| A |
Alloy containers; or aft.
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| A Fortiori. (Latin) |
With stronger reason; all the more.
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| A I'usine (a la mine, ex magasin en magasin etc.) French |
Cargo delivery term - Ex works (ex factory, ex mill, ex plantation, ex warehouse etc.).
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| A priori (Latin) |
From the cause to the effect.
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| A quai (dedouane. port convenu) (French) ARINC |
Cargo delivery term. Ex quay.
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| A similibus ad similia (Latin) |
From like to like.
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| A valising |
The process of dealing in Bills of Exchange guaranteed by the buyers Bank.
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| A vianca |
An International National Airline and a member of IATA.
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| A Y Finnair Oy |
The Finnish National Airline and a member of IATA.
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| A.lnst.M. |
Associate of the Institute of Marketing.
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| A/P (Authority to pay) |
An authorization, usually by a bank to a seller, for the purchase, with or without recourse, of draft(s), document(s) and/or goods up to a designated amount.
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| A/R |
All risks (insurance term).
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| A/S |
After sight; alongside; or account sales.
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| A1 |
Highest Hull classification for American Bureau of Shipping
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| aa |
Always afloat - indicates that the vessel will either load and/or discharge as specified in the charter party.
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| AA |
American Airlines. An American National airline and a member of IATA; Average Adjuster; or Automobile Association.
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| AAA |
Association of Average Adjusters.
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| AACC |
Airport Associations Co-ordinating Council- IATA term
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| AAE |
Asia Australia Express.
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| AAG's |
Area Advisory groups. An organisation with BOTB, involved in the review/development of various overseas markets to which UK companies export.
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| AAL |
Asia America Line. A Shipping Company.
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| AAR |
Against all risks (insurance term).
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| AAS |
Annual automated controls survey (of a ship).
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| AASMM |
Associated African States, Madagascar and Mauritius.
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| AASO |
Association of American Shipowners - Based in New York.
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| AAT |
Airports Authority of Thailand.
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| AB (or ABS) |
American Bureau of Shipping - American Ship Classification Society; able bodied seaman; or Above Bridges.
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| Abaft. |
Towards the stern of a vessel.
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| Abandonment |
Leaving a ship as unseaworthy; or in marine insurance terms the process of giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss.
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| ABCC |
Association of British Chambers of Commerce; or Arab-British Chamber of Commerce
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| ABCU |
Automatic bridge control system for unattended engine room.
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| Abeam |
In a line at right angles to the vessel's length - opposite the centre of vessel's side.
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| ABECOR |
An association of European banks seeking to improve the services that each individual member is able to offer to its customers by developing banking and financial objectives on the basis of co-operation.
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| ABH |
Vessel classed by American Bureau of Shipping (Hellas)
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| Abinitio (Latin) |
From the beginning.
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| Able seaman |
Holder of the U.K. Department of Trade certificate of competency; a fourth year apprentice. It is now termed Seaman Grade I; or R.N. rating.
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| ABMEC |
Association of British Mining Equipment Companies
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| Abnormal invisible load |
Any load which cannot without undue expense or risk of damage, be divided into two or more loads for the purpose of carriage on any transport mode and which owing to its weight and dimensions cannot be carried on the transport unit which complies with the
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| ABOI |
Association of British Oceanic Industries.
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| Above par |
(1)A share or a bond whose market value is higher than its nominal value or face value. For example, if long-term interest rates decrease after the issue of the bond, the bond's price will increase above par. Opposite: Below par
(2)At a premium.
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| Above the norm |
Above the average.
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| ABP |
Associated British Ports.
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| Absorption |
Acceptance by the air freight carrier of a portion of a joint rate or charge which is less in amount than that which it would receive for the service in the absence of such joint rate or charge.
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| ABTC |
Australian British Trade Association.
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| AC |
Account current; alternating current; account; Assistant Controller; authorisation under consideration; air conditioning or Air Canada. The Canadian National airline and a member of IATA.
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| ac |
Airfreight containers.
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| ACA |
Accession compensatory account; or Agricultural Credit Administration.
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| ACAS |
Advisory Conciliation and Arbitration Service.
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| ACC |
American Chamber of Commerce; Automatic control certified; or Acceptable container condition.
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| Accelerated surface post |
An overseas postal service from the British Post Office for Printed papers.
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| Acceptance |
A time draft (or bill of Exchange ) on which the drawee has written the word "accepted" over his signature, thereby becoming unconditionally obliged to pay at maturity. The draft must first be presented for acceptance, by which the drawee becomes the "acceptor", and then for payment.
(1) Bank(er's) Acceptance :a draft of which a bank is both drawee and acceptor; i.e. the bank gives its guarantee to make the payment should the buyer default.
(2) Trade acceptance: a draft, usually issued from the sales of merchandise, whose drawee and acceptor is an individual or a business entity.
Refers to the commitment by an Importer, evidenced by their accepting a Bill of Exchange drawn on them by an Exporter, to pay for goods at a fixed date in the future.
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| Acceptance certificate |
Document issued by the forwarding agent on request to certify that the goods to be dispatched in accordance with the contract of carriage have been actually handed over for transport.
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| Acceptance credit |
Short-term loan by which the bank allows the customer to draw bills on it up to a certain amount (line of credit). The bills are then accepted and usually also discounted by the bank. Most frequently used in international trade. A Letter of Credit which i
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| Acceptance of the goods |
Under the terms of the Sale of Goods Act 1979, acceptance of the goods occurs where the buyer (i) intimates to the seller he has accepted the goods; (ii) does any act inconsistent with the seller's ownership of the goods, or (iii) keeps the goods for more
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| Acceptance price |
In the underwriting business, the price paid by the banks to the issuers for underwriting a new securitie's issue. The acceptance price is lower than the issue price to the general public, the difference being the bank's gross profit margin or commission.
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| Accepted Draft |
A draft accepted by the drawee by putting his signature on its face. The draft thus is subject to the strict provisions of the law regarding bills of exchange if the drawee is publicly registered as a firm. A banking term.
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| Accepting Bank/Paying Bank |
The bank nominated in the documentary letter of credit to accept or Pi) drawings under that credit. It can be either the issuing or the advising bank.
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| Accepting House |
Financial house - often a Merchant Banker - specialising in financing foreign trade.
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| Accessories |
For the purpose of applying to specific air freight commodity rate descriptions, such as additional objects which are not essential to the normal use of the main article or are not an integral component thereof but which are intended for use with the main
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| Accord international sur Ie Transport des denrees Perissables |
Agreement on the International carriage of perishable foodstuffs. See ATP entry.
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| Account party |
The party which addresses the bank for the issue of a letter of credit , e.g. the account party can be an importer, a buyer, a construction contractor or a supplier bidding on a contract.
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| Account Statement |
A statement of investment activity and investment position that is periodically sent by brokerage firms to their customers.
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| Account: |
is an account receivable or an open account. In the commercial finance industry, "account" refers to indebtedness; the person or company owning the indebtedness is an "account debtor." These are normally indebtedness of customers to th
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| Accounts payable |
Money due to suppliers. Also called payables and trade payables.
The amount that the company has been billed but has not yet paid. This is money owed to its regular business creditors from whom it has bought goods and services.
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| Accounts receivable |
Money due from customers. Also called receivables and trade receivables.
Amount billed to customers and due from them but not yet collected.
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| Accrual accounting |
An accounting method where revenues are recognized when earned and expenses when incurred, regardless of the actual timing of the cash receipts and expenditures. Compare with cash accounting.
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| Accrued Expenses |
These are expenses due but for which no bill has yet been received. Expenses such as employee wages owed prior to payday, utility charges not yet billed, interest due but unpaid, etc.
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| Accrued interest |
(1) Interest earned but not collected.
(2) Interest earned, but still unpaid, since the latest payment date.
(3) Interest due from the date of issue or the last coupon date on an interest-bearing security, or from the last date of payment on a loan.
