GLOSSARY
Agent (Agt.)
A person authorized to transact business for and in the name of another person or company.
Types of agents are:
(1) brokers,
(2) commission merchants,
(3) resident buyers,
(4) sales agents,
(5) manufacturer’s representatives.
Bill of Lading (B/L)
A document that establishes the terms of a contract between a shipper and a transportation company. It serves as a document of title, a contract of carriage and a receipt for goods.
Break Bulk
– To unload and distribute a portion or all of the contents of a rail car, container,
trailer, or ship.
– Loose, non–containerized mark and count cargo.
– Packaged cargo that is not containerized.
Incoterms
The recognized abbreviation for the International Chamber of Commerce Terms of Sale.
Commercial Invoice
Represents a complete record of the transaction between exporter and importer with regard to the goods sold. Also reports the content of the shipment and serves as the basis for all other documents relating to the shipment.
Consignee
A person or company to whom commodities are shipped.
Demurrage
A penalty charge against shippers or consignees for delaying the carrier’s equipment or vessel beyond the allowed free time. The free time and demurrage charges are set forth in the charter party or freight tariff.
Force Majeure
The title of a common clause in contracts, exempting the parties for non–fulllment of their obliga- tions as a result of conditions beyond their control, such as earthquakes, oods or war.
Freight Forwarder
A person whose business is to act as an agent on behalf of the shipper. A freight forwarder frequently makes the booking reservation. In the United States, freight forwarders are now licensed by the FMC as “Ocean Intermediaries.”
Solas (Vgm)
The international Convention for the Safety of Life at Sea (SOLAS) in an international maritime treaty implemented by the International Maritime Organization (IMO), requiring Signatory flag states to ensure that ships flagged by them comply with minimum safety standards in construction, equipment and operation.
Drayage
Charge made for local hauling by dray or truck. Same as Cartage.
General Average
A principle of maritime law where in the event of emergency, if cargo is jettisoned or expenses incurred, the loss is shared proportionately by all parties with a financial interest in the voyage.
Ro/Ro
A shortening of the term, “Roll On/Roll Off.” A method of ocean cargo service using a vessel with ramps which allows wheeled vehicles to be loaded and discharged without cranes. Also refers to any specialized vessel designed to carry Ro/Ro cargo.
Swift
Society for Worldwide Interbank Financial Telecommunications. Global communication network that facilitates 24-hour secure international exchange of payment instructions between banks, central banks, multinational corporations, and major securities firms.
Transhipment
The shipment of goods or containers to an intermediate destination, and then from there to yet another destination
Consolidation
Cargo containing shipments of two or more shippers or suppliers. Containerload shipments may be consolidated for one or more consignees, often in containerload quantities.
Nvocc
Non–Vessel Operating Common Carrier. A cargo consolidator in ocean trades who will buy space from a carrier and sub–sell it to smaller ship- pers. The NVOCC issues bills of lading, publishes tariffs and otherwise conducts itself as an ocean common carrier, except that it will not provide the actual ocean or intermodal service.
Cfs
Abbreviation for “Container Freight Station.” A shipping dock where cargo is loaded (“stuffed”) into or unloaded (“stripped”) from containers. Generally, this involves less than containerload shipments, although small shipments destined to same consignee are often consolidated. Container reloading from/to rail or motor carrier equipment is a typical activity. These facilities can be located in container yards, or off dock.
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