Import/export Final

Front 1

Air Waybill

Back 1

bill of lading, which covers both domestic and international flights transporting goods to a specified destination. Technically, it is a non-negotiable instrument of air transport, which serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed therein and obligates them to carry the consignment to the airport of destination according to specified conditions.

Front 2

Bill of Lading

Back 2

A document that establishes the terms of a contract between a shipper and a transportation company under which freight is to be moved between specified points for a specified charge, usually prepared by the shipper on forms issued by the carrier. It serves as a document of title, a contract of carriage and a receipt of goods.

Front 3

Clean on Board Bill of Lading

Back 3

A receipt for goods issued by a carrier with an indication that the goods were received in "apparent good order and condition," without damages or other irregularities

Front 4

Force Majeure

Back 4

The titles of a standard clause in marine contracts expempting the parties for non-fulfillment of their obligations as a result of conditions beyond their control, such as earthquakes, floods, or war.

Front 5

Foul Bill of Lading

Back 5

A receipt for goods issued by a carrier with an indication that the goods were damaged when received.

Front 6

Freight Forwarder

Back 6

(An independent business which handles export shipments for compensation) Among the best sources of information and assistance on U.S. exports regulations and documentation, shipping methods, and foreign import regulations.

Front 7

Inland Bill of Lading

Back 7

(Used in transporting goods over land to the exporters international carrier.) Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments.

Front 8

Letter of Instructions to a Freight Forwarder

Back 8

Prepared from the shipper to the foreign freight fowarder stating how much the shipment is to be shipped, particulars of shipment, and special instructions for the freight forwarder to follow.

Front 9

Ocean Bill of Lading

Back 9

Indicated that the exporter consigns a shipment to an international carrier for transportation to a specified foreign market. Unlike an inland B/L, the ocean B/L also serves as a collection document, If it is a "Straight B/L," the foreign buyer can obtain the shipment from the carrier by simply showing proof of identity. If a "Negotiable B/L" is used, the buyer must first pay for the goods, post a bond, or meet other conditions agreeable to the seller.

Front 10

Packing List

Back 10

Shows the number and description of items being shipped, as well as other information needed for transportation purposes.

Front 11

Shipper's Export Declaration

Back 11

A form required for all shipments by the U.S. Treasury Department and prepared by a shipper, indicating the value, weight, destination, and other basic information about an export shipment.

Front 12

Ship's Manifest

Back 12

An instrument in writing, signed by the captain of a ship that lists the individual shipments constituting the ship's cargo.

Front 13

Through Bill of Lading

Back 13

(A single bill of lading covering both the domestic and international carriage of an export shipment). An air waybill, for instance, is essentially a through bill of lading used for air shipments. Ocean shipments, on the other hand, usually require two separate documents, 1) an inland bill of lading for domestic carriage and 2) and ocean bill of lading for international carriage. Through bill of lading, therefor, cannot be used.

Front 14

Acceptance

Back 14

1. A time draft (or bill of exchange) which the drawee (Payer) has accepted and is unconditionally obligated to pay at maturity. The draft must be presented first for acceptance. The drawee becomes the "acceptor"--then for payment. The word "accepted" and the date and place of payment must be written on the face of the draft.

2. The drawee's act in receiving a draft and thus entering into the obligation to pay its value at maturity

3. (Broadly speaking) Any agreement to purchase goods under specified terms.

Front 15

After Date

Back 15

A phrase showing that the date of maturity, of a draft or other negotiable instrument is fixed by the date on which it was drawn. The date of maturity does not, therefore, depend on acceptance by the drawee.

Front 16

After Sight

Back 16

A phrase showing that the payment on a draft or other negotiable instrument is due upon presentation or demand

Front 17

Act of God

Back 17

A calamity beyond human control which happens to property--Lightning for example. Damage done by an Act of God would not be the responsibility of a bailee, although he/she might be responsible for many other calamities.

Front 18

Admiralty Courts

Back 18

Courts of law that deal with matters pertaining to the sea

Front 19

All other Perils and Misfortunes

Back 19

A phrase in the perils clause of a policy meaning perils of the same nature as those specifically enumerated.

Front 20

Assailing Thieves

Back 20

Theft by force, violence or breaking and entering. Does not include ordinary or clandestine pilferage.