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| Accrued liabilities |
Accounting items entered on the liabilities side of the balance sheet which relate to previous operations; such as income received during the past financial year but which relates to the new fiscal year, or expenses incurred during the past year but not payable until the following year.
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| ACCU |
Automatic control certified for unattended engine room.
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| ACCU - OS |
Automatic control certified for unattended engine room - open seas.
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| Accumulated Depreciation |
The decline in useful value of a fixed asset due to wear and tear from use, passage of time or obsolescence. This number is added to each period and thus is "accumulated".
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| Ace |
Acceptance, or accepted.
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| Acid test / Quick ratio |
A liquidity ratios measuring a company's ability to pay immediate liabilities. It is expressed as: current assets less inventories, divided by current liabilities. Compare with Quick ratio.
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| Acknowledgement of order. |
Document acknowledging undertaking to fulfill the order and confirming conditions or acceptance of conditions.
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| ACMEL |
Associated Continental Middle East Lines.
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| ACOP |
Approved code of practice.
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| ACP |
Number of independent African, Caribbean and Pacific countries.
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| ACP 80 |
A computer operated by Customs relative to the Direct Trader Input scheme for air freight users at London-Heathrow and Gatwick airports. See Direct Trader Input entry.
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| ACPs |
African, Caribbean and Pacific States (parties to the Lome Convention).
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| ACS |
Australia Container Service - Shipping Company.
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| ACT |
Associated Container Transportation Ltd; a consortia of container ship operators.
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| Act of God |
Any fortuitous act which could not have been prevented by any amount of human care and forethought such as storms, floods, lightning, earthquakes etc.
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| Actio 'in personam' (Latin) |
An action against a person.
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| Actio 'in rem' (Latin) |
An action for the recovery of a particular, thing e.g. a seaman's action against the ship's owner for wages, or an action for the specific recovery of land.
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| Actio personalis moritur cum persona (Latin) |
A personal action dies with the person.
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| Action 'in rem' |
A legal term involving a court seeking judgments against property.
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| Action plan |
A plan drawn up with a view to identifying various areas for action/attention and in so doing ensure the plan objective is realised. For example to improve a container service, the operator may list twenty-five points which need attention
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| Active |
Describes a security in which there is substantial trading.
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| Active income |
Income resulting from the active conduct of trade or business.
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| ACTS |
Alfred C Toepfer Schiffahrt, MB Hamburg - a shipowner.
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| Actual Gross Weight |
The weight of product plus packing (and/or container, trailer or wagon).
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| Actual pay load (net weight) |
The difference between the actual gross weight and the gross tare weight of a container, trailer or wagon; or the weight of goods unpacked.
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| Actual total loss |
A situation when one of the following circumstances exist relative to a marine insurance cover: (i) the assured is irretrievably deprived of the insured property; (ii) the insured property is completely destroyed; (iii) the vessel is posted at Lloyds 'as
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| Actual(s) |
The physical commodity or security underlying a futures contract. It may also be designated "cash" or "physicals".
(2)The 'Physical' freight market - a BIFFEX term.
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| Actuator pole |
Long pole of hollow construction used for locking twist locks in inaccessible positions (ICHCA).
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| Actus reus (Latin) |
A prescribed act.
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| ACU |
Administration of the customs union - a part of the EEC commission with responsibility for administration of the customs union.
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| ACV |
An air cushion vehicle - a hovercraft.
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| AD |
Above deck (of a ship).
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| Ad idem (Latin) |
In perfect agreement.
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| Ad val |
Ad valorem - in proportion to the value.
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| Ad valorem Bill of Lading |
An ad valorem Bill of Lading is one where the value of the goods is shown on the face of the document, which value becomes the carrier's limit of liability, in return for the payment of a freight surcharge.
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| Ad valorem duty |
Duty evaluated on percentage of cargo value.
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| Ad Valorem Duty (According to value) |
Any charge, tax, or duty (tariff) calculated and applied as a percentage of the value (price) of the item. The higher the value of an item, the higher the ad valorem duty.
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| Ad valorem freight |
Freight rate based on percentage value of goods shipped,
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| ADB |
See African Development Bank, Asian Development Bank.
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|
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| Add on |
A term equivalent to proportional rate or arbitrary involving an additional charge on the basic rate to cover a particular circumstance e.g. currency surcharge.
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| Addendum |
A supplement or appendix attached to a document (such as a bill of exchange ) which can be used for endorsement.
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| Address Commission |
A percentage of commission sometimes specified in a charter party due to charters based on the amount of freight.
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| Adean Common Market |
An economic trading bloc comprising of Bolivia, Colombia, Ecuador, Peru and Venezuela. It was introduced in 1967.
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| Adjustable shore ramp |
A roadway providing an intermediate connection between the shore 31 the ship, and on which the shore end of a ship ramp can rest. The roadway suspended vertically and is adjustable and is usually hinged at the inshore end and supported near the outer end independently of the ship (ICHCA).
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| Adjuster |
An independent professional who negotiates loss settlements on behalf the insurer.
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| Adjusting loading wall |
Sheet lining which allows dunnage bars to be fitted into the 1.S.0. Container at any point (ICHCA).
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| Adjustment |
Settlement of a loss incurred by insured.
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|
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| ADM |
(IATA) Airport Handling Manual- IATA term.
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| ADP |
Automatic data processing.
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| ADR |
The European agreement concerning the international carriage of dangerous goods by road. ADR concerns the dangerous substances which are listed in the convention and specifies the nature of the tanks in which these substances may be carried. These tanks are subject to inspection and must carry an ADR certificate issued by Department of Transport.
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| ADR |
American Depository Receipts
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| ADRIATIC |
Adriatic Container Service - a shipowner.
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| Adrift Floating at random. |
ADR's American Depository Receipts.
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| ADV Advice enclosed. |
(Adv) Advance of Special Survey (of a ship).
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| Advance |
A loan, usually short-term (i.e. one to three years), taking the form of an overdraft to a company or individual.
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| Advance against documents (A/D) |
A loan secured by the documents covering the shipments, which remain in control of the creditor.
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| Advance arrangement |
The shipper's obligation to contact the carrier prior to tendering the consignment with a view to initiating the dispatch arrangements.
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| Advance freight |
Freight payable (by Chatterer/Shipper etc.) at time goods accepted for dispatch.
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| Advance import deposits |
A foreign exchange control technique whereby importers are required to deposit a percentage of the value of a product with the designated authorities for a specified period of time.
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| Advance of freight |
Payment 'on account' for disbursements.
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| Advanced charge/disbursements |
A charge paid by a carrier to an agent or to another carrier, which the delivering carrier then collects from the consignee. Such charges are usually for agents forwarding fees and incidental expenses paid out of pocket for account of the shipment by an Agent or other carrier.
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| Advanced Payment Bond/Guarantee |
(1) A bond provided by a supplier to a buyer to assure him that advance payments made to the supplier will be returned if the contractual obligations are not fulfilled. The bond is issued up to the amount of the advance payments specified in the contract. The value of the bond normally decreases as the supplier fulfils the obligations for which the advance payments were made. Such bond may be either conditional or unconditional.
(2) An arrangement whereby a company employing a contractor makes funds available to him to purchase equipment and to cover the organizational expenses involved in getting the construction under way.
A guarantee issued by a bank, on behalf of a seller to a buyer, in relation to any advance payment that is made by the buyer to the seller to allow the contract to commence. If the contract is not completed the buyer can claim reimbursement of the advance payment under the guarantee.
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| Advances against shipping documents |
The process whereby the bank may be prepared to make advances against shipping documents with or without bills of exchange in course of collection or payable.
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| Advertising Agency |
An Agent specialising in Marketing and Advertising techniques and who undertake such work on behalf of a principal.
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| Advertising Budget |
The process of formulating forecast and objectives relative to advertising expenditure during a specified period for a particular area of the business activity of the company. It is usually aligned to the Marketing and Sales plan.
