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- C - |
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TERM |
DEFINITION |
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C&F Terms of Sale, or INCOTERMS |
Obsolete, albeit heavily used, term of sale meaning "cargo and
freight" whereby Seller pays for cost of goods and freight charges up to
destination port. In July, 1990 the International Chamber of Commerce replaced
C&F with CFR. |
|
C&G |
Chuckle And Grin |
|
Cable for Authority |
Request for permission
to pay a letter of credit drawing despite discrepancies, sent electronically
by the negotiating bank to the issuing bank. |
|
Cable Ship |
A specially constructed
ship for the laying and repairing of telegraph and telephone cables across
channels, seas, lakes, and oceans. |
|
Cabotage |
-
Water transportation term applicable to shipments between
ports of a nation; commonly refers to coast-wise or inter-coastal navigation or
trade. Many nations, including the United States, have cabotage laws which
require national flag vessels to provide domestic interport service.
-
Transport of goods between two ports or places located in the same country.
- Transport of cargo in a country other than the country where the vehicle is
registered (roadcargo).
- The carriage of a container from a surplus area to an area specified by the
owner of that container, in exchange for which and during which the operator can
use this container. |
|
Cabotage Policies |
Reservation of a country's
coastal (domestic) shipping for its own flag vessels. |
|
CAD |
see "Cash Against Documents" |
|
CAF |
Abbreviation for "Currency Adjustment Factor." A charge,
expressed as a percentage of a base rate, that is applied to compensate ocean
carriers of currency fluctuations. |
|
Cage |
- A secure
enclosed area for storing highly valuable items
- Pallet-sized platform with sides that can be secured to the tines of a
forklift and in which a person may ride to inventory items stored well above
the warehouse floor. |
|
Call |
The visit
of a vessel to a port. |
|
Call Sign |
A code
published by the International Telecommunication Union in its annual List of
Ships' Stations to be used for the information interchange between vessels,
port authorities and other relevant participants in international trade. |
|
Camber |
Slightly
arched form of container floors to strengthen the construction. |
|
Canadian Airport Security System (CASS) |
Canadian Government system for increased airport security |
|
Cancelable Policy (ins) |
A policy
which may be terminated by the company or the insured by proper notification
sent to the other party according to terms set forth in the policy. |
|
CAORF |
Computer-Assisted
Operations Research Facility: A MarAd R&D facility located at U.S. Merchant
Marine Academy, Kings Point, New York. |
|
Capacity |
The
ability, in a given time, of a resource measured in quality and quantity.
The quantity of goods which can be stored in or loaded into a warehouse,
store and/or loaded into a means of transport at a particular time. |
|
Capacity Control |
Process of
registering and steering of capacity. |
|
Captain's Protest |
A document prepared by the captain of a vessel on arriving at
port; shows conditions encountered during voyage, generally for the purpose of
relieving ship owner of any loss to cargo and shifting responsibility for
reimbursement to the insurance company. |
|
Care, Custody & Control |
Term used to define/clarify who is responsible for a service to be performed
such as: "These goods are insured while under the care, custody and control
of..."
NOTE:: Incoterms are commonly used to define responsibilities in the
movement of goods. See "Incoterms" |
|
Carfloat |
A barge equipped with tracks on which up to about 12 railroad
cars are moved in harbors or inland waterways. |
|
Car Pooling |
Use of individual carrier/rail equipment through a central
agency for the benefit of carriers and shippers. |
|
Car Seal |
Metal strip and lead fastener used for locking freight car or
truck doors. Seals are numbered for record purposes. |
|
Cargo |
- Goods
transported or to be transported, all goods carried on a ship covered by a
B/L.
- Any goods, wares, merchandise, and articles of every kind whatsoever
carried on a ship, other than mail, ship's stores, ship's spare parts,
ship's equipment, stowage material, crew's effects and passengers'
accompanied baggage (IMO).
- Any property carried on an aircraft, other than mail, stores and
accompanied or mishandled baggage. |
|
Cargo Aircraft |
Any
aircraft other than a passenger aircraft or a combi (Freighter) |
|
Cargo Assembly |
The
separate reception of parcels or packages and the holding of them for later
dispatches one consignment (aircargo). |
|
Cargo Accounts Settlement System (IATA) (CASS) |
The worldwide network of IATA (International Air Transport Association)
Settlement Systems spanning 140 countries |
|
Cargo Disassembly |
The
separation of one or more of the component parts of a consignment (from
other parts of such consignment) for any purpose other than that of
presenting such part or parts to customs authorities at the specific request
of such authorities (aircargo). |
|
Cargo Handling |
All
procedures necessary to enable the physical handling of goods. |
|
Cargo Manifest
|
A manifest that lists all cargo carried on a specific vessel
voyage. |
|
Cargo NOS |
Cargo Not Otherwise Specified. Usually the rate entry in a
tariff that can apply to commodities not covered under a specific item or
sub-item in the applicable tariff. |
|
Cargo Plan |
A plan giving the
quantities and description of the various grades carried in the ship's cargo
tanks, after the loading is completed. |
|
Cargo Preference |
Cargo reserved by a Nation's laws for transportation only on
vessels registered in that Nation. Typically the cargo is moving due to a
direct or indirect support or activity of the Government. |
|
Cargo Restriction Code |
A code
indicating that the use of a certain container is restricted to particular
cargo. |
|
Cargo Selectivity System |
The Cargo Selectivity System, a part of Customs'
Automated Commercial System, specifies the type of examination (intensive or
general) to be conducted for imported merchandise. The type of examination is
based on database selectivity criteria such as assessments of risk by filer,
consignee, tariff number, country of origin, and manufacturer/shipper. A first
time consignee is always selected for an intensive examination. An alert is also
generated in cargo selectivity the first time a consignee files an entry in a
port with a particular tariff number, country of origin, or
manufacturer/shipper. |
|
Cargo Tonnage |
Most ocean freight is billed on the basis of weight or
measurement tons (W/M). Weight tons can be expressed in short tons of 2000
pounds, long tons of 2240 pounds or metric tons of 1000 kilos (2204.62 pounds).
