I

Import

To bring goods from overseas into one’s country.

Incoterms 2000

A set of rules for the interpretation of the most commonly used trade terms in foreign trade, recognised throughout the world, issued by the International Chamber of Commerce.

http://www.iccwbo.org/incoterms/id3040/index.html

 

Insurance

A process whereby someone with a risk of something happening to their financial detriment (the assured) pays someone else (an underwriter) a fee (premium) to bear that risk on their behalf.

 

Insurance Certificate

A certificate issued by the insurance underwriter giving details of a particular transaction which is held insured under an insurance policy.

 

Insurance Policy

Contract of insurance

< — Back to Universal Shipping Lines terms

L

Landed Cost

The total cost which an importer pays to have goods delivered into their premises. This typically includes the costs of the goods, international transport, insurance premium, port charges, customs duties, delivery charges, bank charges etc.

 

LCL

Less than Container Load, a small amount of cargo insufficient to on its own be economically shipped as FCL. It will be combined with other LCL cargo from other shippers going to the same destination port, into an FAK FCL. See also Consolidation.

 

Letter of Credit

A conditional order in writing, issued by a buyer’s bank, guaranteeing to pay the seller upon presentation of stipulated documents, strictly in accordance with the credit. It is strongly recommended that every exporter and importer has a copy of the “Uniform Customs and Practice for Documentary Credits”, International Chamber of Commerce publication 500. These are available from most major Chambers of Commerce, or from us at AUD 20.00 including postage, handling and GST, to Australian addresses only.

 

Letter of Credit - Confirmed

A letter of credit which has been further guaranteed by a local bank generally in the exporter’s country.

Letter of Credit - Irrevocable

A credit which cannot be revoked, cancelled or amended unless the beneficiary agrees. Virtually all L/Cs issued under UCP500.

 

Letter of Credit - Discrepancy

Where a document does not comply strictly with the terms and conditions of an L/C.

Letter of Credit - Under Reserve

Where 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.

 

Liner terms

Freight rates which include loading/unloading charges, generally with a regular shipping lines.

< — Back to Universal Shipping Lines terms

 

M

Manifest

A list of the various shipments being carried on a ship or aircraft.

< — Back to Universal Shipping Lines terms

 

N

Nett Weight

The weight, or mass, of the goods themselves without any packaging.

Notify Party

The person or company to be advised by the carrier upon arrival of the goods at the destination port.

< — Back to Universal Shipping Lines terms

Universal Shipping Lines, LLC.

1810 Auger Dr

Suites G-H

Tucker GA 30084

Opening Hours

Monday − Friday 9:00 − 6:00

Saturday 10:00 − 4:00

678-228-0311

info@uslatl.com