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Abandonment |
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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. |
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ABI - (Automated Broker Interface) |
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A computer system that allows a Customs Broker to interface directly with U.S. Customs' computer system. |
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Acceptance of Goods |
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The process of receiving a consignment from a consignor, usually against the issue of a receipt. As from this moment and on this place the carrier's responsibility for the consignment begins. |
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Account Party |
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The buyer under a letter of credit. The party ultimately responsible for reimbursing the issuing bank for all payments extended on its behalf. |
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Act of God |
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Accidents of a nature
beyond human control
such as flood, lightning
or hurricane usually
quoted as 'force majeure'. |
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Ad Valorem |
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In proportion to the value: A phrase applied to certain freight or customs duties levied on goods, property, etc. set as a percentage of their value. |
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Advice Note |
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A written piece of information e.g. about the status of the goods. |
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Affreightment |
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A contract to carry goods by ship. Charter-parties and Bills of Lading are contracts of affreightment |
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After Sight |
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When a draft bears this phrase, the time begins to run from its acceptance date. |
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Agency Fee |
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Fee payable by a ship
owner or ship operator to a port agent. |
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Agent |
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A person or organization
authorized to act for or on behalf of another person or organization |
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An Agent is a corporate body with, which there is an agreement to perform particular functions on behalf of them at an agreed payment. An Agent is either a part of the organisation or an independent body. |
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AGR Imports |
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American goods returned. |
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Air Waybill |
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Abbreviation: AWB
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A document made out by or on behalf of the carrier(s) confirming receipt of the goods by the carrier and evidencing the contract between the shipper and the carrier(s) for the carriage of goods as described therein. |
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Allotment |
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A share of the capacity of a means of transport assigned to a certain party, e.g. a carrier or an agent, for the purpose of the booking of cargo for a specific voyage. |
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All-in |
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A freight quotation including all charges, often in one lump sum rather than broken down. |
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ALL-RISK INSURANCE |
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The broadest form of coverage available, providing protection against all risk of physical loss or damage from any external cause. Does not cover loss or damage due to delay, inherent vice, inadequate packaging, or loss of market. |
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American Bureau of Shipping |
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Abbreviation: ABS
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American classification society which has established rules and regulations for the classification of seagoing vessels or equipment. |
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Antidumping Duty |
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A duty assessed on imported merchandise that is subject to an antidumping duty order. The antidumping duty is assessed on an entry-by-entry basis in an amount equal to the difference between the United States price of that entry and the foreign market value of such or similar merchandise at the time the merchandise was sold to the United States. |
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Arbitration |
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The process of referring to an agreed person for judgement on issues of dispute, without requiring the use of courts. |
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Arrival Date |
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The date on which goods or a means of transport is due to arrive at the delivery site of the transport. |
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Arrival Notice |
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A notice sent by a carrier to a nominated notify party advising of the arrival of a certain shipment or consignment. |
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Assignment |
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The transfer of certain rights from one party to another. |
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Authorised Consignee / Consignor |
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A trader authorized by the European Commission (regulation 2454/93) to receive or
dispatch
consignments under transit procedures without having to present
goods and documents directly at the customs office. |
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Authorization |
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The commission to a certain person or body to act on behalf of another person or body. The person or body can be authorized e.g. to issue Bills of Lading or to collect freight. |
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Average |
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In marine insurance: a loss or damage to or in respect of goods or equipment.
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The numerical result obtained by dividing the sum of two or more quantities by the number of quantities. |
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Average Adjusters |
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In general average affairs average adjusters are entrusted with the task of apportioning the loss and expenditure over the parties interested in the maritime venture and to determine which expenses are to be regarded as average or general average. |
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Average Bond |
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An agreement signed by all interested parties acknowledging their liability to pay a share of the loss under General Average. |
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Award |
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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 judgment. |
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