ScheduleBlast

Trade Glossary

index: a b c d e f g h i j k l m n o p q r s t u v w x y z

C&F (or CFR) (shipping) Cost and freight; a term of sale. The seller is responsible for costs incurred in transporting freight to destination port, but is not responsible for marine insurance, foreign clearance, or transport to final destination. The buyer is responsible for these items.

Cabotage (shipping) Coast-wide water transportation, navigation or trade between ports of a single nation. Many nations, like the U.S., have cabotage laws which require domestically owned vessels to perform domestic interport water transportation services.

Call in a contract (law) 1. Demands of payment on a contract.
(law) 2. Submission of a formal, written notice to collect payment on a contract.

Cartage (shipping) Same as drayage. The local transport of goods. Also the charges made for hauling freight on carts, drays or trucks.

Cargo Bays (shipping) Doors at cargo warehouse where vehicles back in to load/unload cargo.

Carrier (shipping) One who owns, operates or charters vehicles of transportation for movement of cargo.

Carrier’s Certificate (shipping) U.S. Customs form used in lieu of bill of lading.

Casco (insurance) Marine insurance coverage for the hull of a ship.

Cash in Advance (shipping) A method of making payment for goods. Buyer must pay for goods before they are shipped. Most frequently used for customized items.

Casus major (law/shipping) A major casualty that is usually accidental, such as a flood or a shipwreck.

Caveat emptor (law) Latin for “Let the buyer beware.” The purchaser buys at his own risk with no guarantees from the seller.

CBM (shipping) 1 Cubic Meter = 35.314 cubic feet.

Cell (shipping) Container slot where container fits into place on vessel.

Cell Guides (shipping) A guide for each container slot.

Certificate of Insurance (shipping / insurance) Document that indicates freight has been insured.

Certificate of Origin Document presented to customs for import freight used to certify the national origin of the goods.

CES (customs) Customs Examination Station. U.S. Customs agents are on duty full time. If required, freight is taken to a CES to be inspected.

CFS (shipping) Container Freight Station. Storage/warehouse facilities for loading/unloading less than full container orders.

CFS Cargo (shipping) Loose containerizable cargo handled in a container freight station (warehouse).

Chains and Binders (shipping) Used to secure (brace & chock) oversize cargo to equipment.

Charter (law) 1. An instrument issued by a government to the governed people, a specific part of the people, a corporation, a colony, or a dependency confirming or siting specific rights, liberties, or powers.
(law) 2. A legislative act that creates a business corporation or defines a corporate franchise.

Charter VSC (shipping) Vessel whose owner makes vessels available on bid basis.

Chassis (shipping) Trailer or wheeled unit on which a container is placed in order to move container over the road.

CIF (shipping) Cost, insurance, and freight; a term of sale. The seller is responsible for costs incurred in transporting freight to destination port, including marine insurance, but is not responsible for foreign clearance or transport to final destination. The buyer is responsible for these items.

Claim (shipping) A request for payment by a customer due to a shortage or damage to cargo.

Clear (Clean) on Board (shipping) Bill of lading issued without exceptions.

COFC (shipping) Container on a Flat Car. Containers moving on articulated flat rail cars without chassis.

Collect (shipping) Money to be paid at destination prior to release of bills of lading.

Combination in restraint of trade (law) An understanding or agreement between two or more individuals or legal entities to do the following: (1) restrict competition, (2) monopolize trade, (3) control production, distribution, price and/or (4) otherwise interfere with freedom of trade.

Combined Transport Bill of Lading (shipping) Provides a combined transport by at least two different modes of transportation from a place at which the goods are taken to a place designated for delivery.

Common external tariff (CXT) (customs) A uniform tariff rate, adopted and implemented by a customs union or common market such as the European Community, on imports from countries outside the union.

Commercial Invoice (shipping) A statement of characteristics and value of the goods being shipped. It specifies the transaction between buyer and seller and is used to clear customs in the destination country.

Commodity Description (shipping) Description of goods being shipped.

Company Guarantee (shipping) A letter of guarantee from a company identifying the carrier of responsibility associated in the release of goods in lieu of bill of lading. Protection in writing to carrier by private company.

Conference (shipping) Group of carriers allowed by FMC to determine a level of rates, services and rules of a given trade route bound together by a common tariff or certain geographic area.

Conference Carrier (shipping) Carrier that belongs to the conference.

Conference Certificate (shipping) Certificate declaring that the carrier is a member of the conference.