Measurement tons are usually expressed as cargo measurement of 40 cubic feet
(1.12 meters) or cubic meters (35.3 cubic feet.) |
|
Cargo Tracer |
A document
sent by the agent to all relevant parties, stating that certain cargo is
either missing or overlanded. |
|
Cargo Unit |
A vehicle,
container, pallet, flat, portable tank or any other entity or any part
thereof which belongs to the ship but is not permanently attached to that
ship. |
|
Cargo War Risk Policy |
A separate Cargo policy covering cargo while waterborne only (except at
transshipping point, which may be on land or water). Insures against war risks. |
|
Carload Rate |
A rate applicable to a carload of goods. |
|
Carmack Amendment |
An Interstate
Commerce Act amendment that delineates the liability of common carriers and the
bill of lading provisions. |
|
Carnet |
A Customs document permitting the holder to temporarily carry
or send merchandise into certain foreign countries (for display, demonstration
or similar purposes) without paying duties or posting bonds. Any of various
Customs documents required for crossing some international borders. |
|
Carousel |
Rotating
system of layers of bins and/or drawers that can store many small items
using relatively little floor space. |
|
Carriage |
- The
process of transporting (conveying) cargo, from one point to another
- Chassis |
|
Carriage Paid To (CPT) |
Carriage paid to (CPT) and carriage and insurance
paid to (CIP) a named place of destination. Used in place of CFR and CIF,
respectively for shipment by modes other than water. |
|
Carriage Of Goods by Sea Act (COGSA) |
A law enacted in 1936
covering the transportation of merchandise by sea to or from ports of the United
States and in foreign trades. |
|
Carrier |
Any person or entity who, in a contract of carriage,
undertakes to perform or to procure the performance of carriage by rail, road,
sea, air, inland waterway or by a combination of such modes. |
|
Carrier (Ins) |
An insurance
company which "carries" the insurance. (The terms "insurance company" or
"insurer" are preferred because of the possible confusion of "carrier" with
transportation terminology). |
|
Carrier Haulage |
The inland
transport service which is performed by the sea-carrier under the terms and
conditions of the tariff and of the relevant transport document. |
|
Carrier Liability |
A common
carrier is liable for all shipment loss, damage, and delay with the
exception of that caused by act of God, act of a public enemy, act of a
public authority, act of the shipper, and the goods' inherent nature. |
|
Carrier's Certificate |
A certificate required by U.S. Customs to release cargo
properly to the correct party.
Used to
advise customs of the shipment's details. By means of this document, the
carrier certifies that the firm or individual named in the certificate is
the owner or consignee of the cargo. |
|
Carrier's Lien |
When the
shipper ships goods 'collect', the carrier has a possessory claim on these
goods, which means that the carrier can retain possession of the goods as
security for the charges due. |
|
Carrying Temperature |
Required
cargo temperature during transport and storage. |
|
Cartage |
Usually refers to intra-city hauling on drays or trucks. |
|
Cartment |
Customs form permitting in-bond cargo to be moved from one
location to another under Customs control, within the same Customs district.
Usually in motor carrier's possession while draying cargo. |
|
Case of Need |
Agent of the exporter
located in the country of the importer who is to be notified by the
presenting bank under a draft collection of any difficulties in collecting
payment. The case-of-need may be given the power to change the collection
instructions or even the draft amount, or may just be expected to make
arrangements to store the goods and locate an alternate buyer. Whatever
authority the case-of-need has should be specified in the collection
instructions letter. |
|
Cash Against Documents (CAD) |
Method of payment for goods in which documents transferring
title are given the buyer upon payment of cash to an intermediary acting for the
seller, usually a commission house. |
|
Cash in Advance (CIA) |
A method of payment for goods in which the buyer pays the
seller in advance of the shipment of goods. Usually employed when the goods,
such as specialized machinery, are built to order. |
|
Cash On Delivery (COD) |
Terms of
payment: if the carrier collects a payment from the consignee and remits the
amount to the shipper (aircargo). |
|
Cash With Order (CWO) |
A method of payment for goods in which cash is paid at the
time of order and the transaction becomes binding on both buyer and seller. |
|
CASS |
See - Cargo Accounts Settlement System
See - Canadian Airports Security System
See - Commercial Air Service Standards |
|
Casualty Insurance (Ins) |
That type of
insurance that is primarily concerned with losses caused by injuries to persons
and legal liability imposed for such injury or for damage to property of others.
It also includes such diverse forms as Plate Glass, insurance against crime,
such as robbery, burglary or forgery, Boiler and Machinery insurance, and
Aviation insurance. Many casualty companies also write surety business. |
|
Catamaran |
A double or treble-hulled
vessel constructed in wood, aluminum or reinforced glass fibre and is also
composed of two or three hulls diagonally joined together by various methods.
Normally no ballast is needed to counteract the center buoyancy since it enjoys
good stability at sea. |
|
CATUG |
Short for Catamaran Tug. A
rigid catamaran tug connected to a barge. When joined together, they form and
look like a single hull of a ship; oceangoing integrated tug-barge vessels. |
|
Catwalk |
A raised bridge running fore
and aft from the midship, and also called "walkway." It affords safe passage
over the pipelines and other deck obstructions. |
|
Causes of Loss (Ins) |
Under the
latest commercial property forms, this term replaces the earlier term "perils"
insured against. |
| CBFT or CFT |
Cubic Feet |
|
CBM (CM) |
Abbreviation for "Cubic Meter." |
|
CCC |
Commodity Credit
Corporation, an agency within the U.S. Department of Agriculture. |
|
CDS |
Construction
Differential Subsidy: A direct subsidy paid to U.S. shipyards building
U.S.-flag ships to offset high construction costs in American shipyards. An
amount of subsidy (up to 50 percent) is determined by estimates of
construction cost differentials between U.S. and foreign yards. Program has
not been funded since 1981. |
|
CE |
Abbreviation for "Consumption Entry." The process of declaring
the importation of foreign-made goods for use in the United States. |
|
Cell Position |
The location
of a cell on board of a container vessel identified by a code for successively
the bay, the row and the tier, indicating the position of a container on that
vessel. |
|
Cells |
The construction system employed in container vessels; permits
ship containers to be stowed in a vertical line with each container supporting
the one above it. |
|
Cell Guide |
Steel bars
and rails used to steer containers during loading and discharging while
sliding in the ship. |
|
Cell Position |
The
location of a cell on board a container vessel identified by a code for
successively by the bay, the row and the tier, indicating the position of a
container on that vessel. |
|
Center of Gravity |
The point of equilibrium of the total weight of a containership, truck,
train or a piece of cargo. |
|
Certificate |
- A document certifying that merchandise (such as of
Inspection perishable goods) was in good condition immediately prior to its
shipment.
- The document issued by the U.S. Coast Guard certifying an American flag
vessel's compliance with applicable laws and regulations. |
|
Certificate of Analysis |
A
document, often required by an importer or governmental authorities,
attesting to the quality or purity of commodities. The origin of the
certification may be a chemist or any other authorized body such as an
inspection firm retained by the exporter or importer. In some cases the
document may be drawn up by the manufacturer certifying that the merchandise
shipped has been tested in his facility and found conform to the
specifications. |
|
Certificate of Classification |
A
certificate, issued by the classification society and stating the class
under which a vessel is registered. |
|
Certificate of Delivery |
A
certificate indicating the condition of a vessel upon delivery for a charter
including ballast, available bunkers and fresh water. |
|
Certificate of Free Sale |
A
certificate, required by some countries as evidence that the goods are
normally sold on the open market and approved by the regulatory authorities
in the country of origin. |
|
Certificate of Inspection |
The document issued by
the U.S. Coast Guard certifying an American-flag vessel's compliance with
applicable laws and regulations. |
|
Certificate of Origin (C/O) |
A certified document showing the origin of goods; used in
international commerce. |
|
Certificate of Redelivery |
A
certificate, indicating the condition of a vessel upon redelivery from a
charter including ballast, available bunkers and fresh water. |
|
Certificate of Registry |
A document specifying
the nation registry of the vessel. |
|
Certificated Carrier |
A for-hire
air carrier that is subject to economic regulation and requires an operating
certification to provide service. |
| C. & F. (CFR) |
Cost and Freight – a term of sale under which the seller is responsible for
arranging transportation to a destination, but the buyer handles any insurance
to cover the transit risk. |
|
CFS |
Abbreviation for "Container Freight Station." A shipping dock
where cargo is loaded ("stuffed") into or unloaded ("stripped") from containers.
