C&F Terms of Sale, or INCOTERMS.
Obsolete, albeit heavily used, term of sale meaning “cargo and freight” whereby Seller pays for cost of goods and freight charges up to destination port. In July, 1990 the International Chamber of Commerce replaced C&F with CFR.
Central America (i.e. – WCCA or ECCA depending which side).
Currency and bunker adjustment factor surcharge applied by some shipping lines, and set by some liner conferences on behalf of their members, which consists of a currency adjustment factor and a bunker adjustment factor combined. This surcharge is normally expressed as a percentage of the freight rate.
Water transportation term applicable to shipments between ports of a nation; commonly refers to coast-wise or inter-coastal navigation or trade. Many nations, including the United States, have cabotage laws which require national flag vessels to provide domestic interport service.
CAD – Cash Against Documents
Term of sale whereby the buyer receives the commercial documents, including the Bill of Lading, which is the document of title, on paying the seller for the goods. This term is also used to qualify a contract of carriage in which the carrier releases the Bill of Lading to the shipper in exchange for the goods.
CAF – Currency Adjustment Factor
Surcharge applied to freight rates by shipping lines or set by liner conferences on behalf of their members. The purpose of the currency adjustment factor is embodied in the E.S.C. (European Shippers’ Councils) / C.E.N.S,A. (Council of European and Japanese national Shipowners’ associations ) Code. It is to ensure that the revenue of the shipping lines is unaffected by the lines in relation to the tariff currency. The code provides formulae, adopted by many conferences, for calculating the CAF and, since the values of currencies can move upwards as well as downwards, the CAF which is normally expressed as a percentage of the freight, maybe negative as well as positive. Thus a tariff rate of 0 becomes 8 when subject to a plus 8 per cent CAF.
A “month” in a time charter usually means a calendar month, which extends from the given day of the month to the day of corresponding number in next month. If that next month, being shorter, does not have a day of that number, the calendar month expires on the last day of that month. For example, if a ship is delivered on August 31st, the 1st month’s hire expires September 30th; the next month’s hire would be payable on October 31st, not October 30th.
Canal Transit Dues
Charge levied by a canal authority, such as that for the Suez Canal, for transiting. This charge is based on the ship’s tonnage.
Cancellation (of a charter)
Repudiation of the contract, most often by the voyage charterer when the ship misses her canceling date, or by a time charterer when the ship is off hire for more than the period stipulated in the Charter-Party.
Charter Party clause specifying the last date known, as the canceling date, on which a ship must be available to the charterer at the agreed place. If the ship arrives after the canceling date, the charterer may have the option to cancel the contract.
Last date, agreed in a voyage Charter-Party or time Charter-Party, by which a ship must be available to the charterer at the agreed place at the commencement of the contract. If the ship is not available by that date, the charterer may have the option to cancel the charter under certain circumstances and clauses of the Charter Party.
A document prepared by the captain of a vessel on arriving at port; shows conditions encountered during voyage, generally for the purpose of relieving ship owner of any loss to cargo and shifting responsibility for reimbursement to the insurance company.
A Customs document permitting the holder to temporarily carry or send merchandise into certain foreign countries (for display, demonstration or similar purposes) without paying duties or posting bonds. Any of various Customs documents required for crossing some international borders.
A barge equipped with tracks on which up to about 12 railroad cars are moved in harbors or inland waterways.
Use of individual carrier/rail equipment through a central agency for the benefit of carriers and shippers.
Metal strip and lead fastener used for locking freight car or truck doors. Seals are numbered for record purposes.
Freight loaded into a ship.
A manifest that lists all cargo carried on a specific vessel voyage.
Cargo Not Otherwise Specified. Usually the rate entry in a tariff that can apply to commodities not covered under a specific item or subitem in the applicable tariff.
Cargo reserved by a Nation’s laws for transportation only on vessels registered in that Nation. Typically the cargo is moving due to a direct or indirect support or activity of the Government.
Reserving by the authorities of a country of the ocean carriage of its exports and imports to the ships of its own fleet and that of the countries with which it trades, usually in equal proportions, often allowing the ships of other countries a smaller share.
Most ocean freight is billed on the basis of weight or measurement tons (W/M). Weight tons can be expressed in short tons of 2000 pounds, long tons of 2240 pounds or metric tons of 1000 kilos (2204.62 pounds). Measurement tons are usually expressed as cargo measurement of 40 cubic feet (1.12 meters) or cubic meters (35.3 cubic feet.)
Fitness of a ship to carry a particular cargo.
Said of a ship, being fit to carry a particular cargo.
A rate applicable to a carload of goods.
Any person or entity who, in a contract of carriage, undertakes to perform or to procure the performance of carriage by rail, road, sea, air, inland waterway or by a combination of such modes.
A certificate required by U.S. Customs to release cargo properly to the correct party.
Quantity of cargo carried over a period of time by a shipping line or by all the members of a liner conference. This quantity is a factor in determining the profitability of the service and the need, if any, to apply an increase to the freight rates.