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| Advertising Budget review |
The process of reviewing critically the advertising budget especially in the light of changed circumstances compared with when the budget was compiled, and the situation obtaining at the time of the budget review likely events/needs in the remaining period of the budget
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| Advertising code |
The code of ethics/standards/criteria on which advertising is conducted all its areas including press, TV, commercial radio, brochures, posters so on. The prime considerations involved are authenticity of presentation whereby the contents must be factually correct, and not to mislead client through misrepresentation of the facts; avoidance of false/unconfirmed statements; not to be abusive or offensive; and so on.
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| Advertising conversion rate |
The number of coupons completed by respondents in an advertisement feature requesting for product/service details related to the number actual orders received. For example, 1,000 coupons are received requesting product details which are duly dispatched, and ultimately 300 orders i received thereby having a 30% conversion rate.
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| Advertising cost per product sale |
The cost incurred in advertising to secure a product sale. For example during a year a manufacturer/retailer sold 100,000 washing machines an spent $1.0 million on advertising embracing TV, commercial radio, Sponsorships, brochure, newspaper/journal advertisements etc., incurring: advertising cost per washing machine sale of $10.
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| Advertising criteria |
The basis on which an advertising product is devised/formulated. This ma' be a brochure, TV advertisement, press advertising, Poster, and so on Individual Advertising Agencies and their clients will have a varying bas' on which their advertising criteria is formulated bearing in mind the product, advertising budget, degree of competition, and other factors.
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| Advertising Expenditure |
Expenditure incurred to promote a product(s) or service(s) by an entity company. This includes, TV, commercial radio, press advertising, brochures, poster sites, sponsorship, sales conferences, general promotion and so on.
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| Advertising Policy |
The advertising policy of a particular company or in a particular set of circumstances. It maybe for example on the advertising budget which will be limited to five per cent of the total retail value of the product promote thereby permitting only £5 to be spent on every £100 budgeted income.
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| Advertising programme objectives |
The aims/objectives of a particular advertising programme for a specific period involving a particular product(s) or service(s). This may include t improve market share, successfully launch the new product, develop new markets overseas, improve product image, and so on.
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| Advertising Revenue |
Income from advertising. It maybe from a journal, poster site, newspaper] television, commercial radio and so on.
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| Advertising revenue by media |
An analysis of advertising income by source such as TV, newspaper magazine, commercial radio, posters, cinema, and so on.
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| Advertising slogan |
A phrase devised to facilitate selling a particular Company product(s) or service(s) and in so doing will feature in publicity material. It maybe 'never knowingly undersold' indicating the retail store will match any competitor's price on documentary evidence for any item they retail.
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| Advice Cards |
Cards (with punched and printed information) issued to Lloyd's Underwriters by Lloyd's Data Processing Department.
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| Advice of arrival (goods) |
Notification from the carrier to the consignee in writing, by telephone or by any other means (express letter, message, telegram etc.) informing him that a consignment addressed to him is being or will shortly be held at his disposal at a specified point in the place of destination.
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| Advised letter of credit |
A commercial letter of credit whose authenticity has been verified by a bank, usually located in the beneficiary's country. The bank then advises the beneficiary of the authenticity of the letter of credit, without however undertaking any payment obligation.
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| Advising bank |
Also known as the notifying bank. This is the bank operating in the exporter's country which handles letter of credit on behalf of the foreign bank, by notifying the exporter that the credit has been opened in his favour and informing him of the terms and conditions of the letter of credit. It does not necessarily have responsibility for payment.
A bank normally located in the country of residence of an Exporter, used by an Importer's bank to validate the authenticity of a Letter of Credit before the Letter of Credit is passed to the Exporter.
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| Advisory Capacity |
A term designating the fact that the powers of a shipper's agent or representative abroad are limited, and that he is not authorized to take decisions or make adjustments without previously referring to his principals. Compare with without reserve.
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| AEA |
Agricultural Engineers Association (UK).
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| AECS |
Australia Europe Container Service.
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| AELE |
Association European de libber Exchange (French). Based in Geneva European Free Trade Association.
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| AEMERO |
African, Eastern Mediterranean and European - Regional Office of UNICEF.
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| Aer Lingus |
The National Airline of the Republic of Ireland.
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| AERE |
Atomic Energy Research Establishment.
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| Aero Lineas Argentinas |
The Argentine National Airline and a member of IATA.
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| Aeromexico |
The Mexican National Airline and a member of IATA.
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| AF |
Advance freight - payable at time goods are accepted for dispatch; or Air France - National Airline of France and member of IATA.
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|
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| AFDS |
African Development Bank.
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| AFEA. |
AFEA Line - a shipowner.
|
|
| AFFF |
Aqueous Film Forming Foam.
|
|
| Affreightment |
A contract for the carriage of goods by sea for payment expressed in charter party or bill of lading.
|
|
| AFL- CIO |
American Federation of Labour - Congress of Industrial Organisations based in Washington DC.
|
|
| AFNOR |
The French Standards Institute.
|
|
| AFPTC |
Agricultural Farm Produce Trade Corporation (Burma).
|
|
| AFRASEC |
Afro-Asian Organisation for Economic Co-operation.
|
|
| African Development Bank |
Established in 1963, with its headquarters in Abidjan, Côte d'Ivoire. The ADB provides financing through direct loans to African member states to cover the foreign exchange costs incurred in bank-approved development projects in these countries. Fifty-one African countries are members. The ADB is financed by member countries of the OECD.
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| African Development Foundation (ADF) |
An independent, non-profit government corporation established to provide financial assistance to grass-roots organizations in Africa. The ADF became operational in 1984.
|
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| African Development Fund (ADF) |
A fund managed by the ADB
|
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| Aft |
Rear portion of the ship.
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|
| After date |
A phrase indicating that payments on a draft or other negotiable instrument are due on a specific date after the presentation of the draft to the drawee. Compare with after sight, at sight.
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|
| After peak |
Compartment at stern, abaft, aftermost water tight bulkhead.
|
|
| After Sales Manager |
A managerial position responsible for looking after customer interest following purchase of the company's product(s) or service(s). Sometimes it is called Customer Relations Manager.
|
|
| After Sales Service |
A department within a Company/Entity whose prime task is to look after Customer needs following purchase of the Company's product(s) 01 service(s). In an Engineering Company for example this may involve provision of technical servicing manuals, spares replacements, equipment servicing, disputed invoices, and so on.
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| After sight |
This expression is written on a draft or other negotiable instrument, meaning that it becomes payable on a certain date after having been presented for acceptance (e.g. 90 days). The period starts the date the bill is signed and accepted by the drawee. In order to let the holder of the bill know when the bill becomes payable, the drawee must add the date of his acceptance.
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| After-tax cash flow |
The total cash generated by an investment annually. This is defined as profit after-tax plus depreciation, or operating income after tax plus the tax rate times depreciation.
|
|
| After-tax real rate of return |
This is defined as the after-tax rate of return on an investment minus the inflation rate.
|
|
| Agency by ratification |
A situation/circumstance whereby an Agent commits an act for which he has no authority whatsoever but acquaints his Principal after the occurrence with this act.
|
|
| Agency Compliance Board |
A Board responsible for investigating and controlling pretended or actual breaches of IATA Agents.
|
|
| Agency fee (management fee) |
An annual fee payable by the borrower, usually to cover the costs incurred by the lender in administering the loan.
|
|
| Agency for International Development (AID) |
Created in 1961 to administer foreign economic assistance programmes of the US government. AID has field missions and representatives in approximately 70 developing countries in Africa, Latin America, the Caribbean and the Near East.