Generally, this involves less than containerload shipments, although small
shipments destined to same consignee are often consolidated. Container reloading
from/to rail or motor carrier equipment is a typical activity. |
|
CFS/CFS |
Cargo movement
delivered loose at origin point, devanned by carrier at destination, and picked
up loose at destination terminal. |
|
CFS/CY |
Loose cargo
received at origin point, loaded in a container by carrier, then delivered
intact at destination. |
| CFT |
Cubic Feet |
|
CGL (Ins) |
See "Commercial General Liability Coverage Part" |
|
Chain Conveyor |
A conveyor
consisting of two or more strands of chain running in parallel tracks with
the loads carried directly on the chains. |
| Chandler |
An individual or company selling equipment and supplies for
ships. |
|
Channel of Distribution |
A means by
which a manufacturer distributes products from the plant to the ultimate
user, including warehouses, brokers, wholesalers, retailers, etc. |
|
Charge |
An amount
to be paid for carriage of goods based on the applicable rate of such
carriage, or an amount to be paid for a special or incidental service in
connection with the carriage of goods. |
|
Charge Type |
A
separate, identifiable element of charges to be used in the pricing/rating
of common services rendered to customers. |
|
Chargeable Weight |
The
shipment weight used in determining freight charges. The chargeable weight
may be the dimensional weight or, for container shipments, the gross weight
of the shipment less the tare weight of the container. |
|
Charging Area |
A
warehouse area where a company maintains battery chargers and extra
batteries to support a fleet of electrically powered materials handling
equipment. The company must maintain this area in accordance with government
safety regulations. |
|
Charter |
The person to whom is
given the use of the whole of the carrying capacity of a ship for the
transportation of cargo or passengers to a stated port for a specified time. |
|
Charterer |
The legal
person who has signed a charter party with the owner of a vessel or an
aircraft and thus hires or leases a vessel or an aircraft or a part of the
capacity thereof. |
|
Charter Party |
A written contract between the owner of a vessel and the
person desiring to employ the vessel (charterer); sets forth the terms of the
arrangement such as duration of agreement, freight rate and ports involved in
the trip. |
|
Charter Rates |
The tariff applied for
chartering tonnage in a particular trade. |
|
Chassis |
A frame with wheels and container locking devices in order to
secure the container for movement. |
|
Chock |
A piece of wood or other material placed at the side of cargo
to prevent rolling or moving sideways. |
| CHOPT |
Charterers Option |
| CHTRS |
Charterers |
|
Churn |
The
relentless cycle of acquiring new customers and losing others that
characterizes consumer e-commerce and reduces lifetime customer value
because switching is so easy. |
|
CI |
Abbreviation for "Cost and Insurance." A price that includes
the cost of the goods, the marine insurance and all transportation charges
except the ocean freight to the named point of destination. |
|
CICO |
Coffee In Coffee Out |
|
CIF Shippers Difference In Conditions Clause (INS)
(Imports) (Contingency Clause) |
Shipments which are imported
on CIF terms of sale are insured, subject to policy conditions, terms and
exceptions, to the extent of any shortfall in cover conditions, insured
value and/or insured voyage of the Shippers or Suppliers policy against the
scope of cover the Insured enjoy under their own insurance as herein
provided and always subject to the Insured making the appropriate
Declarations under this policy and paying premium at 50% of the applicable
policy rate on the full insured value as per the Basis of Valuation herein.
It is a condition of the Insured's right of recovery hereunder that they
shall take all reasonable steps to recover from the Seller and that the
existence of this extension shall not be revealed to the Seller failing
which it shall be void and of no force and effect.
SEE ALSO: "Sellers Interest Clause" (Exports) |
|
CIF |
Abbreviation for "Cost, Insurance, Freight." (Named Port)
Same as C&F or CFR except seller also provides insurance to named destination. |
|
CIF&C |
Price includes commission as well as CIF. |
|
CIF&E |
Abbreviation for "Cost, Insurance, Freight And Exchange."
|
|
CIFCI |
Abbreviation for "Cost, Insurance, Freight, Collection And
Interest." |
|
CIFI&E |
Cost, Insurance, Freight, Interest and Exchange. |
| CIP |
Carriage & Insurance Paid to |
|
CKD |
Abbreviation for "Completely Knocked Down." Parts and
subassemblies being transported to an assembly plant. |
|
CL |
Abbreviation for "Carload" and "Containerload" |
|
Claim |
A demand made upon a transportation line for payment on
account of a loss sustained through its alleged negligence. |
|
Claim (Ins) |
(1) A formal
request for payment of a loss under an insurance contract or bond; (2) The
actual amount of the final settlement. |
|
Claimant (Ins) |
One who seeks
reimbursement for loss under the terms and conditions of the insurance contract. |
| Claims Agent |
A
representative of the insuring underwriters, usually located overseas, who
has been authorized to accept the papers and documents required to prove a
claim. While the claims agent does not have authority to make settlement
with the claimant, he/she performs a valuable service in expediting the
processing of a claim |
|
Claims Made Coverage (Ins) |
A policy
providing liability coverage only if a written claim is made during the
policy period or any applicable extended reporting period. For example, a
claim made in the current reporting year could be charged against the
current policy even if the injury or loss occurred many years in the past.
If the policy has a retroactive date, an occurrence prior to that date is
not covered. (Contrast this with "Occurrence Coverage) |
|
Class Rate |
A grouping
of goods or commodities under one general heading. All the items in the
group make up a class. The freight rates that apply to all items in the
class are called "class rates." |
|
Classification |
A publication, such as Uniform Freight Classification
(railroad) or the National Motor Freight Classification (motor carrier), that
assigns ratings to various articles and provides bill of lading descriptions and
rules. |
|
Classification Clause
Cargo (Ins) |
A clause in a
cargo insurance open cover which details the minimum classification for an
overseas carrying vessel that is acceptable to the insurers for carriage of the
insured goods at the premium rate/s agreed in the contract. Goods carried by
lower class vessels are accepted under the open cover, subject to payment of an
additional premium. |
|
Classification Rating |
The designation provided in a classification by which a class
rate is determined. |
|
Classification Society |
Worldwide experienced
and reputable societies. which undertake to arrange inspections and advise
on the hull and machinery of a ship. A private organization that supervises
vessels during their construction and afterward, in respect to their
seaworthiness, and the placing of vessels in grades or "classes" according
to the society's rules for each particular type. It is not compulsory by law
that a shipowner have his vessel built according to the rules of any
classification society; but in practice, the difficulty in securing
satisfactory insurance rates for an unclassed vessel makes it a commercial
obligation. |
|
Classification Yard |
A railroad yard with many tracks used for assembling freight
trains. |
|
Clause (Ins) |
A section or
paragraph in an insurance policy that explains, defines or clarifies the
conditions of coverage. |
|
Clayton Act |
An anti-trust act of the U.S. Congress making price
discrimination unlawful. |
|
Clean B/L |
See "Clean Bill of Lading" |
|
Clean Bill of Lading |
A receipt for goods issued by a carrier with an indication
that the goods were received in "apparent good order and condition," without
damage or other irregularities. If no notation or exception is made, the B/L is
assumed to be "cleaned." |
|
Clean On Board |
When goods
are loaded on board and the document issued in respect to these goods is
clean. |
|
Cleaning in Transit |
The stopping of articles, such as peanuts, etc., for cleaning
at a point between the point of origin and destination. |
|
Clean Ship |
Refers to tankers which have
their cargo tanks free of traces of dark persistent oils which remain after
carrying crudes and heavy fuel oils. |
|
Clearance |
-
A document
stating that a shipment is free to be imported into the country after all
legal requirements have been met.
