Glossary of Terms

ABI: U.S. Customs’ “Automated Broker Interface,” by which brokers file importers’ entries electronically.

Accessorial Charges: Charges that are applied to the base tariff rate or base contract rate, e.g., bunkers, container, currency, destination/delivery.

ACS (A.C.S.) or ACEU.S.: Customs’ master computer system, “Automated Commercial Systems.” Now being replaced by the Automated Commercial Environment system.

Ad Valorem: A term from Latin meaning, “according to value.” Import duty applied as a percentage of the cargo’s dutiable value.

Advance: To move cargo up line to a vessel leaving sooner than the one booked.See also Roll.

Air Waybill: The forwarding agreement or carrying agreement between shipper and air carrier and is issued only in nonnegotiable form.

All In: The total price to move cargo from origin to destination, inclusive of all charges.

B/L: Abbreviation for “Bill of Lading.

BAF: Abbreviation for “Bunker Adjustment Factor.” Used to compensate steamship lines for fluctuating fuel costs. Sometimes called “Fuel Adjustment Factor” or FAF.

Bank Guarantee: Guarantee issued by a bank to a carrier to be used in lieu of lost or misplaced original negotiable bill of lading.

Beneficiary: Entity to whom money is payable.– The entity for whom a letter of credit is issued.– The seller and the drawer of a draft.

Bobtail: Movement of a tractor, without trailer, over the highway

Bonded Warehouse: A warehouse authorized by Customs authorities for storage of goods on which payment of duties is deferred until the goods are removed.

Booking: Arrangements with a carrier for the acceptance and carriage of freight; i.e., a space reservation.

Booking Number: Reservation number used to secure equipment and act as a control number prior to completion of a B/L.

Break Bulk: To unload and distribute a portion or all of the contents of a rail car, container, trailer, or ship.– Loose, non–containerized mark and count cargo.– Packaged cargo that is not containerized.

Brokerage: Freight forwarder/broker compensation as specified by ocean tariff or contract.

Bunkers: A maritime term referring to fuel used aboard the ship. In the past, fuel coal stowage areas aboard a vessel were in bins or bunkers.

C&F Terms of Sale, or INCOTERMS: Obsolete, although 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.

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.

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, or to the seller. 

CBM (CM): Abbreviation for “Cubic Meter.”

Certificate of Origin  (C/O): A certified document showing the origin of goods; used in international commerce. It is usually issued by a Chamber of Commerce.

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. These facilities can be located in container yards, or off dock.

Chassis: A frame with wheels and container locking devices in order to secure the container for movement.

CIF (Named Port): Abbreviation for “Cost, Insurance, Freight.” (Named Port) Same as C&F or CFR except seller also provides insurance to named destination.

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.”

Clip–On: Refrigeration equipment attachable to an insulated container that does not have its own refrigeration unit.

Cm: Abbreviation for “centimeter.”

COFC: Abbreviation for the Railway Service “Container On Flat Car.”

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.

Collection: A draft drawn on the buyer, usually accompanied by documents, with complete instructions concern­ing processing for payment or acceptance.

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 relating to the shipment.

Common Carrier: A transportation company which provides service to the general public at published rates.

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 default

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.

Consignee: A person or company to whom commodities are shipped.

Consignor: A person or company shown on the bill of lading as the shipper.

Consul: A government official residing in a foreign country who represents the interests of her or his country and its nationals.

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.

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.

Container Yard (CY): A materials–handling/storage facility used for completely unitized loads in containers and/or empty containers. Commonly referred to as CY.

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.

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

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).

Customs Bonded Warehouse: A warehouse authorized by Customs to receive duty–free merchandise.

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.

Cut–Off Time: The latest time cargo may be delivered to a terminal for loading to a scheduled train or ship.

Cwt: Hundred weight (United States, 100 pounds; U.K.,112)

CY: Abbreviation for:– Container Yard.– The designation for full container receipt/delivery.

Demurrage: A penalty charge against shippers or consignees for delaying the carrier’s equipment or vessel beyond the allowed free time. The free time and demurrage charges are set forth in the charter party or freight tariff.See also Detention and Per Diem.

Density: The weight of cargo per cubic foot or other unit.

