S

Sight Draft

A bill of exchange drawn “at sight” meaning that as soon as the drawee accepts the bill it falls due for payment. See also Bill of Exchange.

 

STC

Said to contain, often placed before the description of goods on a bill of lading because the carrier does not know the nature or quantity of goods actually placed in the packages or the containers.

 

SWIFT

Society for Worldwide Inter-bank Financial Telecommunications, whereby banks can electronically transfer funds, issue L/Cs, etc.

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T

T/T

Telegraphic transfer, an electronic means of transferring funds between banks, generally using SWIFT.

Tare

The weight of packaging or a container without the goods.

 

Tenor

The period of time before a bill of exchange falls due for payment

 

Term Draft

A bill of exchange drawn for a period other than at sight or on demand.

 

TEU

Twenty-foot equivalent unit, the means of describing the carrying capacity of a train or ship. For example, a 40 foot container takes up the space of two TEUs.

 

THC

Terminal handling charge, levied by CY and CFS operators for goods passing through their operations.

 

To Order

see Bill of Lading, Order B/L.

 

Transhipment

Goods are transferred from one ship to another at an intermediate port. Can also refer to goods being transferred from one method of transport to another.

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U

UCP500

Uniform 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. (See also Letter of Credit).

 

URC522

Uniform Rules for Collections, International Chamber of Commerce publication 522, which lays out guidelines for banks to follow when handling Collections. (See also Collections).

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V

Value for Duty

The value of an import declared to the customs upon which customs duty will be calculated. In Australia, the value of the goods at the time of export from the exporting country, thus generally the FOB value and using the exchange rate at the date of export. Many other countries use the CIF value at the time or declaration in the importing country.

 

Volumetric

A notional or calculated weight for bulky goods sent by air. Generally stated as 6000cm3 = 1 kg, meaning that the total volume in cubic centimetres is divided by 6000 to give an equivalent weight in kgs. The airline or forwarder will charge whichever is the greater of the actual weight and volumetric weight. Also shown sometimes as 167 kg = 1 cbm

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W

Wharfage

see APCA, BSRA and PSC

Universal Shipping Lines, LLC.

1810 Auger Dr

Suites G-H

Tucker GA 30084

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