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|
| Agency Law |
The legislation dealing with Agents who are people appointed by another to make contracts for him.
|
|
| Agent |
One who represents a principal, or buys or sells for another. For example in insurance terms, a person who provides advice on the appropriate policy but does not generally provide the same service as a broker. An Agent may be employed by one insurer or by someone such as a shipper. Types of Agents include a Travel Agent, Forwarding Agent, Receivers Agent, Clearance Agent, Ships Agent, and so on. (See separate entries).
|
|
| Agent |
A legally independent person, authorized by another person (the principal) to act on his behalf as an intermediary or to conclude business transactions. The agent usually receives a fee or a commission (often a percentage of the sale price) for the services rendered. In a syndicated loan, the agent is the bank which manages the loan on behalf of the participating banks.
|
|
| Agent distributor service (ADS) |
A fee-based service providing U.S. exporters with a customized overseas search for interested and qualified foreign representatives (such as foreign import agents and distributors).
|
|
| Aggressive Marketing |
The process of marketing a product(s)/service(s) vigorously in the market place and in so doing through advertising expose the weaknesses of the competitors product(s)/service(s) and the strengths of the particular company product(s)/service(s).
|
|
| Agio |
A security sells at agio when its market value is higher than its nominal or par value. In foreign exchange operations this is the premium paid to exchange one currency for another. Opposite: Disagio.
|
|
| Agora |
The currency of Israel. See Appendix 'C'.
|
|
| Agorot |
The currency of Israel. See Appendix 'C' .
|
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| Agreed Minute |
This embodies the terms agreed upon in a Paris Club rescheduling meeting. It forms the basis for bilateral discussions between individual creditor governments (including export credit agencies) and debtor countries on agreements for implementation of the rescheduling. The Minute normally specifies the coverage of debt-service payments to be consolidated, the cut-off date, the consolidation period, the proportion to be rescheduled and the deferred debt.
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| Aground |
Vessel laying (touching) sea bed.
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| AH |
Range of ports between and including Antwerp/Hamburg.
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| AHASC |
Airport Handling Agreements Sub-Committee - IATA term.
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| AHC |
Airport Handling Committee - IATA term.
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| AHESC |
Airport Handling Equipment Sub-Committee - IATA term.
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| AHPSC |
Airport Handling Procedures Sub-Committee - IATA term.
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| AHS |
Annual hull survey; or Assistant Head of Section.
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| AHST |
Anchor Handling Salvage Tug.
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| AHTS |
Anchor Handling Tug Supply (Vessel).
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| AI |
Air India - National Airline of India.
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| AIBD |
The Association of International Bond Dealers, setting market trading rules for the secondary market of Eurobonds.
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| AICS |
Associate Institute of Chartered Shipbrokers.
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| AID |
Agency for International Development - a US Governmental Organisation.
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| Aid donor |
An organisation/entity/person providing foreign aid to a country.
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| Aid programme |
The provision of foreign aid to a country such as the USA dispatching in US vessels shipments of grain to India.
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| Aid scheme |
A scheme which provides aid to a specified country/region. It may be financial, human resources, services such as transport and so on.
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| AIDA |
International Association for the distribution of Food Products.
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| AIFTA |
Associate Institute Freight Trades Association; or Anglo-Irish Free Trade Area Agreement.
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| AIGSS |
Annual inert gas system survey.
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| AIMS |
American Institute of Merchant Shipping - based in Washington DC.
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| Air Algerie |
The Algerian National Airline and a member of IATA.
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| Air Botswana |
The Botswana National Airline and a member of IATA.
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| Air Bus |
A passenger airline service which tends to operate on short duration flights but having the salient feature of no pre-booking requirement. This permits the passenger to simply 'turn up' at the airport terminal for a prescribed flight and purchase the ticket at the time of flight embarkation. It is renowned as a low cost airline service offering frequent services between major industrial cities of relative short flight transit time on an internal or international basis. All the accommodation is one class and no 'in flight' facilities are usually provided such as video entertainment.
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| Air Canada |
The Canadian National Airline and a member of IATA.
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| Air Consignment Note |
An Air Waybill.
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| Air France |
The French National Airline and member of IATA.
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| Air Freight |
Cargo conveyed by airline services
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| Air Freight consolidation |
The process of dispatching as one overall consignment under an Agent! Freight Forwarders sponsorship by Air involving a number of individual Airworthiness certification compatible consignments from various consignees to various consignors.
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| Air Freighter |
Aircraft carrying exclusively air freight consignments.
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| Air Guinee |
A National Airline and member of IATA.
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| Air hostess |
Part of the aircrew team and primarily responsible for 'in flight' passenger welfare.
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| Air India |
The Indian National Airline and a member of IATA.
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| Air Malawi |
The National Airline of Malawi and member of IATA.
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| Air Malta Airways |
The Maltese National Airline and member of IATA.
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| Air Mauritius |
The National Airline of Mauritius and member of IATA.
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| Air mode container |
An ISO series container suitable for international exchange and for conveyance by road, rail, and sea as well as air including interchange between these forms of transport. (ICHCA).
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| Air New Zealand |
The National Airline of New Zealand.
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| Air Pacific |
A National Airline and member of IATA.
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| Air Traffic Controller |
A Managerial position usually located at an Airport responsible for all aircraft movements both take off and landing at the Airport. This involves very close liaison with air crew at all times during such periods which is greatly facilitated by modern telecommunication systems and computerizations. See also Traffic Control entry.
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| Air waybill |
A bill of lading used for the transportation of air freight, describing conditions, liability, shipping instructions, nature of the commodity and applicable transportation charges. It is a non-negotiable instrument of air transport acting as a receipt for the shipper, and indicating that the carrier has accepted the goods listed therein and is thereby committed to carry the consignment to the airport of destination, according to the specified conditions. Compare Inland Bill of Lading, Through bill of lading.
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| Air Zaire |
The National Airline of Zaire and member of IATA.
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| Air Zimbabwe |
The National Airline of Zimbabwe and member of IATA.
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| Aircraft Kilometers |
The sum of the products is obtained by multiplying the number of flights performed by the stage distance in kilometers.
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| Aircraft Manifests |
A list of individual consignments conveyed on a particular flight.
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| Aircraft operator |
A person/Company who has the management and overall control of an aircraft.
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| Aircraft turn round time |
The duration of a particular aircraft stay at an airport terminal based on the time the aircraft is received at the terminal to commence passenger disembarkation and/or cargo discharge, until the aircraft duly loaded leaves the terminal to proceed on her flight or other specified assignment. The aircraft may arrive in a loaded or empty condition and likewise depart on a similar basis.
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| Aircrew |
Personnel who man an aircraft such as pilot, navigator, flight engineer, air hostess and so on.
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| AIRIMP |
A TCI IATA Reservations Interline Message Procedures Manual - an IATA term.
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| AIRMIC |
The Association of Insurance and Risk Managers in Industry and Commerce.
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| Airport lounge |
Accommodation provided in a passenger terminal at an airport whereby, passengers are accommodated/seated/assembled following their final 'check in' prior to proceeding to board the aircraft.
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| Airport tax |
Airport Authority tax on passengers passing through it.
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| Airworthiness certification |
Equipment/unit has been certified by a governmental airworthiness authority that it meets the safety requirements for the aircraft in that country.
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| Aisle space |
The distance between rows of parked or stacked containers which allows access for lifting or transporting equipment (ICHCA).
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| AIT |
Alliance Internationale de Tourisms.
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| AJCL |
Australia Japan Container Line.
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| AL |
Aluminum covers (Latch covers on a ship).
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| ALALC |
Association Latin Americana de Armadores (Latin American Association of Shipowners).
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| ALAMAR |
Latin American Association of Shipowners.
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| Alias (Latin) |
Otherwise named - a fictitious name.
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| Aligned Export Documentation system |
Method whereby as much information as possible is entered on a 'master' document so that all or part of this information can be reproduced electronically or mechanically onto individual forms of a similar design.
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| Aligned forms |
A series of forms so designed that items of information common to all forms appear in the same relative positions on each form.