-
The size beyond which cars or loads cannot use Limits bridges,
tunnels, etc. |
|
Clearance Terminal |
Terminal
where Customs facilities for the clearance of goods are available. |
|
Cleared Without Examination (CWE) |
Cleared by
customs without inspection. |
|
Cleat |
A strip of wood or metal used to afford additional strength,
to prevent warping, or to hold in place. |
|
Client |
A party with
which a company has a commercial relationship concerning the transport of e.g.
cargo or concerning certain services of the company concerned, either directly
or through an agent. |
|
Clip-On Unit (COU) |
Refrigeration equipment attachable to an insulated container
that does not have its own refrigeration unit. |
|
CLM |
See "Council of Logistics Management" |
|
Closed Ventilated Container |
A
container of a closed type, similar to a general purpose container, but
specially designed for carriage of cargo where ventilation, either natural
or mechanical (forced), is necessary. |
|
CLP |
See "Container Load Plan" |
|
CM |
Abbreviation for "Cubic Meter" (capital letters). |
|
cm |
Abbreviation for "centimeter. |
|
CNC |
See "Compagneurs
Nationales des Conteneurs" |
|
CNP |
Continued in Next Post |
| COACP |
Contract of Affreightment Charter Party |
|
Coalition |
Coalitions
are either buy-side or sell-side and are generally groups of buyers or
sellers who agree to channel procurement through a single marketplace. They
operate a marketplace without having a third party, neutral Net market as
the hub. Many claim to be neutral--that anyone can join--but, by the nature
of their partnership their first audience is either buyers or sellers. The
advantage of coalitions, particularly buy-side coalitions, is they can do a
lot of transactions, which creates marketplace liquidity. However, the
problem with coalitions is they have several challenges to
overcome--political challenges, both from regulators and relationships
between powerful companies, as well as technology challenges of integrating
legacy systems. Due to the complexity of these issues, none are operational
yet. If they do in fact successfully overcome these obstacles and
operationalize, we expect they will conduct a large number of transactions
because they can force their suppliers to go through this marketplace to
conduct the transactions. |
|
Coastal Carrier |
Water
carriers that provide service along coasts serving ports on the Atlantic or
Pacific Oceans or on the Gulf of Mexico. |
|
Coastwise |
Water transportation along the coast. |
|
C/O |
See "Certificate of Origin" |
| COB |
Close of Business |
| COBLDN |
Close Of Business London |
|
COC |
Carrier Owned Container |
|
COD |
Abbreviation for:
- Collect (cash) on Delivery.
- Carried on Docket (pricing). |
|
Code of Liner Conduct (UNCTAD) |
A
convention drafted under the auspices of the United Nations Conference on
Trade and Development which provides that all shipping traffic between two
foreign countries is to be regulated as far as the quantities of shipments
are concerned on the following percentages -- 40% for owners of the country
of origin, 40% for owners of country of destination, and 20% for owners of
the country which is neither the origin nor the destination. |
|
COFC |
Abbreviation for the Railway Service "Container On Flat Car." |
|
Cofferdam |
An empty
space on board of a vessel between two bulkheads or two decks separating oil
tanks from each other and/or the engine room or other compartments. |
|
COFR |
Certificate of Financial
Responsibility |
|
COGSA |
Carriage of Goods by Sea Act. U.S. federal codification passed
in 1936 which standardizes carrier's liability under carrier's bill of lading.
U.S. enactment of The Hague Rules. |
|
Co-Insurance /
Coinsurance (Ins) |
(1) In
property insurance, a clause under which the insured shares in losses to the
extent that he is underinsured at the time of loss. (2) In health insurance,
a provision that the insured and insurance company will shared covered
losses in agreed proportion. In health insurance, the preferred term is
"percentage participation." |
|
Collapsible Container |
Container
which can be easily folded, disassembled and reassembled |
|
Collect Freight |
Freight
payable to the carrier at the port of discharge or ultimate destination. The
consignee does not pay the freight charge if the cargo does not arrive at
the destination. |
|
Collecting |
A bank that acts as an agent to the seller's bank (the
presenting bank). The collecting bank assumes no responsibility for either the
documents or the merchandise. |
|
Collection |
A draft drawn on the buyer, usually accompanied by documents,
with complete instructions concerning processing for payment or acceptance. |
|
Collection Papers |
Documents (invoices, bills of lading or air
waybill, etc.) submitted to a buyer for the purpose of receiving payment for a
shipment. |
|
Collection System |
Collections System, a part of Customs' Automated
Commercial System, controls and accounts for the billions of dollars in payments
collected by Customs each year and the millions in refunds processed each year.
Daily statements are prepared for the automated brokers who select this service.
The Collections System permits electronic payments of the related duties and
taxes through the Automated Clearinghouse capability. Automated collections also
meet the needs of the importing community through acceptance of electronic funds
transfers for deferred tax bills and receipt of electronic payments from lockbox
operations for Customs bills and fees. |
|
Collective Paper |
All documents
(commercial invoices, bills of lading, etc.) submitted to a buyer for the
purpose of receiving payment for a shipment. |
|
Collision (Ins) |
Physical damage
protection for the insured's own automobile(s) for damage resulting from a
collision with another object or upset. |
|
Co-Loading |
The loading,
on the way, of cargo from another shipper, having the same final destination as
the cargo loaded earlier. |
|
Combi |
Combination passenger/cargo
vessel; a vessel specifically designed to carry both containers and conventional
cargoes. |
|
Combination Charge |
An amount
which is obtained by combining two or more charges. |
|
Combination Chassis |
A chassis
which can carry either one forty foot or thirty foot container or a combination
of shorter containers e.g. 2 x 20 foot. |
|
Combination Export Mgr. |
A firm that acts as an export sales agent for more than one
noncompeting manufacturer. |
|
Combination Joint Rate |
A joint rate
which is obtained by combining two or more published rates (aircargo). |
|
Combination Rate |
A rate made up of two or more factors, separately published. |
|
Combined Transport |
Intermodal
transport where the major part of the journey is by one mode such as rail,
inland waterway or sea and any initial and/or final leg carried out by another
mode such as road. - See also "Multimodal Transport" or "Intermodal" |
|
Combined Transport Bill of Lading (B/L) |
See "Bill of
Lading R302" |
|
Combined Transport Document (CTD) |
Negotiable or
non-negotiable document evidencing a contract for the performance and/or
procurement of performance of combined transport of goods. |
|
Combined Transport Operator (CTO) |
A party who
undertakes to carry goods with different modes of transport. |
|
Commercial Air Service Standards (CASS) |
Canada's standards for commercial aviation. |
|
Commercial Aviation |
Transport of
persons or cargo via air routes operated as a business enterprise (aircargo). |
|
Commercial General
Liability Coverage Part (CGL) (Ins) |
General
liability coverage which may be written as a monoline policy or part of a
commercial package. "CGL" now means commercial general liability forms which
have replaced the earlier "comprehensive" general liability forms. The latest
forms include all sublines, provide very broad coverage, and two variations are
available, "Occurrence," and "Claims Made," coverage. |
|
Commercial Invoice |
Represents a complete record of the transaction between
exporter and importer with regard to the goods sold. Also reports the content of
the shipment and serves as the basis for all other documents about the shipment. |
|
Commercial Letter of Credit (LOC) |
Letter of credit intended to
act as the vehicle of payment for goods sold by one party to another. |
|
Commercial Risks |
With respect to Eximbank guarantees, commercial
risks cover nonpayment for reasons other than specified Political Risks.
