Glossary

An arrangement whereby a steamship company, under rules and regulations established in the freight tariff of a given trade, accepts small packages at rates below the minimum bill of lading, and issues a…

Under letters of credit, one or more shipments are allowed by the phrase “partial shipments permitted.”

See Insurance, Particular Average.

A party named in an instrument as the beneficiary of the funds. Under letters of credit, the payee is either the drawer of the draft or a bank.

A party responsible for the payment as evidenced by the given instrument. Under letters of credit, the payer is the party on whom the draft is drawn, usually the drawee bank.

A charge, based on a fixed daily rate.

Those causes of loss for which the carrier is not legally liable. The elemental risks of ocean transport.

A certificate issued by the U.S. Department of Agriculture to satisfy import regulations of foreign countries; indicates that a U.S. shipment has been inspected and found free from harmful pests and plant diseases.

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

The structure perpendicular to the shoreline to which a vessel is secured for the purpose of loading and unloading cargo.