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| Aligned series original document |
One of a number of documents reproduced from a master in an Aligned System, designated by means of contrasting into stamping etc. to be valid as the original, the other being similarly designated as copies.
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| Aligned systems |
Method whereby as much information as possible is entered on a 'master' document or E.D.P. record so that all or part of this information can be reproduced mechanically or electronically on individual forms of similar design.
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| Alitalia |
The Italian National Airline and a member of IATA.
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| Aliter (Latin) |
Otherwise; on the contrary.
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| All lay time saved |
The time saved to the ship from the completion of loading/discharging to the expiry of the lay time excluding any notice time and periods excepted from the lay time. A charter party term and also referred to as 'all working time saved'.
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| All Risks |
Insurance cover providing for an extensive cover; special risks, however, being usually not covered by it (e.g. risks of war and strikes or perishing of goods). It includes all fortuitous causes of loss. It does not embrace inevitable loss, such as wear and tear.
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| All Risks Coverage |
A clause used in marine insurance, providing the shipment with the broadest kind of standard coverage. It excludes, however, damage to the shipment caused by war, strikes and riots. Compare with the Free of Particular Average and With Average clauses.
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| All time saved' |
The time saved to the ship from the completion of loading/discharging to the expiry of the lay time including periods excepted from the laytime. A charter party term.
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| All told |
Charter party term indicating that deadweight capacity of vessel embraces bunkers, water dunnage, stores, and spare parts.
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| All working time saved |
The time saved to the ship from the completion of loading/discharging to the expiry of the lay time excluding any notice time and periods excepted from the laytime. A charter party term and also referred to as 'all laytime saved.
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| All-in cost |
Total costs, whether foreseeable or not.
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| All-in rate |
The interest rate on a loan which includes the cost of Compensating balances, Commitment fees and any other charges.
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| Allocated material |
Stock which has been allocated, earmarked, or set on one side for a particular purpose.
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| Allonge |
A slip of paper attached to a bill of Exchange , acceptance or notes, providing space for additional endorsement when the back of the bill is already filled with names.
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| Allotment |
Method by which seaman may allot part of his wages regularly to near relative or savings bank.
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| Allowance free baggage |
The baggage which may be carried without payment of a charge in addition to the fare.
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| Alongside |
A term referring to the side of a ship. Goods to be delivered alongside are to be placed on the dock or within reach of the transport ship's tackle so that they can be loaded on board. Goods are delivered alongside at the port of embarkation, excluding loading fees.
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| Alpha |
A Yield indicator based on the risk of a security or a portfolio in relation to the market risk. A positive Alpha indicates the extra yield of the security or portfolio awarded to the investor for having taken a risk, rather than simply accepting the average market return. Thus, an alpha of 0.5 means that the security or portfolio has outperformed the estimated market-based return by 0.5%. See also Beta.
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| Alu. |
Aluminum (hatch cover material).
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| Always accessible or reachable on arrival |
In such a situation the chatterer undertakes that when the ship arrives at the port there will be a loading/discharging berth for her to which she can proceed without delay.
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| AM |
Aeromexico - The Mexican National Airline and a member of IATA; or assistant Manager.
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| AMA |
American Marketing Association.
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| Ambient temperature |
The temperature of a substance surrounding a body. Thus the ambient temperature of a container holding refrigerated cargo would be the temperature of the air to which it is exposed outside (ICHCA).
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| Amendment |
A change in the terms to a Letter of Credit that is already issued. Such changes can only be made with the agreement of all parties to the Letter of Credit.
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| American Airlines |
An American National Airline and a member of IATA.
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| American Bureau of Shipping. |
The USA Ship Classification and Survey Society.
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| American Chamber of Commerce |
The organisation based in London representing the USA, whose basic role is to develop, promote and facilitate international trade between UK and USA and vice versa.
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| American Depository Receipts (ADRs) |
Domestically traded securities representing claims of foreign stocks.
A receipt for shares in a non U.S. corporation. The shares are held by a U.S. bank in its vault. Although the owners do not have physical possession of the shares, they do have all the rights of ownership.
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| American option |
An option which can be exercised at any time between the date of purchase and its expiry date. Compare with a European Option.
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| American selling price |
A system of US Customs evaluation whereby duty is levied not on the price of imported goods but on the price at which the comparable domestic article is freely offered for sale in USA.
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| American short ton |
A total weight of 2000 lbs.
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| American Stock Exchange |
The "AMEX" handles the trading for companies that are smaller than those traded on the NY stock exchange. It also handles the trading for many stock options.
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| AMI Ex |
Associate Member of the Institute of Export.
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| Amidships |
Centre of the ship - mid point area between the forward and aft portions.
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| AMIME |
Associate Member of the Institute of Marine Engineers.
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| AMM |
Asia Merchant Marine (Hyundai Group) - a shipowner.
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| AMMI |
American Merchant Marine Institute - organisation of ship-owners in the United States.
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| Amortisation |
The process of writing off a debt in staged payments over a period.
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| Amortization |
(1) The gradual reduction of a debt, through regular repayments of principal instalments and payment of current interest over an agreed period of time, so as to liquidate the debt.
(2) In accounting, a term indicating the systematic writing off of an account or asset over its estimated life. See Depreciation.
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| Ampoule |
A small receptacle sealed after filling by fusing the glass neck.
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| AMS |
Annual machinery survey. American Bureau of Shipping highest classification of machinery.
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| AMT |
Air Mail Transfer - a remittance purchased by the debtor from his banker in international trade.
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| AMVER |
Automated Mutual-Assistance Vessel Rescue (System).
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| Analogue |
The representation of the performance of a system by continuously variable physical entities, for example currents, voltages. Contrasted with Digital - a computer term.
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| Analysis |
The process of evaluating/analyzing critically a particular situation / circumstance of all its component / constituent parts with a view to forming a conclusion / recommendation / decision. In the Business sector, economics and statistical techniques can playa significant role in the facilitation of the analytical process.
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| Anchor |
Implement by which a ship is rendered stationary.
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| Anchor bracket |
Corner casting device used in some railcars. (ICHCA).
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| Anchor position |
A navigational term indicating the anchored location of a specified vessel.
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| ANCOM |
Andean Common Market including Bolivia, Colombia, Ecuador, Peru, and Venezuela.
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| And arrival |
Used in relation to return premiums allowed on a hull policy. No such return premium is payable by the Underwriters until expiry of the policy and subject to the condition the vessel has arrived i.e. she is safe in port.
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| Andean Group |
A group of Latin American countries formed in 1969 to promote regional economic integration among medium-sized countries. Its member states include Bolivia, Colombia, Ecuador, Peru and Venezuela.
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| ANF |
Arrival notification form.
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| Angle of Repose |
The angle between the horizontal and maximum slope that loose material assumes when it is stockpiled. (ICHCA).
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| Angola Airlines Luanda |
Angola National Airline and member of IATA.
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| ANHSING |
Anhsing Overseas Line - a shipowner.
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| ANL |
The Australian National Line - a shipowner.
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| Annual Sales Conference |
An annual conference usually sponsored by a Company/entity which presents its latest products and related developments during the preceding twelve months to the market place. The invited audience would be the Company major clients (existing-potential). Such a Conference is an important event in the Company Sales calendar as it maintains close contact with the market and thereby facilitates development of Company sales.
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| Annual Sales Review |
The process of reviewing/analyzing the sales results of a particular Company, Product etc. It will cover a particular period and could be compared with budget and previous year's results. Remedial measures to improve sales is likely to be discussed.
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| Annuity |
A stream of annual cash flows for a specified period of time. Opposite: Perpetuity.
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| Annul |
To cancel or render void.
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| ANRO |
The consortium of Australian National Lines including Australia Straits Container Line, Nedloyd Lines, and Neptune Orient Lines.
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| Anti fouling system |
A technique whereby to counter marine growth on the hull of a vessel special measures are taken such as the application of a special type of hull coating or self polishing co-polymer paint.
