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ABI
- Automated Brokerage
Interface:
Is a system available
to U.S. Customs Brokers
with the computer capabilities
and customs certification
to transmit and exchange
customs entries and other
information, facilitating
prompt release of imported
cargo.
Acceptance:
A time draft (or bill
of exchange) which the
drawee has accepted and
is unconditionally obligated
to pay at maturity. Drawee's
act in receiving a draft
and thus entering into
the obligation to pay
its value at maturity.
An agreement to purchase
goods under specified
terms.
Add
Hoc Charter: A
one-off charter operated
at the necessity of an
airline or charterer.
Ad
Valorem ("according to
the value"): A
fixed percentage of the
value of goods that is
used to calculate customs
duties and taxes.
Admirality
Court: Is a
court having jurisdiction
over maritime questions
pertaining to ocean transport,
including contracts, charters,
collisions, and cargo
damages.
Advance
Against Documents:
Load made on the security
of the documents covering
the shipment.
Advising
Bank: A bank that
receives a letter of credit
from an issuing bank,
verifies its authenticity,
and forwards the original
letter of credit to the
exporter without obligation
to pay.
Advisory
Capacity: A term
indicating that a shipper's
agent or representative
is not empowered to make
definite decisions or
adjustment without the
approval of the group
or individual represented.
Affiliate:
Is a company that
controls, or is controlled
by another company, or
is one of two or more
commonly controlled companies.
Airfreightment:
An agreement by a steamship
line to provide cargo
space on a vessel at a
specified time and for
a specified price to accommodate
an exporter or importer,
who then becomes liable
for payment even though
he is later unable to
make the shipment.
Agency
Agreement: The
steamship line appoints
the steamship agent and
defines the specific duties
and areas of responsibility
of that agent.
Air
Cargo Agent: Is
a type of freight
forwarder who specializes
in air cargo and acts
for airlines that pay
him a fee (usually 5%).
He is registered with
the International Air
Transport Association,
IATA (See also Air Freight
Forwarder; Forwarder,
Freight Forwarder, Foreign
Freight Forwarder).
Air
Freight Forwarder:
Is a type of freight forwarder
who specializes in air
cargo. He usually consolidates
the air shipments of various
exporters, charging them
for actual weight and
deriving his profit by
paying the airline the
lower consolidated rate.
He issues his own air
waybills to the exporters,
is licensed by the CAB
(Civil Aeronautics Board)
and has the status of
an indirect air carrier
(See also Air Cargo Agent,
Forwarder, Freight Forwarder,
Foreign Freight Forwarder.)
Air
Waybill: A bill
of landing that covers
both international and
domestic flights transporting
goods to a specified destination.
This is a non-negotiable
documents of air transport
that serves as a receipt
for the shipper, indicating
that the carrier has accepted
the goods listed and obligates
itself to carry the consignment
to the airport of destination
according to specified
conditions.
AITA:
International Air Transport
Association, IATA, (French,
German).
All-Risk
Clause: Is an
insurance provision that
all loss or damage to
goods is insured except
that of inherent vice
(self caused). (See All
Risk Insurance).
All
Risk Insurance:
Is a clause included in
marine insurance policies
to cover loss and damage
from external causes,
such as fire, collision,
pilferage, etc. but not
against innate flaws in
the goods, such as decay,
germination, nor against
faulty packaging, improper
packing/ loading or loss
of market, nor against
war, strikes, riots and
civil commotions (See
Marine Insurance)
Alongside:
A phrase referring to
the side of a ship. Goods
to be delivered "alongside"
are to be placed on the
dock or barge within reach
of the transport ship's
tackle so that they can
be loaded abroad the ship.
Arbitration
Clause: Is a standard
clause to be included
in the contracts of exporters
and importers, as suggested
by the American Arbitration
Association. It states
that any controversy or
claim will be settled
by arbitration in accordance
with the rules of the
American Arbitration Association.
Assignment:
The transfer of the rights,
duties, responsibilities
and/or benefits of an
agreement, contract, or
financial instrument to
third party.
Assignment
of Proceeds: A
stipulation within a letter
of credit in which some
or all of the proceeds
are assigned from the
original beneficiary to
one or more additional
beneficiaries.
A.T.:
American Terms (Marine
Insurance) A term used
to differentiate between
the conditions of American
Policies from those of
other nations, principally
England.
Automated
Brokerage Interface (ABI):
An electronic system allowing
customhouse brokers and
importers to interface
via computer with the
US Customs Service for
transmitting entry and
entry summary data on
imported merchandise.
Automated
Commercial System (ACS):
The electronic system
of the US Customs Service,
encompassing a variety
of industry sectors, that
permits on-line access
to information in selected
areas.
Automated
Manifest System (AMS):
The electronic system
allowing a manifest inventory
to be transmitted to the
US Customs Service data
center by carrier, port
authority or service center
computers.
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