The terms used in import business such as Lighterage ,Location Clause ,Lloyd's Agents ,Missing Ship ,Memorandum etc.
This post explains about terms used in import trade such as Lighterage ,Location Clause ,Lloyd's Agents ,Missing Ship ,Memorandum,Non-Paying Bidder,Official Number,Open Container,Ordinary Breakage 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
Lien :A legal right over goods, to hold them until the claim against the owner has been settled
Light Bill :A Customs receipt for the payment of light dues.
Light Dues :Moneys collected by the Customs on behalf of Trinity House for the maintenance of lighthouses and buoys. Dues are levied on vessels according to their net registered tonnage.
Lighterage :The price paid for loading or unloading ships by lighters or barges.
Limber Hole :A removable board to allow bilge inspection.
Limit per Bottom :The maximum amount of cargo insured by a policy in any one vessel.
Limited Terms :An insurance expression meaning that the policy gives less cover than a policy on full conditions (eg. total loss only).
Liner :A ship on a regular schedule calling at specified ports.
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Lloyd's Agents :Persons appointed by the Corporation of Lloyd's and stationed in all major world ports. Their function is to safeguard Lloyd's interests and report. all movements and losses of ships. Lloyd's Broker.An intermediary who negotiates insurance contracts with Lloyd's underwriters on behalf of his client, the assured. For a broker to be admitted as a Lloyd's broker he must satisfy the Committee of Lloyd's that he is a suitable person to become a Lloyd's broker. Only Lloyd's brokers are permitted to enter the underwriting room at Lloyd's to transact business with underwriters.
Lloyd's Register of Shipping :An independent non-profit-making Society, controlled by the various sectors of the shipping industry. It undertakes surveys, classification of all vessels, and produces various annual publications, including Construction Rules for Steel Ships.
Load Line :The Load Line, sometimes called the Plimsoll Line, or "marks", indicates the depth in the water down to which a ship may be loaded the position of these marks is governed by international convention.
Location Clause :Insurance contract clause limiting insurers liability at any one location.
Loss of Specie :A change in the character of cargo which, in insurance terms, is effectively an actual total loss.
Lump Sum Freight :A fixed freight rate, regardless of how much cargo is loaded.
Machinery Damage Co-insurance :A clause in a hull policy which applies a 1 0 percent deductible to claims for damage to ship's machinery which is attributable to negligence on the part of the master, officers or crew. This deductible is applied to the net claim after applying any other deductible expressed in the policy.
Made Good :The sums paid to a general average fund to make good losses incurred by the general average act
Manifest :A document containing the passenger list and details of all stores and cargo on board the vessel.
Maritime Lien :The claim a master and crew has on the vessel for the payment of wages due
Market Capacity :The maximum amount an insured market can absorb as liability to its policy holders while maintaining a proper solvency margin.
Material Circumstance :Any circumstance that would affect a prudent underwriter in deciding whether or not to accept an insurance contract and in assessing the correct premium to charge.
Mate's Receipt :A receipt signed by the mate to say the cargo has been received on board in good order and condition.
Memorandum :A condition expressed at the foot of the S.G policy form applying an F.P.A. warranty to certain specified cargoes and a franchise to particular average claims for other interest. In modern practice it applies only to cargo policies.
Missing Ship :A ship is deemed to be "missing" when, following extensive enquires, she is officially posted as "missing" at Lloyd's. She is then considered to be an "actual total loss" and policy claims for both hull and cargo are settled on that basis.
Name :An underwriting member at Lloyd's.
Negative Feedback Bidders:We do not allow bidding from negative feedback bidders. New bidders with zero feedback rating should email us or call us prior to bidding.
Nesting :Packing hollow-ware cargo (eg. earthenware bowls) so that one item nests within another. Paper or straw is used to separate each item and avoid damage.
Net Tonnage :This is the gross tonnage less the machinery, boiler and bunker, crew and stores spaces.
New for Old :When new material or parts replace damaged material or parts during repairs to a ship. Underwriters are entitled to make a deduction from the claim as a result of betterment but they waive this right in practice. Average adjusters may apply the principle in general average for vessels over 15 years old.
No Cure - No Pay :The principle of pure salvage whereby the salvager who fails in his task receives no reward for his efforts.
Non-Paying Bidder:If the deposit is not received within 2 business days of the close of auction or if the balance is not paid in full within 5 days following the close of auction, we reserve the right to re-list the vehicle or sell the vehicle to the next highest bidder or another qualified buyer.
North American Free Trade Agreement (NAFTA): Effective January 1, 1994, the NAFTA is a regional trade pact that was signed by the United States, Canada and Mexico. Its goal is to eliminate tariffs and trade barriers between the three countries and create a common trade bloc of over 380 million consumers.By 2008, it will have systematically eliminated tariff barriers on the 9000 product categories of good produced and sold throughout North America.
Not to Tenure Clause : A clause in a cargo policy stating that the policy shall not inure to the benefit of a carrier or other bailee. The intention is to deny the right of carriers to benefit from the insurance when they claim such right in their contracts of carriage.
Notary Public :An official certified to take affidavits and depositions from members of the public
Notice of Abandonment :The initial action to be taken by an assured who wishes to claim a constructive total loss. Notice to underwriters must be given with reasonable diligence as soon as the assured is aware of the circumstance. Its purpose is to give the underwriter the opportunity to take action to prevent or minimise the loss.
Official Number :A registered number given to all merchant vessels and cut in on the vessel's "main beam", together with the net registered tonnage.
Omnibus Clause :A clause in a hull policy extending liability cover to embrace, in addition to the assured's legal liability, the liability of other organisations who are connected with the ship. It usually excludes liability of shipyards, repair yards and others to whom underwriters do not wish to extend cover
Open Charter :Where the charter-party specifies neither the kind of cargo nor the ports of destination.
Open Container :A container with sides and for ends of bars, grilles, mesh or entirely left open, with or without roof.
Open Cover :A form of long term cargo insurance contract. It has no aggregate limit but, subject to a limit to the amount at risk in any one vessel, and often a limit to the amount at risk in any one location prior to shipment, the contract covers all shipments forwarded by the assured during the currency of the open cover. Underwriters have the right to cancel at any time by giving the requisite notice of their intention to cancel, but shipments that have commenced transit before the notice period expires continue to be covered until final delivery within the terms of the transit clause.
Open Policy :A cargo insurance policy designed to cover all consignments forwarded by the assured subject to a limit in any one vessel and, usually, a time limit during which declarations must attach. Unlike the floating policy it does not have an aggregate limit, but the underwriter can invoke a cancellation clause if he wishes to withdraw cover.
Open Top Container :Van size container with soft roof (tarpaulin) or detachable hard roof. for vertical loading of cargo.
Ordinary Breakage :Breakage of fragile cargo which by its regularity has become accepted as inevitable loss during transit.
The above details describes about terms called in import trade such as Lighterage ,Location Clause ,Lloyd's Agents ,Missing Ship ,Memorandum,Non-Paying Bidder,Official Number,Open Container,Ordinary Breakage 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.
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