Confirming/Advising Bank (banking / shipping) Party to an L/C. This bank provides extra “Insurance” for the seller of goods. If the issuing (buyer’s) bank can’t or won’t pay for the transaction, the confirming bank will.

Connecting Carrier (shipping) An intermediary carrier utilized to connect cargo to/from mother vessel

Consignee/Importer (shipping) Ultimate receiver of cargo designated on the original bill of lading.

Consignor (shipping) Person or firm by whom articles are shipped (i.e. shipper).

Consolidation (shipping) Effort extended to put same destination cargo together in same container for ease of delivery.

Consortium (shipping) Group of carriers pooling resources in a trade lane to maximize their resources efficiently.

Constructive total loss (insurance) An insurance loss where the expense of recovering or repairing the insured goods would exceed their intrinsic and/or monetary value.

Consular Invoice (shipping) Document required by some foreign countries showing exact information as to consignor, consignee, value description, etc. for a shipment.

Consulate Legalization (shipping) Shipping documents must be presented to the Consul for legalization, either prior to or right after sailing.

Container (or Dry Box) (shipping) A truck trailer body that can be detached from the chassis for loading into a vessel, a rail car or stacked in a container depot. Containers may be ventilated, insulated, refrigerated, flat rack, vehicle rack, open top, bulk liquid or equipped with interior devices. A container may be 20 feet, 40 feet, 45 feet, 48 feet or 53 feet in length, 8’0" or 8’6" in width, and 8’6" or 9’6" in height.

Container Number (shipping) Identification number assigned to each container.

Container Pool / Depot (shipping) Where containers are stored usually inland for container availability to shippers or consignees. Carrier location to hold empty containers, various points for shipper’s utilization; an area designated for storage of empty.

Container Ship (shipping) Vessel built to accommodate ocean containers.

CY (Container Yard) (shipping) Facility where full and empty containers are stored.

Containerized (shipping) All cargo loaded into a container.

contango (banking) The amount a buyer pays a seller to delay transfer of a stock, security or foreign exchange until a later time. The opposite of backwardation.

Contingency insurance (insurance) Insurance which protects the interests of the insured in the event another party’s insurance fails or falls short. Commonly used in both import and export situations. Also called difference in conditions insurance.

Contraband (customs) Any product which a nation has deemed to be unsuitable to produce, possess or transport. Any product that a country has deemed to be unsuitable for entry into that country. Contraband is subject to investigation, forfeiture and possible destruction by customs authorities.

Convention on Contracts for the International Sale of Goods (law) A United Nations convention which establishes uniform legal rules governing formation of international sales contracts and the rights and obligations of the buyer and seller.

Coordination Committee on Multilateral Export Controls (general) An informal organization established in 1951 by NATO member countries that cooperatively restricts strategic exports to controlled countries. CoCom controls three lists: (1) the international industrial list, (2) the international munitions list, and (3) the atomic energy list. CoCom controls exports at three levels, depending on the item and the proposed destination.

Corporate dumping (general) The practice of exporting banned or out-of-date products from a domestic market to another national market where they are not banned or where regulations are more lax.

Cost Insurance (shipping) Terms of sale. Seller quotes a price including cost of goods, insurance Freight (CIF)and transportation charges to point of destination.

Countervailing duties (customs) Special duties imposed on imports to offset the benefits of subsidies to producers or exporters in the exporting country.

Credit Agreement (shipping) Agreement between carrier and shipper for release of cargo with promise to pay ocean freight within specified time. Document signed by the shipper which binds shipper to credit terms of the conference or agreement body.

Cross Docking (shipping) The process of moving merchandise directly from the receiving dock to the shipping dock, eliminating the need to place the merchandise in storage.

Currency Adjustment Factor (CAF) (shipping) Percentage of money used to equalize a difference in currency values. A percent of the base ocean freight.

Customs (shipping) Government agency which inspects cargo, insures proper cargo clearance, proper forms are filed, and correct duties/fees are paid.

Customs Clearance (shipping) Shipment cleared by Customs for movement.

Customs Duty (shipping) Monies paid to U.S. Customs for goods entered into U.S. from foreign countries.

Customs House Broker (CHB) (shipping) Agent representative licensed by FMC who negotiates customs clearance Broker (CHB)for import cargo on behalf of the consignee through U.S. Customs.

Customs Station (shipping) Area where containers are brought for Customs inspection.

Customs Warehouse (shipping) Where cargo is temporarily stored awaiting inspection or where cargo is stored when seized by Customs due to lack of permit/entry.

Cut Off (shipping) Last possible date cargoes may be delivered to a ship or designated point.

This section is given in good faith and for reference only.