Examples are insolvency or protracted default. |
|
Commercial Set |
Set of four
"negotiable" documents that represents and takes the place of the goods
themselves in the financing of the cargo sales transaction. |
|
Commercial Zone |
The area
surrounding a city or town to which rate carriers quote for the city or town
also apply; the ICC defines the area. |
|
Commodity |
Article shipped. For dangerous and hazardous cargo, the
correct commodity identification is critical. |
|
Commodity Box Rate |
A rate
classified by commodity and quoted per container. |
|
Commodity Code |
A code
describing a commodity or a group of commodities pertaining to goods
classification. This code can be carrier tariff or regulating in nature. |
|
Commodity Item Rate |
Specific
description number required in air transport to indicate that a specific
freight rate applies. |
|
Commodity Rate |
A rate published to apply to a specific article or articles. |
|
Common Carrier |
A transportation company which provides service to the general
public at published rates. One who offers to transport merchandise for hire and must accept shipments from
anyone who wishes to use his/her services. Common carriers must abide by
different rules and laws than private or contract carriers who transport only
the goods of those with whom they have made agreements. |
|
Common Cost |
A cost
that a company cannot directly assign to particular segments of the
business; a cost that the company incurs for the business as a whole. |
|
Common Law |
Law that derives its force and authority from precedent,
custom and usage rather than from statutes, particularly with reference to the
laws of England and the United States. |
|
Compagneurs
Nationales des Conteneurs (CNC) |
Affiliate
of the French National Railways for Container traffic |
|
Comparative Advantage |
A
principle based on the assumption that an area will specialize in producing
goods for which it has the greatest advantage or the least comparative
disadvantage. |
|
Component |
A uniquely
identifiable product that is considered indivisible for a particular
planning or control purpose, and/or which cannot be decomposed without
destroying it. A component for one organization group may be the final
assembly of another group (e.g. electric motor). |
|
Compradore |
A local
advisor or agent employed by a foreign party or company who acts as an
intermediary in transactions with local inhabitants. |
|
Comprehensive (Ins) |
Traditional
name for physical damage coverage for losses by fire, theft, vandalism,
falling objects and various other perils. On Personal Auto Policies this is
now called "other than collision" coverage. On commercial forms, it
continues to be called "comprehensive coverage." |
|
Comprehensive General
Liability Policy (CGL (Ins) |
A policy
covering a variety of general liability exposures, including Premises and
Operations (OL&T or M&C), Completed Operations, Products Liability, and
Owners and Contractors Protective. Contractual Liability and Broad Form
coverages could be added. In most jurisdictions the "Comprehensive General
Liability Policy" has been replaced by the newer "Commercial General
Liability (CGL) forms which include all the standard and optional coverages
of the earlier forms. |
|
Comprehensive Personal
Liability Policy (CPL) (Ins) |
A personal
liability contract. It provides personal liability coverage for the
individual and family needs arising out of numerous personal activities and
situations, such as the ownership of residential property, ownership of
pets, sports activities, and many other everyday activities. |
|
Conair Container |
Thermal
container served by an external cooling system (e.g. a vessel's cooling
system or a Clip On Unit), which regulates the temperature of the cargo.
Conair is a brand name. |
|
Concealed Damage |
Damage that is not evident from viewing the unopened package. |
|
Conditionally Renewable (Ins) |
A contract
of health insurance that provides that the insured may renew the contract to
a stated date or an advanced age, subject to the right of the insurance
company to decline renewal only under conditions defined in the contract. |
|
Conditions |
- Anything
called for as requirements before the performance or completion of something
else
- Contractual stipulations which are printed on a document or provided
separately. |
|
Conditions of Carriage |
The
general terms and conditions established by a carrier in respect of the
carriage (aircargo). |
|
Conditions of Contract |
Terms and
conditions shown on the Air Waybill (aircargo). |
|
Cones |
Devices
for facilitating the loading, positioning and lashing of containers. The
cones insert into the bottom castings of the container. |
|
Conference |
An association of ship owners operating in the same trade
route who operate under collective conditions and agree on tariff rates. |
|
Conference Carrier |
An ocean
carrier who is a member of an association known as a "conference." The
purpose of the conference is to standardize shipping practices, eliminate
freight rate competition, and provide regularly scheduled service between
specific ports. |
|
Confirmed Letter of Credit |
A letter of credit, issued by a foreign bank, whose validity
has been confirmed by a domestic bank. An exporter with a confirmed letter of
credit is assured of payment even if the foreign buyer or the foreign bank
defaults. |
|
Confirming Bank |
The bank that adds its confirmation to another bank's (the
issuing bank's) letter of credit and promises to pay the beneficiary upon
presentation of documents specified in the letter of credit. |
| Congestion |
Port or Berth Delays.
Accumulation of vessels at a port to the extent that vessels arriving to
load or discharge are obliged to wait for a vacant berth. |
|
Connecting Carrier |
A carrier which has a direct physical connection with, or
forms a link between two or more carriers. Also known as "Feeder Service" |
|
Connecting Road Haulage |
See "Drayage" |
|
CONS |
Consumption |
|
Consequential Loss (Ins) |
A loss arising
indirectly from an insured peril. |
|
Consignee |
A person or company to whom commodities are shipped. |
|
Consignee Mark |
A symbol placed on packages for identification purposes;
generally a triangle, square, circle, etc. with letters and/or numbers and port
of discharge. |
|
Consignment |
(1) A stock of merchandise advanced to a dealer and located at
his place of business, but with title remaining in the source of supply.