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| Anti nose-dive leg |
Support provided at the front end of a container chassis used to support the end during loading operations. (ICHCA).
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| Anti-jack-knife device |
Device provided for road haulage units for preventing by one of two methods: (a) the wheels from locking so as to avoid any skidding action, (b) by locking the fifth wheel under braking to keep the vehicle in a rig state.
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| Anti-rack device |
Hardware that can be attached to container doors to provide addition strength and stiffness to the door and frame assembly, enabling IS containers to withstand greater racking forces. (ICHCA).
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| Anti-roll suspension |
Suspension system which incorporates a torsion bar between the axle and the vehicle chassis to resist the rolling action which occurs when a vehicle negotiates a comer.
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| Anti-theft device |
System for preventing vehicle theft by immobilising the vehicle or causing warning buzzers to sound if an attempt is made to enter the vehicle or drive it away. Immobilisers include steering column locks, fuel cut out device and electrical cut outs as well as warning devices.
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| Anticipation equivalence |
An extension to equivalence, the relief earning exportation taking place before the relieved importation. A customs term.
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| Anticipatory breach |
An anticipatory breach arises where one party announces his/her intention of not performing a contract which is due to be performed in the future. Legal term.
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| Antidumping |
A set of laws and practices intended to counteract dumping practices.
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| Antillian Gunder (Florin) |
The currency of the Netherlands Antilles (Netherlands West Indies). S, Appendix 'C'.
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| ANZECS |
Australia New Zealand Europe Container Service.
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| ANZMSA |
Australian & New Zealand Merchants' & Shippers' Association.
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| ANZTAC |
Australia and New Zealand Trade Advisory Committee. Part of BOTJ organisation.
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| ANZUS |
Mutual Aid Pact between Australia, New Zealand and the USA - a Pacific Pact.
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| AOB |
Anyone bottom. A marine insurance term.
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| AOCTs |
Associated overseas countries and territories.
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| AODC |
Association of Offshore Diving Contractors.
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| AP |
Angkutan Pertambangan - a shipowner.
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| AP or A/P |
Additional premium or aft perpendicular (of a ship).
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| APAA |
Asean Port Authorities Association.
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| APBH |
After peak bulkhead.
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| APL |
American President Lines - a shipowner.
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| Apparent good order of the goods |
An indication the merchandise/consignment is in a satisfactory condition.
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| Applicant |
The Importer who applies to an issuing bank for a Letter of Credit, or a Guarantee/Bond
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| Application for letter of credit |
A written request by an applicant (an importer or purchaser) to his bank to open a letter of credit. The notification of the opening of the letter of credit is usually done via a correspondent bank.
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| Approval Marks |
Official markings on certain motor vehicles or motor vehicle parts which show that they conform with a type approved by an international agreement to which the UK is a party.
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| Approved or held covered |
A vessel which is approved or held covered is one which the Underwriters consider adequate to carry the insured cargo at the agreed premium rate. In circumstances when the vessel is not approved the risk is still covered but subject to a reasonable additional premium.
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| Approved premises |
Premises approved by the Commissioners of Customs & Excise for the purpose specified.
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| Apron |
That portion of a wharf or pier lying between the waterfront edge and the Apron Pact.
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| Apron |
That portion of a wharf or pier lying between the waterfront edge and the (transit) shed, or that portion of the wharf carried on piles beyond the solid ARC fill (ICHCA); or a defined area of a land at a aerodrome intended to accommodate aircraft for the purpose of loading or unloading passengers or ARCAD cargo, refueling, parking or maintenance.
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| Apron Wharf ARCH |
That portion of a wharf or pier lying between the waterfront edge and the (transit) shed, or that portion of the wharf carried on piles beyond the solid `fill (ICHCA).
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| AR |
Aerolineas Argentinas. The Argentine National Airline and a member of IATA; or average revenue.
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| ARA |
Antwerp-Rotterdam-Amsterdam ports.
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| Arab Common Market |
This agreement came into force on 1st January 1965 to eliminate tariffs and A provide for the eventual (a) freedom of movement of persons and Arab Arrest capital; (b) exchange of local and foreign goods and products; (c) freedom of residence, work, employment and any economic activity; (d) freedom of JU transport, transit, and the use of means of transport, civil harbours, and Airports within the territory of all members of Arab League.
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| Arab Organisation for Standardisation and Metrology |
Founded in 1965 to serve as a specialised technical body for the League of Arrive Arab States in the fields of standardisation, metrology and quality control.
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| Arab-British Chamber of Commerce |
The organisation based in London representing the Arab States whose mt basic role is to develop, promote and facilitate international trade between ARPA UK and the Arab states and vice versa.
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| Arbitrage |
The purchase of financial instruments (e.g. foreign exchange or securities) or commodities on one market with the intention of selling them simultaneously on another market to take advantage of the price differential between the two markets. The arbitrageur (the person carrying on the business of arbitrage) may earn a profit by exploiting the differences in the rates of exchange or the prices of securities or commodities involved. Arbitrage is attractive only if the price difference is large enough to cover the costs incurred (such as the costs of transporting the goods from one market to the other).
Simultaneously purchasing and selling different assets that are substantially the same to take advantage of short term price differences that exist between the assets in different markets.
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| Arbitration |
Method of settling disputes which is usually binding on the parties concerned - clause usually found in charter parties.
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| Arbitration clause |
A clause found in a contract, such as a charter party, which binds both parties to settlement of any dispute arising from the contract, to an arbitration procedure.
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| ARC |
Applied Research Corporation (Singapore).
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| ARCADIA |
Arcadia Shipping Lines Pte. Ltd. - a shipowner.
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| ARCH |
Decks supported by web frames or diagonal bracing with pillars.
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| Argentine Peso |
The currency used in Argentina. See Appendix 'C'.
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| Arian Afghan Airline |
A national airline and member of IATA.
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| ARINC |
Aeronautical Radio Inc.
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| Armitage Report |
An inquiry into lorries, people and environment published in December, 1980. Its terms of reference were 'to consider the causes and consequences of the growth in the movement of freight by road and, in particular of the impact of the lorry on people and their environment; and to report on how best to ensure that future development serves the public interest'. Subsequently legislation was introduced in 1983 permitting commercial vehicles to have a gross laden weight of 38 tonnes spread over a five axle vehicle unit with two axles on the tractor unit. Additionally the maximum permitted length of articulated vehicles was increased by half a meters to a total of 15.5 metres and the trailer unit from 12 metres to 12.20 metres in the UK.
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| ARPA |
Automatic Radar Plotting Aid.
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| Arranged total loss |
A compromised total loss.
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| Arrangement Fee |
Fee charged by a commercial bank which assists in arranging complex forms of financing, including export credit insurance. Sometimes called a Management Fee.
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| Arrears |
Generally speaking, debt-service payments not made by the due date. In the specific field of export credits, arrears are overdue payments by borrowers, which have not yet resulted in claims against the export credit agencies.
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| Arrest |
The detention of a vessel. Where this is a peril in the policy but is part of a judicial process it is not covered by the policy.
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| Arrival date |
The date on which the consignment arrived/was received by the specified consignee.
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| Arrived notification form |
Advice to consignee of cargo coming forward at specified place of collection.
|
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| Arrived ship |
Vessel arrived at berth or port or off the port - according to charter party terms.
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| ARS |
Annual refrigerated machinery survey (of a vessel).
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| ARSO |
The African Regional Organisation for Standardisation. Founded in January 1977 under the auspices of the UN Economic Commission for Africa (ECA). Memberships open to the national standards bodies of African countries who are members of ECA and Organisation of African Unity.
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| Articles of Agreement |
Contract of employment between shipowner and crew.
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| Articulated vehicle |
A combination of tractive unit and semi trailer in which the trailer is resting on and attached to the tractive unit, and 20 per cent or more of the weigh~ of the trailer when it is uniformly loaded is superimposed on the tractive unit. The maximum permitted overall length of an articulated vehicle ~ 15.50 metres with a gross laden weight of 38 tonnes spread over five axles.
