zone Charge,Average,Avoidance,Bill of Exchange, Barratry,Bill of Lading 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 overseas trade below this post.
The terms used in import business such as Warehouseman, Valued Policy, Wharfinger,World Trade Organization
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