(2) A shipment of goods to a consignee. |
|
Consignment Instructions |
Instructions from either the seller/consignor or the buyer/consignee to a
freight forwarder, carrier or his agent, or other provider of a service,
enabling the movement of goods and associated activities. The following
functions can be covered: Movement and handling of goods (shipping,
forwarding and stowage). |
|
Consignment Note |
A document
prepared by the shipper and comprising a transport contract. It contains
details of the consignment to be carried to the port of loading and it is
signed by the inland carrier as proof of receipt. |
|
Consignment Stock |
The stock
of goods with an external party (customer) which is still the property of
the supplier. Payment for these goods is made to the supplier at the moment
when they are sold (used) by this party. |
|
Consignor |
A person or company shown on the bill of lading as the shipper. |
|
Consolidate |
To group and
stuff several shipments together in one container. |
|
Consolidated Container |
Container carrying goods of more than one
shipper or goods for one shipper from more than one origin. |
|
Consolidation |
Cargo containing shipments of two or more shippers or
suppliers. Containerload shipments may be consolidated for one or more
consignees. |
|
Consolidation Point |
The location
where consolidation takes place. |
|
Consolidator |
A person or firm performing a consolidation service for
others. The consolidator takes advantage of lower full carload (FCL) rates, and
savings are passed on to shippers. |
|
Consolidator's Bill of Lading |
A bill of
lading issued by a consolidator as a receipt for merchandise that will be
grouped with cargo obtained from other shippers. See also House Air Waybill. |
|
Consortium |
Group of
carriers pooling resources in a trade lane to maximize their resources
efficiently. |
|
Construction Differential Subsidy |
A program whereby the U.S. government attempted to offset the
higher shipbuilding cost in the U.S. by paying up to 50% of the difference
between cost of U.S. and non-U.S. construction. The difference went to the U.S.
shipyard. It is unfunded since 1982. |
|
Constructive Total Loss
(Ins) |
A partial loss
of sufficient degree to make the cost of repairing as much or more than the
property is worth or is insured for. |
|
Consul |
A government official residing in a foreign country who
represents the interests of her or his country and its nationals. |
|
Consular Declaration |
A formal statement describing goods to be shipped; filed with
and approved by the consul of the country of destination prior to shipment. |
|
Consular Documents |
Special forms
signed by the consul of a country to which cargo is destined. |
|
Consular Invoice |
A document, certified by a consular official, is required by
some countries to describe a shipment. Used by Customs of the foreign country,
to verify the value, quantity and nature of the cargo. |
|
Consular Visa |
An official signature or seal affixed to certain documents by
the consul of the country of destination. |
|
Consumption Entry (CE) |
The process of declaring the importation of foreign-made goods
into the United States for use in the United States. |
|
Container |
A truck trailer body that can be detached from the chassis for
loading into a vessel, a rail car or stacked in a container depot. Containers
may be ventilated, insulated, refrigerated, flat rack, vehicle rack, open top,
bulk liquid or equipped with interior devices. A container may be 20 feet, 40
feet, 45 feet, 48 feet or 53 feet in length, 8'0" or 8'6" in width, and 8'6" or
9'6" in height.
An item of
equipment as defined by the International Organization for Standardization
(ISO) for transport purposes. It must be of:
a)- a permanent character and accordingly strong enough to be suitable for
repeated use.
b)- specially designed to facilitate the carriage of goods, by one or more
modes of transport without intermediate reloading.
c)- fitted with devices permitting its ready handling, particularly from one
mode of transport to another.
d)- so designed as to be easy to fill and empty.
e)- having an internal volume of 1 m3 or more.
The term container includes neither vehicles nor conventional packing. |
|
Container Bolster |
A container
floor without sides or end walls which does not have the ISO corner fittings and
is generally used for Ro/Ro operations. |
|
Container Booking |
Arrangements with a steamship line to transport containerized
cargo. |
|
Container Chassis |
A vehicle
built for the purpose of transporting a container so that, when a container and
chassis are assembled, the produced unit serves as a road trailer. |
|
Container Check Digit |
The 7th digit
of the serial number of a container used to check whether prefix and serial
number are correct. |
|
Container Depot |
Storage Yard for containers |
|
Container Freight Station (CFS) |
See CFS |
|
Container Freight Station Charge |
The charge
assessed for services performed at the loading or discharge location. |
|
Container ID |
See "Container Number" |
|
Container Lease |
The contract
by which the owner of containers (lessor) gives the use of containers to a
lessee for a specified period of time and for fixed payments. |
|
Container Load |
A load sufficient in size to fill a container either by cubic
measurement or by weight. |
|
Container Load Plan |
A document
prepared to show all details of cargo loaded in a container, e.g. weight
(individual and total), measurement, markings, shipper, the origin of goods and
destination, as well as location of the cargo within the container. |
|
Container Manifest |
Document showing contents and loading sequence of a container. |
|
Container Moves |
The number
of actions performed by one container crane during a certain period. |
|
Container Number |
Identification Number of a container
consisting of prefix and serial number and check digit |
|
Container Platform |
A
container floor without sides or end walls which can be loaded by spreader
directly and is generally used for Lo-Lo operations. |
|
Container Pool |
An agreement between parties that allows the efficient use and
supply of containers. A common supply of containers available to the shipper as
required. |
|
Container Prefix |
A four
letter code that forms the first part of a container identification number
indicating the owner of a container. |
|
Container Service Charges |
Charges at a destination to be paid by
cargo interests as per tariff. Charge considered accessorial and added to
base ocean rate. Often covers crane lift off vessel, drayage within terminal
and gate fees of port. |
|
Container Ship |
A ship constructed in
such a way that she can easily stack containers near and on top of each
other as well as on deck. A vessel designed to carry standard intermodal
containers enabling efficient loading, unloading, and transport to and from
the vessel. Oceangoing merchant ship designed to transport a unit load of
standard-sized containers 8 feet square and 20 or 40 feet long. The hull is
divided into cells that are easily accessible through large hatches, and
more containers can be loaded on deck atop the closed hatches. Loading and
unloading can proceed simultaneously using giant traveling cranes at special
berths. Container ships usually carry in the range of 25,000 to 50,000
deadweight tons. Whereas a general-cargo ship may spend as much as 70
percent of its life in port loading and discharging cargo, a container ship
can be turned around in 36 hours or less, spending as little as 20 percent
of its time in port. This ship type is the result of American design
innovation. Specialized types of container ships are the LASH and SeaBee
which carry floating containers (or "lighters,") and RoRo ships, which may
carry containers on truck trailers. |
|
Container Size Code |
An indication
of 2 digits of the nominal length and nominal height. See also Size/Type
ISO6346. |
|
Container Size/Type |
Description of
the size and type of a freight container or similar unit load device as
specified in ISO6346. |
|
Container Stack |
Two or more
containers, one placed above the other forming a vertical column. |
|
Container Terminal |
An area designated for the stowage of cargoes in container;
usually accessible by truck, railroad and marine transportation. Here containers
are picked up, dropped off, maintained and housed. |
|
Container Type Code |
Two digits,
the first of which indicates the category and the second of which indicates
certain physical characteristics or other attributes |
|
Container Vessel |
See "Container Ship" |
|
Container Yard (CY) |
A materials-handling/storage facility used for completely
unitized loads in containers and/or empty containers. Commonly referred to as
CY. |
|
Containerizable Cargo |
Cargo that will fit into a container and result in an
economical shipment. |
|
Containerization |
Stowage of general or special cargoes in a container for
transport in the various modes. |
|
Containerized |
Indication
that goods have been stowed in a container. |
|
Contingency Clauses (INS) |
Insurance Clauses or coverages that are triggered by a
defined action or inaction as defined by the insuring terms of the clauses.