Front 21

Average

Back 21

partial loss or damage due to perils insured

Front 22

Average Irrespective of Percentage

Back 22

Broadest "with average" clause. Losses by perils insured are paid in full without deductible or franchise.

Front 23

Average Adjuster

Back 23

An adjuster of marine losses

Front 24

Barratry

Back 24

Willful and illegal sinking, casting away, or damaging a ship at sea or its cargo

Front 25

F.C.&S.Free of Capture and Seizure

Back 25

a clause added to the policy to exclude the broad war risk coverage in most basic forms of marine policies

Front 26

F.P.A. Free of Particular Average-

Back 26

meaning the insurer will not pay a partial loss unless the vessel meets with a specified accident

Front 27

Franchise

Back 27

A provision in some policies stating that the insurance company shall not be responsible for any loss which is less than a certain amount. If the loss equals or exceeds that amount, however, it will be paid in full

Front 28

General Average

Back 28

A principle of maritime law according to which the owners of ship and cargo share in a loss incurred voluntarily

Front 29

General Average Contribution

Back 29

The proportionate shares of the vessel of the owner and each of the cargo owners in order to make up the expenditure or sacrifice incurred for the common good

Front 30

General Average Sacrifice

Back 30

The voluntary destruction of part of the vessel or cargo, or the deliberate expenditure of funds in time of grave, which is successful in avoiding total disaster

Front 31

Harter Act

Back 31

A law passed by COngress in 1893. This Act provides that a vessel owner is not responsible for loss or damage caused by faults or errors in navigation, provided the ship owner has taken proper care to see that his/her ship is in all respects seaworthy and properly manned and equipped.

Front 32

Inchmaree Clause

Back 32

Covers losses resulting from latent defect in hull and machinery of vessel and losses resulting from errors in navigation or management of the vessel by master or crew

Front 33

Inherent Vice

Back 33

The quality that something has to deteriorate or damage itself without outside help. For example, milk sours. This is excluded from cover by almost all policies.

Front 34

Jettison

Back 34

To throw part of the cargo or gear of the vessel overboard to lighten the load and save the vessel. The owner of the jettisoned goods is entitled to a "general average" the loss is shared by the owners of the vessel and the owners of the cargo which was not thrown away.

Front 35

Particular Average

Back 35

A loss which falls on the particular property insured, as opposed to a "general average" which is a loss for the account of all interests

Front 36

Perils of the Sea

Back 36

Dangers specific to ocean marine transportation, such as heavy weather, stranding, and collision. Perils of the sea are distinguished from perils such as fire, which also may occur on land and would be considered perils on the seas rather than perils in the sea.

Front 37

Pilferage

Back 37

Theft not limited to the taking of a whole package or all of the property insured.

Front 38

Strand/ Stranding

Back 38

A vessel strands when it runs aground

Front 39

Strikes, Riots and Civil Commotion (S.R. & C.C.)

Back 39

these perils excluded in the basic marine cargo policy, but coverable by endorsement

Front 40

Survey

Back 40

In cargo insurance, an examination of damaged property to determine the cause, extent and value. In hull insurance, and inspection of the ship to help determine its insurability or, after a loss, the cause and extent of damage.

Front 41

Surveyor

Back 41

A specialist who conducts surveys of cargo or hulls

Front 42

Valuation Clause

Back 42

The clause in a marine policy which makes it a valued policy, by agreement in advance as to the value of the insured property

Front 43

Venture

Back 43

An undertaking, such as one voyage of a vessel

Front 44

War Risk Insurance

Back 44

Insurance against loss or damage to property due to the act of enemies at war with us. This coverage is freely written of marine risks, but not properly on land.

Front 45

With Average

Back 45

An insuring condition on cargo that agrees to pay losses due to certain named marine periods, provided the loss equals or exceeds a specific percentage. Losses less than this amount are paid only if the vessel meets with specified accident.

Front 46

Documents Against Payment

Back 46

Instructions given by a shipper to the bank indicating that the documents transferring title to goods should be delivered to the buyer only upon the buyer's payment of the attached draft.

Front 47

Cash Against Documents

Back 47

Payment for goods in which a commission house or other intermediary transfers title documents to the buyer upon payment in cash.

Front 48

Irrevocable Letter of Credit

Back 48

A letter of credit in which the bank guarantees the specified payment if the drawee meets all terms and conditions.