The terms used in import business such as Certificate of Origin,Classification Clause,Clip-on-Unit,Consolidator etc.
This post explains about terms used in import trade such as Bulkhead ,Combined Transport Operator,Cash in Advance,Cellular Vessel ,Certificate of Origin,Classification Clause,Clip-on-Unit,Consolidator,Container Freight Station,Container Load 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
Bottomrv Bill or Bond :The pledge of a ship, or of her cargo, as security for repayment of money advanced to the master in an emergency, and of no avail if the ship be lost.
Bow Thruster :A propeller used to provide a transverse thrust to the bow of a ship and to assist movement in confined spaces.
Break Bulk Cargo :The carriage of goods other than in containers or bulk.
Breaking Bulk :The initial opening of hatches on entering port and the commencement of discharge of cargo.
Broker :An agent employed (at a customary or an agreed rate of commission or remuneration) to buy or sell goods, merchandise or marketable securities, or to negotiate insurances, freight rates or other matters, for a principal the sales of transactions being negotiated not in his own name but in that of the principal.
Bulkhead :Front wall of container. Vertical separation between the holds of a ship (now extended to cover all vertical panels).
Bunker Surcharge :A charge levied by the 'Ocean Carrier' over and above the ocean freight rate to offset adjustments of oil bunkering costs.
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C.T.O. :Combined Transport Operator. A person (including any Corporation, company or legal entity) issuing a combined Transport document
Cabotage :Coastal navigation, also used for reservation of transport within a country to its own shipping.
Carrier's Lien :The right to retain possession of goods pending payment of overdue freight charges.
Cars Knocked Down, completely Knocked Down (CKD) :i.e. Cars completely unassembled, packed into cases. Part knocked down (PKD) i.e. cars partly assembled and packed into cases.
Cash in Advance: An international payment method where payment for goods is received via wire transfer from the buyer before the exporter ships the goods. This payment method results in zero risk for the seller and 100% of the commercial risk for the buyer.
Causa Causans :The cause of a cause of loss.
Cause Proxima :Proximate cause.
CCC Mark: An acronym for China Compulsory Certification mark. A symbol printed on a product or product label by its manufacturer or importer declaring compliance with the requirements of various Chinese government laws for manufactured products related to human life and health, animals, plants, environmental protection and national security.
CE Mark: A mandatory European product marking and certification system. When affixed to a product and product packaging, CE marking indicates that a particular product complies with all applicable European product safety, health and environmental requirements within the CE marking system. CE marking covers approximately half of all US products exported to Europe. Over 50% of all US products sold to Europe require CE marking.
Ceils :The guidance system enabling containers to be carried in a vertical line in the ship, each container supporting the one above it. The position on board a vessel in which a cargo container is stowed; designated by Bay- Column Height in stow.
Cellular Vessel :Ship specialised for container transport. The holds have vertical guides into which containers are lowered to form secure stacks restrained at all four corners. CFR Shipping term meaning that goods are delivered to a named port of destination inclusive of cost and freight.
Certificate of Origin: A statement signed by the exporter or the exporter’s agent and attested to by a
local Chamber of Commerce, indicating that the goods being shipped, or a major percentage of them were produced in the exporter’s country. The Certificate of Origin may be asked for by the customs authorities of the country of import, because it proves the country of manufacture for particular goods.
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Charter-party :An agreement wherein the shipowner hires his vessel to the charterer subject to certain conditions.
CIF :Shipping term meaning that goods are delivered to a named port of destination inclusive of Cost, Insurance and Freight.
Classification Clause :A clause in a cargo insurance contract, which specifies the minimum class of vessel, required to carry the insured goods. If the carrying vessel is below the class specified, an additional premium is charged by underwriters for the additional risk involved.
Clean Bill of Lading :One in which there is nothing to qualify the admission that the goods are shipped or received in good order and condition.
Clearance Label :Denotes that a vessel has complied with all the regulations for clearance outward. It is attached to the Victualling Bill by the Customs officer who clears the vessel, and is then known as Outward Clearance.
Clip-on-Unit (COU) :A separate refrigeration unit, which can be clipped on to an insulated container.
Co-Insurance : The sharing of an insurance risk between two or more parties, other than a contract of reinsurance
Collapsible Container :Container with hinged sides, top etc. designed to be folded down to a small proportion (mostly about one quarter) of its erected volume. The term may also denote freight container, the major components of which can be dissembled and later reassembled for use collections, cash against documents and payment against documents. When the product is shipped, the
Combi Ship :A ship designed to carry both conventional and containerised cargo.
Combined Transport :Means the carriage of goods by at least two different modes of transport, from a place at which the goods are taken in charge situated in one country to a place designated for delivery situated in a different country.
Conference Ship :A ship operated by a signatory to a shipping conference agreement
Consignee :The firm or persons authorised to receive the cargo and to whom it is consigned.
Consolidator :A transport contractor, carrier, or forwarder who undertakes the transportation of small shipments (see LCL) in groupage. The consolidator assembles such LCL shipments in a container which will be stripped by his receiving agent in the destination area.
Consortia :Number of shipping companies who have combined their vessel facilities and capital resources in order to offer a shipping service for the carriage of containers.
Constructive Total Loss :A right of a marine assured to claim a total loss on the policy because
either 1.the property has been lost and recovery is unlikely 2. an actual total loss appears to be unavoidable; 3. to prevent an actual total loss it would be necessary to incur an expenditure, which would exceed the saved value of the property. To establish a claim for constructive total loss the assured must abandon what remains of the property to underwriters and give notice of his intention so to do.
Container Freight Station (CFS) :Also called a container base or consolidation depot is a depot where parcels of cargo are grouped and packed into containers.
Container Load (CL) :See FCL. A shipment sufficient in size to 'fill' a container either by cubic measurement or weight, depending upon governing tariff to meet the provided minimums.
Container Part Load :See LCL. Consignment which does not occupy the full capacity of a container nor equals the maximum payload and will, therefore, allow the inclusion of another or other part-loads.
Container Pooling :System whereby ship-owners, manufacturers or operators create a container pool for common use and maximum utilisation.
Container Ship :Vessel specially fitted out for carrying containers.
Container Tanks :Specially constructed cylindrical container for the carriage of bulk liquids, powders or gases, being supported within a frame 8ft x 8ft lattice construction and in lengths 20, 30 and 4Oft with corner castings and normally fitted with a bottom pick-up device. Commonly called Tanktainers.
The above details describes about terms called in import trade such as Bulkhead ,Combined Transport Operator,Cash in Advance,Cellular Vessel,Certificate of Origin,Classification Clause,Clip-on-Unit,Consolidator,Container Freight Station, Container Load 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 Bill of Exchange, Barratry,Bill of Lading , Assignment
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