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.
Ad Valorem
A fixed percentage of the value of goods that is used to calculate customs duties and taxes.
Add Hoc Charter
A one-off charter operated at the necessity of an airline or charterer.
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.
Agency Agreement
The steamship line appoints the steamship agent and defines the specific duties and areas of responsibility of that agent.
Air Freightment
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.
AITA
International Air Transport Association, IATA, (French, German).
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)
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).
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.
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.