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- U - |
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TERM |
DEFINITION |
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UAPITA |
You Are a Pain In The Butt |
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UCC |
Uniform Commercial Code |
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UCP |
Abbreviation for the "Uniform Customs and Practice for
Documentary Credits," published by the International Chamber of Commerce. This
is the most frequently used standard for making payments in international trade;
e.g., paying on a Letter of Credit. It is most frequently referred to by its
shorthand title: UCP No. 500. This revised publication reflects recent changes
in the transportation and banking industries, such as electronic transfer of
funds. |
|
UDA |
You Dummy |
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UFC |
Abbreviation for "Uniform Freight Classification." |
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ULCC |
Ultra Large Crude
Carriers. Tankers larger than 300,000 dwt. |
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ULD |
See "Unit Load Device" |
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Ullage |
The space not filled with liquid in a drum or tank.
Free space
above a liquid contained in a tank, drum or tank-container, expressed as a
percentage of the total capacity. Ullage is often used to leave room for
possible expansion of the liquid. |
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Ultimate Consignee |
The ultimate consignee is the person located
abroad who is the true party in interest, receiving the export for the
designated end-use. |
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Umbrella Liability
Policy (Ins) |
A liability
policy designed to provide liability protection above and beyond that
provided by standard liability contracts. |
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Umbrella Rate |
An ICC
ratemaking practice that held rates to a particular level to protect another
mode's traffic. |
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UNCTAD |
United Nations Conference on
Trade and Development |
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UN/EDIFACT |
United Nations EDI for Administration, Commerce and Transport.
EDI Standards are developed and supported by the UN for electronic message
(data) interchange on an international level. |
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Unclaimed Freight |
Freight that has not been called for or picked up by the
consignee or owner. |
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Unconfirmed Letter of Credit |
Letter of credit that
has not been confirmed. |
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Undercarriage |
A
supporting frame or structure of a wheeled vehicle. |
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Undercarrier |
A carrier
in a conference or consortium who carries less cargo than the allotment
distributed to him. |
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Undercharge |
To charge less than the proper amount. |
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Under Insurance (Ins) |
A condition
in which not enough insurance is carried to cover the insurable value, and,
especially, to satisfy a coinsurance clause. |
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Underwriter (Ins) |
-
A person
trained in evaluating risks and determining the rates and coverages that
will be used for them;
- An agent, especially a life insurance agent, who might qualify as a "field
underwriter." |
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Underwriting (Ins) |
The process
of examining, accepting, or rejecting insurance risks, and classifying those
selected in order to charge the proper premium for each. |
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UNDG Number |
See
"United Nations Dangerous Goods Number" |
|
Uniform Commercial Code |
United States statute
covering the rights and obligations of the various parties involved in the
purchase and sale of goods. The UCC includes coverage of drafts and other
negotiable instruments, documents of title, transfers of funds between
banks, and security interests in assets as well as draft collections (in
Article 4) and letters of credit (in Article 5). |
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Uniform Customs and Practices for Documentary Credits (UCP) |
Rules for
letters of credit drawn up by the Commission on Banking Technique and
Practices of the International Chamber of Commerce in consultation with the
banking associations of many countries. See Terms of Payment. |
|
Uniform Rules for Collections |
International standards
of draft collection practice established for bankers by the International
Chamber of Commerce. The Uniform Rules are not law but are more properly
viewed as a handbook for banks used to establish common understanding of
terminology and expectations. |
|
Uniform Warehouse Receipts Act |
The act
that sets forth the regulations governing public warehousing. The
regulations define a warehouse manager's legal responsibility and define the
types of receipts he or she issues. |
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United Nations Conference on Trade & Development (UNCTAD) |
A United
Nations agency whose work in shipping includes the liner code involving the
sharing of cargoes between the shipping lines of the importing and exporting
countries and third countries in the ratio 40:40:20. |
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United Nations Dangerous Goods Number (UNDG) |
- The
four-digit number assigned by the United Nations Committee of Experts on the
Transport of Dangerous Goods to classify a substance or a particular groups
of substances.
- Note: The prefix 'UN' must always be used in conjunction with these
numbers |
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Unit Load |
Packages loaded on a pallet, in a crate or any other way that
enables them to be handled at one time as a unit. |
|
Unit Load Device (ULD) |
Refers to
airfreight containers and pallets. |
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Unit Train |
A train of a specified number of railcars, perhaps 100, which
remain as a unit for a designated destination or until a change in routing is
made. |
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Unitization |
- The consolidation of a quantity of individual items into one
large shipping unit for easier handling.
- Loading one or more large items of cargo onto a single piece of equipment,
such as a pallet. |
|
Unitize |
To
consolidate several packages into one unit; carriers strap, band, or
otherwise attach the several packages together. |
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Unloading |
Removal of a shipment from a vessel. |
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Unpacked- Unprotected Items (INS) |
Typically an exclusion in cargo insurance that refuses
insurance payments for items not packed or protected well enough for the
type of shipment/voyage involved in the transit of the goods. |
|
U.S. Consular Invoice |
A document required on merchandise imported into the United
States. |
| USC |
Unless Sooner Commenced |
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USDA |
United States Department of Agriculture -
A
government agency which regulates functions of specific imported
merchandise, e.g., plants and plant products, domestic animals, serums and
by products, etc. |
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Unseaworthiness |
The state or condition
of a vessel when it is not in a proper state of maintenance, or if the
loading equipment or crew, or in any other respect is not ready to encounter
the ordinary perils of sea. |
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USCG |
US Coast Guard |
| UU |
Unless Used |
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UUIWCTAUTC |
Unless Used In Which
Case Time Actually Used To Count |
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UW |
You're Welcome |
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U/W (Ins) |
Underwriter |
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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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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 13:34:36 -0500 |
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