Detention: A penalty charge against shippers or consignees for delaying carrier’s equipment beyond allowed time. Demurrage applies to cargo; detention applies to equipment.See Per Diem.

Discrepancy (in a Letter of Credit):  When documents presented do not conform to the requirements of the letter of credit (L/C), it is referred to as a “discrepancy.” Banks will not process L/C’s which have discrepancies. They will refer the situation back to the buyer and/or seller and await further instructions.

Door–to–Door: Through transportation of a container and its contents from consignor to consignee. Also known as House to House. Not necessarily a through rate.

Draft, Bank: An order issued by a seller against a purchaser; directs payment, usually through an intermediary bank. Typical bank drafts are negotiable instruments and are similar in many ways to checks on checking accounts in a bank.

Draft, Sight: A draft payable on demand upon presentation.

Drayage: Charge made for local hauling by dray or truck. Same as Cartage.

Embargo: Order to restrict the hauling of freight.

Endorsement: A legal signature usually placed on the reverse of a draft; signifies transfer of rights from the holder to another party.

Ex – “From” : When used in pricing terms such as “Ex Factory”, “Ex-works” or “Ex Dock,” it signifies that the price quoted ap­plies only at the point of origin indicated.

Export License: A government document which permits the “Licensee” to engage in the export of designated goods to certain destinations.

Ex-Works: An Incoterm of sale meaning the seller delivers to the buyer at seller’s named premises.

FAS: Abbreviation for “Free Alongside Ship.”

FCL: Abbreviation for “Full Container Load.

F.D.A.: Food and Drug Administration.

Fifth Wheel: The semi–circular steel coupling device mounted on a tractor which engages and locks with a chassis semi–trailer.

Flat Rack/Flat Bed Container: A container with no sides and frame members at the front and rear. Container can be loaded from the sides and top.

FMC (F.M.C.): Federal Maritime Commission. The U.S. Governmental regulatory body responsible for administering maritime affairs including the tariff system, freight forwarder licensing, enforcing the conditions of the Shipping Act and approving conference or other carrier agreements.

FOB: See Free On Board. See also Terms of Sale, FOB.

FPPI: Foreign Principal Party of Interest  The party to whom final delivery or end use of the exported goods will be made, usually the buyer.

Free of Particular Average (FPA): A marine insurance term meaning that the assurer will not allow payment for partial loss or damage to cargo shipments except in certain circumstances, such as stranding, sinking, collision or fire.

Free Time: That amount of time that a carrier’s equipment may be used without incurring additional charges. (See Storage, Demurrage or Per Diem.)

Freight Bill: A document issued by the carrier based on the bill of lading and other information; used to account for a shipment operationally, statistically, and financially.An Invoice.

Freight Forwarder: A person whose business is to act as an agent on behalf of the shipper. A freight forwarder frequently makes the booking reservation. In the United States, freight forwarders are now licensed by the FMC as “Ocean Intermediaries.”

General Average: General Average is defined in the York-Antwerp rules as: There is a General Average act when, and only when, any extraordinary sacrifice expenditure is intentionally and reasonably made or incurred for the common safety for the purpose of preserving from peril the property involved in a common maritime adventure. When a cargo ship encounte a serious accident at sea, e.g. a grounding, the vessel owners may ha to incur additional costs to salvage the ship and its cargo, and may resort to declaring General Average.  General Average requires that all parties with an interest in saving ship, the cargo, etc. share proportionately the cost of saving the common adventure . This means that cargo owners would be responsible a proportion of the costs equal to the proportion of the value of the cargo to the common adventure. General Average is applied according to an internationally acknowledged set of rules, the York-Antwerp rules.

Generator Set (Gen Set): A portable generator which can be attached to a refrigerated container to power the refrigeration unit during transit.

GRI: Abbreviation for “General Rate Increase.” Used to describe an across–the–board tariff rate increase implemented by conference members and applied to base rates.

Gross Weight:   1. Entire weight of goods, and packaging, ready for shipment. 2. Can sometimes mean weight of goods and container.  Ocean containers always post the Gross Weight limit on the door of the container, and this is the limit that can be safely lifted by a crane without destroying the container itself. It represents the weight of the cargo and the empty, or “tare” weight of the container.