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| Artificial exchange rare |
A currency exchange rate which does not have any necessary alignment with the current market exchange rate.
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| ARYA |
Arya National Shipping Lines - a shipowner.
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| As fast as the vessel can Receive/Deliver |
The laytime is a period of time to be calculated by reference to the maximum rate at which the ship in full working order is capable of loading discharging the cargo. A Charter Party term.
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| ASAP |
As soon as possible.
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| ASBA |
Association of Shipbrokers and Agents (USA) Inc.
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| ASC |
Austrian Shippers Council.
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| ASCL |
Australia Straits Container Line - a shipowner.
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| ASDIC |
Anti-Submarine Detection Investigation Committee.
|
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| ASEAN |
Association of South-East Asian Nations.
|
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| ASEAN-CCI |
The ASEAN Chambers of Commerce and Industry.
|
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| Asia Australia Express |
Overseas Containers Ltd., associate company trading between Far East and Australia.
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| Asian Development Bank (ADB) |
Established in 1966 to foster economic growth and co-operation in Asia and to help accelerate the economic development of members. The ADB headquarters are in the Philippines.
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| Asian Pacific Economic Co-operation (APEC) |
The Asian Pacific Co-operation was initiated by Australia at the Canberra Conference (Australia) of 1989. Its members are: Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand (members of the Association of South-East Asian Nations countries), plus Australia, Canada, Chile, China, Hong Kong, Japan, New-Zealand, Papua-New-Guinea, South Korea, Taiwan and the United States.
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| ASIAS |
Airline Schedules and Interline Availability Study-IATA term.
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| Ask |
The quoted price at which a security will be sold.
|
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| Asked/ask price |
The price at which securities (including foreign exchange or foreign bank notes) are offered for sale. Opposite: Bid.
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| ASM |
After Sales Manager, or Area Sales Manager.
|
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| ASMO |
Arab Organisation for Standardisation and Metrology. Founded in 1965 to serve as a specialised technical body for the League of Arab States in the fields of standardisation, metrology and quality control.
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| ASOA |
Australasian Steamship Owners Association.
|
|
| ASP |
Accelerated surface post; or American selling price. A system of US Customs evaluation whereby duty if levied not on the price of imported goods but on the price at which the comparable domestic article is freely offered for sale in USA.
|
|
| ASPAC |
Asian and Pacific Council. Organisation of several Far East states for the discussion of economic, technical, cultural, social and political questions.
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| ASRRI |
Indonesian Association of Industries.
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| Assembler |
Also called assembly program. This is a program which converts a set of instructions for the computer into a code which the machine can understand. A computer term.
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| Assembly cargo |
The separate reception of parcels or packages and the holding of them for later dispatch as one consignment.
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| Assessor |
Person who estimates the value of goods for the purpose of apportioning the sum payable by the underwriters to settle claims.
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| Asset |
Something of value that is owned by an individual or organization.
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| Asset turnover ratio |
A measure of asset efficiency, defined as net sales divided by total assets.
The Asset-Turnover Ratio is a good measurement of how well the organization uses its assets. This ratio is calculated by dividing Total Assets into Net Sales. The higher this ratio is, the better the organization is at using assets to generate sales revenue.
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| Asset-backed security |
A security issued by a financial institution and backed by an asset (e.g. a commodity).
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| Asset/equity ratio |
The ratio of total assets to stockholder's equity.
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| Assets |
All the property such as cash, inventories or claims against others that is owned by a business and can be applied to cover liabilities.
A term indicating everything a company owns which has a monetary value listed on the balance sheet (cash funds, credit balances, supplies, equipment and facilities, etc.). Assets can be financial assets (such as bills), fixed assets (equipment) and intangible assets (goodwill, patent). Opposite: liabilities.
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| Assignee |
The acquirer of a title, interest or ownership transferred by an assignor. See Assignment.
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| Assignment |
The transfer of the legal right, interest or ownership (title) from a creditor (assignor) to a new creditor (assignee). A distinction is made between a single assignment (where only a specific claim is assigned) and a blanket assignment where all receivables are assigned. In the case of an option, an assignment is made when the option writer (seller) receives an exercise notice obliging him to sell (in the case of a call) or to buy (in the case of a put) the underlying security at the specified strike price.
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| Assignment credit |
A credit granted against the fiduciary assignment of one or several receivables to a bank. The accounts receivable act as a security for lending. See Discount credit.
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| Assignor |
The person who transfers the title, interest or ownership to a third party. See Assignment.
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| Association Francais de Normalisation |
The French Standards Institute.
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| Association of South-East Asian Nations (ASEAN) |
Established in 1967 to promote political, economic and social co-operation among its six member countries: Indonesia, Malaysia, Philippines, Singapore, Thailand and Brunei. Laos, Papua-New-Guinea and Vietnam are observers, whereas South Korea has special status.
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| Assured |
Party indemnified against loss by means of insurance.
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| Astern power |
Power available for driving a ship astern.
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| AT |
American terms (grain trade).
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| AT A Carnet |
International Customs document to cover the temporary export of certain goods (commercial samples and exhibits for international trade fairs abroad and professional equipment) to countries which are parties to the A.T,A convention and cover re-import of such goods.
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| At best |
A buying or selling order by a customer to a broker, to buy or sell a certain security at the best currently available price. In the case of a buying order it is therefore "at the lowest possible price", and "at the highest possible price" in the case of selling order. The buyer or seller does not have to specify any maximum or minimum price for the execution of the order by the broker.
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| At call |
Money deposited by a bank or at a bank, without any fixed maturity date. The money may be withdrawn at any time when the depositor "calls" for it.
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| At par |
A term meaning the "same value", implying that the price of the security is equal to its face value. Securities are issued at par, par price, par rate. Compare with above par and below par.
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| At risk |
A situation where the particular circumstances are at risk or subject to change. This may be due to a variety of situations including technical, political, commercial, industrial relations and so on. For example, an increase in oil fuel tax may cause many businesses to examine the economics of a gas fired central heating system in preference to their oil fired system thereby putting at risk the latter facility continuing on a permanent basis.
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| At sight |
A term indicating that payment on a draft or other negotiable instrument is due upon presentation or demand. Compare with After Date, After Sight.
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| At sight drafts |
Drafts payable on demand and take no days of grace.
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| At-the-money option |
An option with an exercise price equal to, or close to, the current market price of the underlying security.
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| ATA |
Air Transport Association of America.
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| ATC |
Air Traffic Conference of America.
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| ATI |
The Association of Thai Industries.
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| ATLANTIC |
Atlantic International Lines (Pte) Ltd. - a shipowner.
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| ATLAS |
Atlas Lines, Chittagong - a shipowner.
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| ATP |
Aid and Trade Provision; or convention covering the international transport of perishable goods by rail and road vehicles and containers on international journeys, and the Special Equipment to be used for such carriage. It requires that the equipment to be used must be subjected to certain tests and issued with a certificate.
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| ATS |
Assistant Traffic Supervisor; or Apparent time at ship.
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| Ats |
The currency of the Peoples Democratic Republic of Laos. See Appendix 'C'.
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| Attachment Date |
The date entered on the broker's slip by the leading Underwriter to provide a point from which the period allowed in the terms of credit scheme will operate.
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| Attestation |
Legal act of witnessing a deed by affixing one's signature thereto.
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| Attestation clause |
That part of the policy in which the underwriter is bound to the policy conditions.
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| Attitude survey |
A market research technique whereby buyer behavior/attitude is determined /researched relative to a particular circumstance such as a change in colour, design of a product; a price variation; new product launch; and so on.
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| Au Fait (French) |
Well acquainted with.
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| Audi aIterem partem (Latin) |
Let the other party be heard.