SEE ALSO: "Sellers Interest Clauses" (Exports) and/or "CIF
Shipments
Difference In Conditions Clause" (Imports) |
|
Contingent Liability (INS) |
A liability imposed because of accidents caused by
persons other than employees for whose acts an individual, partnership or
corporation may be responsible.
EXAMPLE: An insured who hires an independent contractor can in some cases be
held liable for his negligence.
EXAMPLE: In cargo transits or contracts for transits, an insurance taken out
to pay if the primary insurer does not. |
|
Continuous Replenishment |
A system
used to reduce customer inventories and improve service usually to large
customers. (CRP) |
|
Contraband |
Cargo that is prohibited. |
|
Contract |
A legally binding agreement between two or more
persons/organizations to carry out reciprocal obligations or value. |
|
Contract Carrier |
Any person not a common carrier who, under special and
individual contracts or agreements, transports passengers or property for
compensation. |
|
Contract of Affreightment |
An
agreement whereby the ship owner agrees to carry goods by water, or
furnishes a vessel for the purpose of carrying goods by water, in return for
a sum of money called freight. There are two forms: the charter party and
the contract contained in the Bill of Lading. |
|
Contract Logistics |
The
contracting out of all the warehousing, transport and distribution
activities or a part thereof by manufacturing companies. |
|
Contractual Liability (Ins) |
Liability
assumed under any contract or agreement. Coverage is generally limited in
liability policies, but in most cases may be provided for an additional
premium. |
|
Contribution (Ins) |
The term
relates to circumstances where more than one party covers the risk. Each
party is deemed to be liable for his proportion of the loss. If the Assured
recovers in full from one insurer, that insurer is entitled to recover from
the other insurer for that part of the loss which should have been paid by
the latter. The term is used in marine insurance, also, in relation to
contributions paid by the Assured in connection with salvage and/or general
average. |
|
Contributory Value (Ins) |
The value
on which a contribution to a general average loss or salvage award is
calculated. |
|
Controlled Atmosphere |
Sophisticated, computer-controlled systems that manage the
mixtures of gases within a container throughout an intermodal journey reducing
decay. |
|
Conventional Cargo |
See "Break Bulk Cargo" |
|
Conveyance |
The
application used to describe the function of a vehicle of transfer. |
|
Coordinated Transport |
Two or
more carriers of different modes transporting a shipment |
|
COP |
Custom of Port |
|
Corner Fittings |
Fittings
located at the corners of containers providing means of supporting, stacking,
handling and securing the container. |
|
Corner Posts |
Vertical frame components fitted at the corners of the
container, integral to the corner fittings and connecting the roof and floor
structures. Containers are lifted and secured in a stack using the castings at
the ends. |
|
Correspondent Bank |
A bank that, in its own country, handles the business of a
foreign bank. |
|
Cost-Benefit Ratio |
Also known as "Benefit-Cost Ratio" -
An
analytical tool used in public planning; a ratio of total measurable
benefits divided by the initial capital cost. |
|
Cost and Freight (C&F) |
Cost and Freight (CFR) to a named overseas port
of import. Under this term, the seller quotes a price for the goods that
includes the cost of transportation to the named point of debarkation. The
cost of insurance is left to the buyer's account. (Typically used for ocean
shipments only. CPT, or carriage paid to, is a term used for shipment by
modes other than water.) Also, a method of import valuation that includes
insurance and freight charges with the merchandise values. |
|
Cost, Insurance and Freight (CIF) |
Cost of goods, marine insurance and all transportation
(freight) charges are paid to the foreign point of delivery by the seller. |
|
Cost of Lost Sales |
The forgone
profit companies associate with a stockout. |
|
Cost Trade-Off |
The
interrelationship among system variables in which a change in one variable
affects other variables' costs. A cost reduction in one variable may increase
costs for other variables, and vice versa. |
|
COT |
See "Customer Own Transport" |
|
COU |
See "Clip-On Unit" |
|
Council of Logistics Management |
A professional organization in the logistics
field that provides leadership in understanding the logistics process, awareness
of career opportunities in logistics, and research that enhances customer value
and supply chain performance. |
|
Countervailing Duty |
An additional duty imposed to offset export grants, bounties
or subsidies paid to foreign suppliers in certain countries by the government of
that country for the purpose of promoting export. |
|
Country Damage |
Damage to cotton in bales caused by poor methods of bailing, discoloration, etc.
This term is used in Marine Cargo insurance of cotton. |
|
Country Damage (Ins) |
Marine term
referring to damage to baled or bagged goods (e.g. cotton) caused by excessive
moisture from damp ground or exposure to weather, or by grit, dust or sand
forced into the insured property by windstorm or inclement weather. |
|
Country of Provenance |
The country
from which goods or cargo are sent to the importing country. |
|
Cover (Ins) |
(1) A contract
of insurance; (2) To effect insurance; (3) To include within the coverage of a
contract of insurance. |
|
Coverage (Ins) |
The scope of
protection provided under the contract of insurance. |
|
Coverage Part (Ins) |
Any one of the
individual commercial coverage parts that may be attached to a commercial
policy. |
|
Coverage Trigger (Ins) |
A mechanism
that determines whether a policy covers a particular claim for loss. For
example, the difference between the coverage triggers of liability "occurrence"
forms and "claims made" forms is that the loss must occur during the policy
period in the first case and the claim must be made during the policy period in
the second case. |
|
CP (C/P) |
Charter Party |
|
CPD |
Charterers Pay Dues |
|
CPT |
Carriage Paid To |
|
CPU |
Customer Pick-Up |
|
CQD |
Customary Quick Dispatch |
|
CR |
Current Rate |
|
Crane |
A materials
handling device that lifts heavy items. There are two types: bridge and stacker. |
|
CRB |
Come Right Back |
|
CRBT |
Crying Real Big Tears |
|
Credit Insurance |
Insurance against losses due
to inability or failure of the insured’s customers to pay for goods sold by the
insured. The insurance normally covers a specified percentage of each loss
beyond a deductible indicated in the policy. Insurance is available covering a
variety of risks, e.g., political and transfer risks ("country risks")
and financial risks (called "commercial risks"). Even "comprehensive" insurance,
however, will not cover non-payment for contract disputes. |
|
Credit Risk |
Risk incurred by a seller of
goods that the buyer cannot or will not pay for them. |
|
Credit Terms |
The agreement
between two or more enterprises concerning the amount and timing of payment for
goods or services. |
|
Critical Mass |
When enough
buyers and sellers participate in a Net market so goods or services change hands
efficiently. Also, the time when a market gains momentum, achieves liquidity,
and becomes a more efficient way to buy or sell than the traditional physical
market or channel. |
|
Critical Value Analysis |
A modified ABC
analysis in which a company assigns a subjective critical value to each item in
an inventory. |
|
Cross-Dock |
An enterprise
that provides services to transfer goods from one piece of transportation
equipment to another. |
|
Cross-Docking |
The movement
of goods directly from receiving dock to shipping dock to eliminate storage
expense. |
|
Cross Member |
Transverse members fitted to the bottom side rails of a container, which
support the floor |
|
Cross Trade |
Foreign-to-foreign trade
carried by ships from a nation other than the two trading nations. |
|
CRP |
Continuous
Replenishment - A system used to reduce customer inventories and improve service
usually to large customers. |
|
C/SNEE |
Consignee |
|
CSR |
Continuous Synopsis
Record, an on-board record of the history of a ship |
|
CST |
- Centistoke
-
Commodity Specialist Team |
|
CTD |
See "Combined Transport Document" |
|
CTL |
An instance in which the cost of recovering and/or repairing damaged goods
would, when recovered or repaired, exceed the insured value. |
|
CTO |
See "Combined Transport Operator" |
|
CTR |
Container or Container Fitted |
|
Cu. |
An abbreviation for "Cubic." A unit of volume measurement. |
|
CU |
See You |
|
Cube Out |
When a container or vessel has reached its volumetric capacity
before its permitted weight limit. |
|
Cubic Foot |
1,728 cubic inches. A volume contained in a space measuring
one foot high, one foot wide and one foot long. |
|
Cubic Capacity |
The
carrying capacity of a piece of equipment according to measurement in cubic
feet. |
|
CUL |
See You Later |
|
CUL8R |
See You Later |
|
Cumulative Revolving Letter of Credit
(LOC) |
Revolving letter of
credit that permits the seller to carry over any amounts not drawn into
successive periods. |
|
Currency |
- A medium
of exchange of value, defined by reference to the geographical location of
the authorities responsible for it ISO4217.