GVW: Abbreviation for “Gross Vehicle Weight.” The combined total weight of a vehicle and its container, inclusive of prime mover.. Generally, in the US, there is a limit of 80,000 pounds maximum container, cargo and tractor for highway transport.

Harmonized System of Codes (HS): An international goods classification system for describing cargo in international trade under a single commodity–coding scheme. Developed under the auspices of the Customs Cooperations Council (CCC), an international Customs organization in Brussels, this code is a hierarchically structured prod­uct nomenclature containing approximately 5,000 headings and subheadings.It is organized into 99 chapters arranged in 22 sections. Sections encompass an industry (e.g., Section XI, Textiles and Textile Articles); chapters encompass the various materials and products of the indus­try (e.g., Chapter 50, Silk; Chapter 55, Manmade Staple Fibers; Chapter 57, Carpets).The basic code contains four–digit headings and six–digit subheadings. Many countries add digits for Customs tariff and statistical purposes. In the United States, duty rates will be the eight–digit level; statistical suffixes will be at the ten–digit level. The Harmonized System (HS) is the current U.S. tariff schedule (TSUSA) for imports and is the basis for the ten–digit Schedule B export code.

HAZ MAT: An industry abbreviation for “Hazardous Material.”

House–to–House: See Door–to–Door.

I.M.D.G. Code: International Maritime Dangerous Goods Code. The regulations published by the IMO for transport­ing hazardous materials internationally.

In Bond: Cargo moving under Customs control where duty has not yet been paid.

INCOTERMS: The recognized abbreviation for the International Chamber of Commerce Terms of Sale. These terms were recently amended, and the newest version will be effective January 11, 2011

Insulated Container: A container insulated on the walls, roof, floor, and doors, to reduce the effect of external temperatures on the cargo.

Insurance with Average–clause: This type of clause covers merchandise if the damage amounts to three percent or more of the in­sured value of the package or cargo. If the vessel burns, sinks, or collides, all losses are fully covered. In marine insurance, the word average describes partial damage or partial loss.

Insurance, All–risk: This type of insurance offers the shipper the broadest coverage available, covering against all losses that may occur in transit.

Insurance, General–Average: In water transportation, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo.Those sharing in the spared cargo proportionately cover the loss.

Insurance, Particular Average: A Marine insurance term which refers to partial loss on an individual shipment from one of the perils insured against, regardless of the balance of the cargo. Particular–average insurance can usually be obtained, but the loss must be in excess of a certain percentage of the insured value of the shipment, usually three to five percent, before a claim will be allowed by the company.

Insurance, Free of Particular Average—(FPA) : A type of Marine Insurance that only pays for complete losses of a shipment, such as being stolen, consumed by fire, or sinking.

Irrevocable Letter of Credit: Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller.

KT: Kilo or metric ton. 1,000 Kilos or 2,204.6 pounds

Kilogram: 1,000 grams or 2.2046 pounds.

King Pin: A coupling pin centered on the front underside of a chassis; couples to the tractor.

L/C: Abbreviation for “Letter of Credit.”

LCL: Abbreviation for “Less than Container Load.” The quantity of freight which is less than that required for the application of a container load rate. Loose Freight.

Less Than Truckload: Also known as LTL or LCL.

Letter of Credit (LC): A document, issued by a bank per instructions by a buyer of goods, authorizing the seller to draw a specified sum of money under specified terms, usually the receipt by the bank of certain documents within a given time. Some of the specific descriptions are:

Back–to–Back: A new letter of credit issued to another beneficiary on the strength of a primary credit. The second L/C uses the first L/C as collateral for the bank. Used in a three–party transaction.
Clean: A letter of credit that requires the beneficiary to present only a draft or a receipt for specified funds before receiving payment.Confirmed: An L/C guaranteed by both the issuing and advising banks of payment so long as seller’s documents are in order, and the L/C terms are met.Only applied to irrevo­cable L/C’s. The confirming bank assumes the credit risk of the issuing bank.
Deferred Payment: A letter of credit issued for the purchase and financing of merchan­dise, similar to acceptance–type letter of credit, except that it requires presentation of sight drafts payable on an installment basis.
Irrevocable: An instrument that, once established, cannot be modified or cancelled with­out the agreement of all parties concerned.
Non cumulative: A revolving letter of credit that prohibits the amount not used during the specific period from being available afterwards.
Restricted: A condition within the letter of credit which restricts its negotiation to a named bank.
Revocable: An instrument that can be modified or cancelled at any moment without no­tice to and agreement of the beneficiary, but customarily includes a clause in the credit to the effect that any draft negotiated by a bank prior to the receipt of a notice of revocation or amendment will be honored by the issuing bank. Rarely used since there is no protec­tion for the seller.
 Revolving: An irrevocable letter issued for a specific amount; renews itself for the same amount over a given period.
Straight: A letter of credit that contains a limited engagement clause which states that the issuing bank promises to pay the beneficiary upon presentation of the required documents at its counters or the counters of the named bank.
Transferable: A letter of credit that allows the beneficiary to transfer in whole or in part to another beneficiary any amount which, in aggregate, of such transfers does not exceed the amount of the credit.Used by middlemen.

Unconfirmed: A letter of credit forwarded to the beneficiary by the advising bank with­out engagement on     the part of the advising bank. 

Long Ton: 2,240 pounds

Longshoreman: Individual employed in a port to load and unload ships.

Meter: 39.37 inches (approximately).

Metric Ton: 2,204.6 pounds or 1,000 kilograms.

Negotiable Instruments: A document of title (such as a draft, promissory note, check, or bill of lading) transferable from one person to another in good faith for a consideration. Non–negotiable bills of lading are known as “straight consignment.” Negotiable bills are known as “order b/l’s.”

Net Tare Weight: The weight of an empty cargo–carrying piece of equipment plus any fixtures permanently attached.

Net Weight: Weight of the goods alone without any immediate wrappings, e.g., the weight of the contents of a tin can without the weight of the can.

Non–Vessel Operating Common Carrier (NVOCC): A cargo consolidator in ocean trades who will buy space from a carrier and sub–sell it to smaller ship­pers. The NVOCC issues bills of lading, publishes tariffs and otherwise conducts itself as an ocean common carrier, except that it will not provide the actual ocean or intermodal service.

Nose: Front of a container or trailer–opposite the tail.

On Board: A notation on a bill of lading that cargo has been loaded on board a vessel. Used to satisfy the require­ments of a letter of credit, in the absence of an express requirement to the contrary.

Open Account: A trade arrangement in which goods are shipped to a foreign buyer without guarantee of payment.

Open Insurance Policy: A marine insurance policy that applies to all shipments made by an exporter over a period of time rather than to one shipment only.

Open Top Container: A container fitted with a solid removable roof, or with a tarpaulin roof so the container can be loaded or unloaded from the top.

Original Bill of Lading (OBL): A document which requires proper signatures for consummating carriage of contract. Must be marked as “original” by the issuing carrier.

Packing List: Itemized list of commodities with marks/numbers but no cost values indicated.

Pickup: The act of calling for freight by truck at the consignor’s shipping platform.

POD: Abbreviation for:– Port of Discharge.

–        Port of Destination.

–        Proof of Delivery. A document required from the carrier or driver for proper payment.

Pre-Trip: The process of preparing a refrigerated container for a voyage; making sure it is operating and calibrated correctly

Pulp Temperature: Procedure where carrier tests the temperature of the internal flesh of refrigerated commodities to as­sure that the temperature at time of shipment conforms to prescribed temperature ranges.

Ramp: Railroad terminal where containers are received or delivered and trains loaded or discharged. Original­ly, trailers moved onto the rearmost flatcar via a ramp and driven into position in a technique known as “circus loading.” Most modern rail facilities use lifting equipment to position containers onto the flatcars.

Reefer: Refrigerated container.

“Ro/Ro”: A shortening of the term, “Roll On/Roll Off.” A method of ocean cargo service using a vessel with ramps which allows wheeled vehicles to be loaded and discharged without cranes. Also refers to any specialized vessel designed to carry Ro/Ro cargo.

Roll: To re–book cargo to a later vessel.