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| Audio visual |
A piece of salesman's equipment enabling him to present to his client(s) a short film or slides with commentary featuring the product he has to sell
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| Aurar |
The Currency of Iceland. See Appendix 'C'.
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| AUSTRA |
Australian Committee on Trade Procedures and Facilitation based in London.
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| Austral |
Code name of Chamber of Shipping approved charter party for Australian Grain trade - agreed pre-war with Australian Grain Shipping Assoc.
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| Australia Japan Container Line |
Overseas Containers Ltd. associate company trading between Australia and Japan.
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| Australia New Zealand Europe Container service |
The Consortium in which Overseas Containers Ltd. trades in the Australia! New Zealand-Europe service.
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| Australia Straits Container Line |
An Overseas Container Ltd, associated company trading between Australia and the Malacca Straits area.
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| Australian Dollar |
The currency of Australia and Tuvalu together with the Republic of Naura. See Appendix 'C'.
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| Australian-British Trade Association |
The organisation based in London representing Australia whose basic role is to develop, promote and facilitate international trade between UK and Australia and vice versa.
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| Austrian Airlines |
The National Austrian airline and member of IATA.
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| Austrian Shippers Council |
The organisation in Austria representing the interest of Austrian shippers in the development of international trade.
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| Austwheat |
Code name of Chamber of Shipping approved charter party for Australian grain trade, agreed 1956 with the Australian Wheat Board and amended by agreement between these two parties, at intervals.
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| Authorisation |
The notification by Customs and Excise to an exporter allowing him to import goods under inward processing relief arrangements for processing and subsequent export from the Community (EEC) in the form of compensating products.
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| Authorities to purchase |
The process adopted chiefly for shipments to the Far East including Malaysia and Hong Kong together with Mauritius whereby the authority to purchase the bills are drawn on the buyer of the goods and payable at sight, or at some later date as specified in the Authority. It is an alternative to Documentary Credits.
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| Authorized bank |
A bank allowed by a country's public authorities to process the decentralized payment transfers.
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| Auto pilot |
A navigational device found in sea and air transport.
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| Automatic coupling |
Coupling system occasionally used on articulated road vehicles in which the tractive unit is equipped with guide ramps to lift the front of the trailer from the ground when the unit is reversed under the trailer. The trailer landing support wheels are released and fold away, and the rollers, mounted on the trailer; move up the ramps until the trailer turntable locks into place on the tractive unit. Automatic coupling also exists for railway rolling stock both for passenger and freight wagons.
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| Automatic fare collection |
A system so devised which obviates the need to engage staff to examine/collect tickets on a passenger transport system. This primarily involves for example on a railway system the provision of coin operated ticket issuing machines, and automatic ticket barrier control whereby passengers may only gain access to the platform/train by processing their ticket through the automatic barrier equipment. It is used primarily on railway systems especially in conurbation areas such as Paris metro and City bus services with one man operation.
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| Automatic Maritime Radio telex service |
An automatic terrestrial maritime radio telex service. An automatic ship to shore and shore to ship service. It enables direct through dialing to the UK and most overseas customers, and automatic store and forward of telex messages to and from the shore.
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| Automatic watch keeper |
Equipment embracing monitoring and alarm surveillance on a vessel.
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| Aux |
Auxiliary (sailing ship with auxiliary machinery).
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| Aux B |
Boiler(s) supplying steam to auxiliary essential services of a ship.
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| Availability |
A term used in Letters of Credit to indicate the bank nominated by the issuing bank to pay, accept, incur a deferred payment, or negotiate the Letter of Credit on their behalf. Sellers should ensure the Letters of Credit are available with one of their relationship banks
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| Aval |
A form of guarantee, generally given by a commercial bank, on a negotiable instrument. An aval is usually an unconditional guarantee of payment and is not affected by the terms of the underlying transaction. Avals are recognized only in certain countries (mainly European), though usually not in countries with an Anglo-Saxon legal base.
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| Avalize |
The process by which a third party, usually a bank guarantees the undertaking of the drawee to meet their responsibility under a Bill of Exchange. The words "Per Aval" and the signature of the avalizing (guarantor) party must be written on the Bill.
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| Average |
A composite measure that can give insight into the movement of the overall market or a particular market segment.
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| Average |
Loss - usually termed general or particular average.
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| Average Adjuster |
Independent expert who assesses the liabilities of the various parties to a common maritime adventure - when a claim arises - and to marine insurance contracts, and to classify the various items of expenditure between general and particular average, viz. ship, freight, and cargo.
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| Average Bond |
Bond in which cargo owners agree to pay their share in the general average losses - each contribution being determined by the average adjuster.
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| Average Clause |
A clause in a policy, whereby partial losses are subject to special conditions (e.g. a franchise or deductible is to be applied to claims).
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| Average clause |
A clause on a marine insurance policy whereby partial losses are subject to special conditions such as a franchise.
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| Average collection period |
The number of days required, on average, to collect accounts receivable.
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| Average deposit |
Cash security deposited by consignee pending assessment of general average contribution.
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| Average due date |
The mean date of payment of several sums becoming payable at different dates (applies particularly to a bill of exchange).
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| Average lay time |
This is determined by the number of days saved/lost at the load port(s) added to/subtracted from those allowed at the discharge port(s), but only after a separate discharge port(s) calculation has been made. For example the results were two days demurrage accruing at load port and two days dispatch at discharge, the results would cancel out each other, leaving no demurrage and no dispatch on the basis 'two days saved minus two days lost equals nothing'.
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| Average Life |
The sum of the amounts outstanding of the loan at the end of each year, throughout its entire life, divided by the total principal sum borrowed. It gives the average life of the loan in years.
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| Average payment period |
The number of days, on average, in which a firm pays off its accounts payable.
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| Average rate |
The average rate which is produced from conveying a given volume of traffic during a specific period or calculating the range of rates offered by a transport company. For example during the month of April 10,000 tons of merchandise was conveyed yielding $100,000 or $10 per ton. Alternatively an analysis of all types of parcel rates available to the market by a particular Company indicated the average rate per kilogram is $2. It is used extensively in budgetary control systems.
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| Average rate of return (ARR) |
The ratio of average net earnings to average investment.
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| Average statement |
Average adjusters statement.
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| Average term |
In relation to a bond issue, the maturity calculated on the date halfway between the earliest and the latest date stipulated for repayment.
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| Aviation spirit |
A specially blended light hydro carbon intended for use in aviation piston engined power units.
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| Aviation turbine fuel |
A specially refined Kerosene intended for use in aviation gas turbine power units.
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| Avoidance |
The right of an underwriter in the event of a breach of good faith or delay in commencement of an insured voyage to treat the insurance contract as null and void thereby canceling it.
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| Avos |
The currency of Macao. See Appendix 'C'.
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| AVR |
Agent's Vehicle Record.
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| Award |
The decision in arbitration.
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| AWB |
Air Waybill- air freight consignment note.
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| AXBS |
Auxiliary boiler survey (of a ship).
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| AXFBS |
Auxiliary fire tube boiler survey (of a ship).
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| AXFTB |
Auxiliary fire tube boiler (of a ship).
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| AXFTBS |
Auxiliary fire tube boiler survey (of a ship).
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| Axial-flow turbine |
A turbine in which the direction of steam flow is parallel to the rotor shall with the blades fitted perpendicularly to the shaft.
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| Axle loading |
The total downward pressure exerted by a vehicle through any given ax. This may be transmitted through two or four wheels (ICHCA).
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| Axle weight |
The sum of the weights transmitted to the road surface by all the wheels the axle. A road transport term.
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| AXWHB |
Auxiliary waste heat boiler (of a ship).
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| AXWHBS |
Auxiliary waste heater boiler survey (of a ship).
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| AXWTB |
Auxiliary water tube boiler (of a ship).
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| AXWTBS |
Auxiliary waste tube boiler survey (of a ship).
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| AZ Alitalia |
The Italian National Airline and a member of IATA
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| Azcon |
Code name of grain charter party.
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