- In general, the monetary unit, involved in a transaction and represented
by a name or a symbol. |
|
Currency Adjustment Factor |
(CAF) A
surcharge imposed by a carrier on ocean freight charges to offset foreign
currency fluctuations. |
|
Customer Order |
The
seller's internal translation of their buyer's Purchase Order. The document
contains much of the same information as the purchase order but may use
different Product IDs for some or all of the line items. It will also
determine inventory availability. |
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Customer Own Transport (COT) |
The
customer arranges his own transport of the container to and from the
terminal or depot but agrees to restitute the container back to the terminal
or depot. |
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Customer Pick-Up |
Cargo
picked up by a customer at a warehouse |
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Customhouse |
A government office where duties are paid, import documents
filed, etc., on foreign shipments. |
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Customhouse Broker |
A person or firm, licensed by the treasury department of their
country when required, engaged in entering and clearing goods through Customs
for a client (importer). |
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Customs |
Government agency charged with enforcing the rules passed to
protect the country's import and export revenues. |
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Customs Bonded Warehouse |
A warehouse authorized by Customs to receive duty-free
merchandise. |
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Customs Broker |
See Customhouse Broker |
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Customs Clearance |
The procedures involved in getting cargo
released by Customs through designated formalities such as presenting import
license/permit, payment of import duties and other required documentations
by the nature of the cargo such as FCC or FDA approval. |
|
Customs Entry |
All countries require that the importer make a declaration on
incoming foreign goods. The importer then normally pays a duty on the imported
merchandise. The importer's statement is compared against the carrier's vessel
manifest to ensure that all foreign goods are properly declared.
Consumption Entry - A form required by U.S. Customs for entering goods
into the U.S. The form contains information as to the origin of the cargo,
a description of the merchandise, and estimated duties applicable to the
particular commodity. Estimated duties must be paid when the entry is
filed.
Immediate Delivery Entry (I.D. Entry) - Procedure used to expedite the
clearance of cargo. It allows up to ten days for the payment of estimated
duty and processing of the consumption entry. In addition, it permits
delivery of the cargo prior to payment of the estimated duty and then
allows subsequent filing of the consumption entry and duty.
Immediate Transportation Entry (I.T. Entry) - Allows the cargo to be
moved from the pier to an inland destination via a bonded carrier without
the payment of duties or finalization of the entry at the port of arrival.
Cargo must clear Customs at the inland destination point.
Transportation and Exportation Entry (T&E Entry) - Allows goods coming
from or going to a third country (such as Canada or Mexico) to enter the
U.S. for the purpose of Trans-shipments.
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Customs Import Value |
This is the U.S. Customs Service appraisal
value of merchandise. Methodologically, the Customs value is similar to
f.a.s. (free alongside ship) value since it is based on the value of the
product in the foreign country of origin, and excludes charges incurred in
bringing the merchandise to the United States (import duties, ocean freight,
insurance, and so forth); but it differs in that the U.S. Customs Service,
not the importer or exporter, has the final authority to determine the value
of the good. |
|
Customs Invoice |
A form requiring all data in a commercial invoice along with a
certificate of value and/or a certificate of origin. Required in a few countries
(usually former British territories) and usually serves as a seller's commercial
invoice. |
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Customs of the Port |
A phrase often included in charter parties and freight
contracts referring to local rules and practices which may impact upon the costs
borne by the various parties. |
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Customs
Value |
The value
of the imported goods on which duties will be assessed. |
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Cuttings Clause (INS) |
- Insurance Clause normally associated with movement
of coils, wires, etc.
- In the event of damage or breakage caused by an insured peril it is agreed
that the damaged or broken length or portion shall be cut off, the remaining
length or portion to be considered as sound and the Underwriters only to be
liable for the insured value of the length or portion which has been lost by
being broken off or cut off and for the cost of cutting. |
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Cut Off |
See "Cut-Off Time" |
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Cut-Off Time |
The latest time cargo may be delivered to a terminal for
loading to a scheduled train or ship. |
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CWE |
See "Cleared Without Examination" |
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CWO |
Cash With Order |
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Cwt. |
Hundred weight (United States, 100 pounds: U.K.,112) |
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CY |
- Abbreviation for Container Yard.
- The designation for full container receipt/delivery. |
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CYC |
Container Yard Charges |
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CY/CFS |
Cargo
loaded in a full container by a shipper at origin, delivered to pier
facility at destination, and then devanned by carrier for loose pick up. |
|
CY/CY |
Cargo
loaded by shipper in a full container at origin and delivered to carrier's
terminal at destination for pick up intact by consignee. |
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CYA |
See You |
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CYA |
Cover Your A** |
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Cycle Time |
The
elapsed time between commencement and completion of a process. |
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CYO |
See You Online |
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DISCLAIMER: These terms and definitions have been gathered
from many sources public and private. This list is designed to serve as a
reference. No warranty for the accuracy is stated nor implied. |
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Over 3600 Ocean Marine, Shipping, Chat & Insurance Terms
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5 Steps + 2
Minutes = AllCovered --- Paperless -- No Monthly Reporting
-- Cargo - Bonds - BOL Liability/E&O -
Warehouse - Business Insurance --
-- We have Logistics AllCovered -- |
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These terms, abbreviations
and descriptions have been gathered from many sources
online and in print. No warranty for their accuracy is stated nor implied. |
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Last Updated:
Monday, 08 June 2009 13:22:58 -0500 |
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