Schedule B: The Statistical Classification of Domestic and Foreign Commodities Exported from the United States.

Service Contract: As provided in the Shipping Act of 1984, a contract between a shipper (or a shippers association) and an ocean common carrier (or conference) in which the shipper makes a commitment to provide a cer­tain minimum quantity of cargo or freight revenue over a fixed time period, and the ocean common carrier or conference commits to a certain rate or rate schedule as well as a defined service level (such as assured space, transit time, port rotation or similar service features). The contract may also specify provisions in the event of nonperformance on the part of either party.

Short Ton (ST): A weight unit of measure equal to 2,000 pounds.

Shrink Wrap: Polyethylene or similar substance heat–treated and shrunk into an envelope around several units, thereby securing them as a single pack for presentation or to secure units on a pallet

Sight Draft: A draft payable upon presentation to the drawee.

Spotting: Placing a container where required to be loaded or unloaded.

Straight Bill of Lading: A non–negotiable bill of lading which states a specific identity to whom the goods should be deliv­ered. See Bill of Lading.

Stripping: Removing cargo from a container (devanning).

Stuffing: Putting cargo into a container.

Tare Weight: In railcar or container shipments, the weight of the empty railcar or empty container.

Temperature Recorder: A device to record temperature in a container while cargo is en route. Often referred to by a popular brand name of “Ryan Recorder”.

Terminal Charge: A charge made for a service performed in a carrier’s terminal area.

Terms of Sale: The point at which sellers have fulfilled their obligations so the goods in a legal sense could be said to have been delivered to the buyer. They are shorthand expressions that set out the rights and obliga­tions of each party when it comes to transporting the goods. Following, are the thirteen terms of sale in international trade as Terms of Sale reflected in the amendment to the International chamber of Commerce Terms of Trade (INCOTERMS), effective July 1990: exw, fca, fas, fob, cfr, cif, cpt, cip, daf, des, deq, ddu and ddp.

