Break-bulk Cargo . BL Fee: Bill of Lading Fee – The shipping line charges this fee for processing the bill of lading on behalf of their client. URC522Uniform Rules for Collections, International Chamber of Commerce publication 522, which lays out guidelines for banks to follow when handling Collections. (See also Letter of Credit). Many other countries use the CIF value at the time or declaration in the importing country. What is Intermodal Transportation and When is it the Best Choice? Typically a B/L is issued in a set of three signed originals or negotiables, one of which must be presented to claim the goods upon which the others become void. The seller has to bear the risks and all costs and other charges of delivering the goods thereto, but not including duties and taxes. Common term for an ocean-going freight container. FO is the international shipping term in ocean freight that indicates that the consignee (recipient) is responsible for the cost of unloading cargo from the vessel at the destination. Driver Cameras – Protecting the Company and the Driver, PO’s – Their Importance In The Shipping Process, Inbound Logistics – What It Is, Why You Should Control It and How. Virtually all L/Cs issued under UCP500. Freight terminology can be confusing many of the phares we used have developed in different parts of the world at different times - you may even find the same active or document has different names just depending on whether the freight moves by road or air! See also Bill of Exchange. For more information on NVOCC services, access the UPS NVOCC Terms and Conditions. Documentary CreditThe officially correct term for Letter of Credit. (see also Bill of Exchange, Cash Against Documents and URC522). This term is often used in rail or ocean freight and refers to the actual owner of the freight being shipped, despite the title of the freight being in another party’s name. Gross WeightThe total weight of a shipment of goods, including their packaging such as crates, pallets etc. This term very specifically requires the carriage of the goods in a "seagoing vessel". Signed by the carrier, whether a shipping line or a freight forwarder, it serves as a receipt to the consignor for the goods, as evidence of the contract of transport containing the conditions of transport, and as a document of title by which possession of the goods can be transferred. ApplicantThe buyer who has requested his bank to arrange an L/C on his behalf. FCLFull Container Load, generally but not always indicating that goods in the container are from one seller who packed the container, going to one buyer who will unpack the container. Demurrage and Detention Fees – What’s the Difference and How Can You Avoid Them? Exchange RateThe price of one currency in terms of another. Generally stated as 6000cm3 = 1 kg, meaning that the total volume in cubic centimeters is divided by 6000 to give an equivalent weight in kgs. FIS Free into Store - IncotermsAn unofficial trade term indicating that the seller's price includes all costs up to delivery to the buyer. They are trading vessels primarily used to carry heavy items, like fruit, fresh water, or merchandise. ManifestA list of the various shipments being carried on a ship or aircraft. The seller is responsible to clear the goods for export. Will these solutions ease delays at Ports? Knowing these terms can also have an impact on important shipping related decisions. American Group is a 3PL with decades of experience guiding businesses through the selection, preparation, and shipping of their freight. Successful 3PL Selection and Relationships, Minimize the impact of DIM pricing on your budget, DIM Weight and how to minimize its impact, Weight and Research Inspections What they are and… how to reduce their impact on shipping costs, NMFC changes effective 4/18/15 - Concealed Damage window reduced to 5 days. However, be aware of any extras, for example, additional fees charged for the forwarding service. A suitable form can be obtained from the seller's bank, or drawn upon a blank sheet of paper. There is normally an intermediary involved, ie a bank or an agent acting on behalf of the seller, to ensure that the transaction takes place smoothly. CSA—Concerns expressed… So what’s happening now? An agreement by an ocean carrier to provide cargo space on a vessel at a specified time and for a speci- fied price to accommodate an exporter or importer. The airline or forwarder will charge whichever is the greater of the actual weight and volumetric weight. BSRABasic Service Rate Additional - the charge levied by shipping companies to importers for LCL cargo, including the port charges, transport to an unpacking depot (see CFS) subsequent sorting and storage of the goods and finally loading onto a vehicle collecting the goods for delivery to the buyer. UCP500Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce publication 500, which lays out guidelines for banks to follow when dealing with L/Cs. CAFCurrency Adjustment Factor - an adjustment to shipping companies' freight rates to take into account the effect over time of fluctuations in currency exchange rates. Letter of Credit - Under ReserveWhere documents with discrepancy/ies are nevertheless negotiated against an L/C, and the negotiating bank reserves the right to take back the funds from the exporter if the discrepancy is not acceptable to either the buyer or the L/C issuing bank. ReeferColloquial for a refrigerated container. 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