EXW (Ex Works) (...Named Place): A Term of Sale which means that the seller fulfills the obligation to deliver when he or she has made the goods available at his/her premises (i.e., works, factory, warehouse, etc.) to the buyer. In particular, the seller is not responsible for loading the goods in the vehicle provided by the buyer or for clearing the goods for export, unless otherwise agreed. The buyer bears all costs and risks involved in taking the goods from the seller’s premises to the desired destination. This term thus represents the minimum obligation for the seller.       
FCA (Free Carrier) (... Named Place): A Term of Sale which means the seller fulfills their obligation when he or she has handed over the goods, cleared for export, into the charge of the carrier named by the buyer at the named place or point. If no precise point is indicated by the buyer, the seller may choose, within the place or range stipulated, where the carrier should take the goods into their charge.
FAS (Free Alongside Ship) (...Named Port of Shipment): A Term of Sale which means the seller fulfills his obligation to deliver when the goods have been placed along­side the vessel on the quay or in lighters at the named port of shipment. This means that the buyer has to bear all costs and risks of loss of or damage to the goods from that mo­ment.
FOB (Free On Board) (...Named Port of Shipment): An International Term of Sale that means the seller fulfills his or her obligation to deliver when the goods have passed over the ship’s rail at the named port of shipment. This means that the buyer has to bear all costs and risks to loss of or damage to the goods from that point. The FOB term re­quires the seller to clear the goods for export. (Note: The U.S. Government sometimes uses a made–up term “FOB Destination” to require the seller to take responsibility for delivering the goods at destination rather than the correct Incoterm of DDP.)
CFR (Cost and Freight) (...Named Port of Destination): A Term of Sale where the seller pays the costs and freight necessary to bring the goods to the named port of destina­tion, Terms of Sale but the risk of loss of or damage to the goods, as (continued) well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer when the goods pass the ship’s rail in the port of shipment. The CFR term requires the seller to clear the goods for export.99
CIF (Cost, Insurance and Freight) (...Named Place of Destination): A Term of Sale where the seller has the same obligations as under the CFR but also has to procure marine insurance against the buyer’s risk of loss or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The CIF term requires the seller to clear the goods for export.
CPT (Carriage Paid To) (...Named Place of Destination): A Term of Sale which means the seller pays the freight for the carriage of the goods to the named destination. The risk of loss of or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered to the carrier, is transferred from the seller to the buyer when the goods have been delivered into the custody of the carrier. If subsequent carriers are used for the carriage to the agreed upon destination, the risk passes when the goods have been delivered to the first carrier. The CPT term requires the seller to clear the goods for export.
CIP (Carriage and Insurance Paid To) (...Named Place of Destination): A Term of Sale which means the seller has the same obligations as under CPT, but with the addition that the seller has to procure cargo insurance against the buyer’s risk of loss of or damage to the goods during the carriage. The seller contracts for insurance and pays the insurance premium. The buyer should note that under the CIP term the seller is required to obtain insurance only on minimum coverage. The CIP term requires the seller to clear the goods for export.
DAF (Delivered At Frontier) (...Named Place): A Term of Sale which means the sell­ers fulfill their obligation to deliver when the goods have been made available, cleared for export, at the named point and placed at the frontier, but before the customs Terms of Sale border of the adjoining country.
DDU (Delivered Duty Unpaid) (...Named Port of Destination): A Term of Sale where the seller fulfills his obligation to deliver when the goods have been made available at the named place in the country of importation. The seller has to bear the costs and risks involved in bringing the goods thereto (excluding duties, taxes and other official charges payable upon importation) as well as the costs and risks of carrying out customs formali­ties. The buyer has to pay any additional costs and to bear any risks caused by failure to clear the goods for in time.
DDP (Delivered Duty paid) (...Named Port of Destination): “Delivered Duty Paid” means that the seller fulfills his obligation to deliver when the goods have been made avail­able at the named place in the country of importation. The seller has to bear the risks and costs, including duties, taxes and other charges of delivering the goods thereto, clear for importation. While the EXW term represents the minimum obligation for the seller, DDP represents the maximum. 
DES (Delivered Ex Ship) (...Named Port of Destination): A Term of Sale where the seller fulfills his/her obligation to deliver when the goods have been made available to the buyer on board the ship, uncleared for import at the named port of destination. The seller has to bear all the costs and risks involved in bringing the goods to the named port destination.
DEQ (Delivered Ex Quay, [Duty Paid]) (...Named Port of Destination): A Term of Sale which means the DDU term has been fulfilled when the goods have been available to the buyer on the quay (wharf) at the named port of destination, cleared for importa­tion. The seller has to bear all risks and costs including duties, taxes and other charges of delivering the goods thereto.

 

TEU: Abbreviation for “Twenty foot Equivalent Unit.”

Top–Air Delivery: A type of air circulation in a refrigerated container. In top air units, air is drawn from the bottom of the container, filtered through the evaporator for cooling and then forced through the ducted passages along the top of the container. This type of airflow requires a special loading pattern.

Tractor: Unit of highway motive power used to pull one or more trailers/containers.

Transship: To transfer goods from one transportation line to another, or from one ship to another.

Transshipment Port: Place where cargo is transferred to another carrier.

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

USPPI – United States Principal Party of Interest: The party that receives the primary benefit from an export transaction, usually the seller of the goods.

Validated Export License: A document issued by the U.S. government; authorizes the export of commodities for which written authorization is required by law.

Vessel Manifest: The international carrier is obligated to make declarations of the ship’s crew and contents at both the port of departure and arrival. The vessel manifest lists various details about each shipment by B/L number. Obviously, the B/L serves as the core source from which the manifest is created 

War Risk: Insurance coverage for loss of goods resulting from any act of war.

Waybill (WB): A document prepared by a transportation line at the point of a shipment; shows the point of the origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service. It is forwarded with the shipment or sent by mail to the agent at the transfer point or waybill destination. Abbreviation is WB. Unlike a bill of lading, a waybill is NOT a document of title.

W.M. (W/M): Abbreviation for “Weight or Measurement;” the basis for assessing freight charges. Also known as “worm.” The rate charged under W/M will be whichever produces the highest revenue between the weight of the shipment and the measure of the shipment. The comparison is based on the number of metric tons the cargo weights compared to the number of cubic meters of space the cargo measures. The prior English method was one long ton compared to forty cubic feet.