Usually refers to intracity hauling on drays or trucks.
Customs form permitting inbond cargo to be moved from one location to another under Customs control, within the same Customs district. Usually in motor carrier’s possession while draying cargo.
Cash Against Documents (CAD)
Method of payment for goods in which documents transferring title are given the buyer upon payment of cash to an intermediary acting for the seller, usually a commission house.
Cash in Advance (CIA)
A method of payment for goods in which the buyer pays the seller in advance of the shipment of goods. Usually employed when the goods, such as specialized machinery, are built to order.
Cash With Order (CWO)
A method of payment for goods in which cash is paid at the time of order and the transaction becomes binding on both buyer and seller.
Abbreviation for “Cubic Meter.”
CBR – Commodity Box Rate
Freight rate per shipping container for a particular commodity.
Abbreviation for “Consumption Entry.” The process of declaring the importation of foreignmade goods for use in the United States.
Voyage Charter-Party used for shipments of grain from the River Plate.
The construction system employed in container vessels; permits ship containers to be stowed in a vertical line with each container supporting the one above it.
Center of Gravity
The point of equilibrium of the total weight of a containership, truck, train or a piece of cargo.
– A document certifying that merchandise (such as of Inspection perishable goods) was in good condition immediately prior to its shipment.
– The document issued by the U.S. Coast Guard certifying an American flag vessel’s compliance with applicable laws and regulations.
Certificate of Origin
A certified document showing the origin of goods; used in international commerce.
Clause in a voyage Charter-Party which seeks to relieve the charterer of all responsibility under the contract once the cargo has been shipped. Often this clause incorporates a provision for the shipowner to have a lien on the cargo for freight, deadfreight and demurrage.
Abbreviation for “Container Freight Station.” A shipping dock where cargo is loaded (“stuffed”) into or unloaded (“stripped”) from containers. Generally, this involves less than containerload shipments, although small shipments destined to same consignee are often consolidated. Container reloading from/to rail or motor carrier equipment is a typical activity.
CFR – Cost and Freight
Sales term denoting that the seller is responsible for arranging and paying for the carriage of the goods to the agreed port of discharge. Risk of loss and damage generally passes to the buyer when the goods pass ship’s rail at the port of loading.
The chartering or hiring of a ship. A ship which is hired out is said to be on charter and the time during which a ship is hired out is known as the period of the charter.
Charter by Demise
See bareboat chatter.
Charter in (to)
To hire a ship from a shipowner. This expression is sometimes used more specifically to denote that the ship is being chartered for a specific voyage or purpose, supplementing a shipping company s fleet whose ships are fully committed or more profitably employed elsewhere.
Charter out (to)
To hire a ship out to a charterer. This expression is sometimes used to denote, more specifically, the hiring out of a ship which is temporarily surplus to the requirements of a shipowner or shipping company.
Said of a quantity of goods that is sufficient to fill a ship taken on charter terms.
Person or company who hires a ship from a shipowner for a period of time (see Time charterer) or who reserves the entire cargo space of a ship for the carriage of goods from a port or ports of loading to a port or ports of discharge (see Voyage charterer).
Weak market, with comparatively low freight rates.
A written contract between the owner of a vessel and the person desiring to employ the vessel (charterer); sets forth the terms of the arrangement such as duration of agreement, freight rate and ports involved in the trip.
Charterer’s Bill of Lading
Bill of Lading issued by a charterer and signed by him or his agent. Under certain circumstances, the charterer who signs his own bills of lading may be deemed to be the carrier, thus taking on all responsibilities of a carrier.
Shipbroker that acts on behalf of a charterer in the negotiations leading to the chartering of a ship. He is the counterpart to the owner’s broker, the shipowner who acts on behalf of the shipowner.
Charter Party Bill of Lading
Bill of Lading issued for a shipment of cargo on a chartered ship when it is intended that the receiver be bound by the terms and conditions of the Charter-Party. A clause to this effect incorporating the date and place of signature of the Charter-Party appears on the Bill of Lading.
Charter Party Broker
A broker that will contract at the actual market level, but he will always try to phrase every single Charter-Party clause so that it will be as advantageous as possible to his principal. It must be stressed that a Charter-Party that has not been carefully drafted may cause one of the parties considerable loses.
A frame with wheels and container locking devices in order to secure the container for movement.
A piece of wood or other material placed at the side of cargo to prevent rolling or moving sideways.
Chopt – in Charterers’ Option
Term in a Charter-Party which stipulates that the charterers have a choice in specific circumstances. For example, the contract may allow for discharge at port ‘A’ or pert ‘B’ in charterers’ option, with the provision that one port is to be declared to the shipowner by a certain point in the voyage.
Abbreviation for “Cost and Insurance.” A price that includes the cost of the goods, the marine insurance and all transportation charges except the ocean freight to the named point of destination.
CIF – Cost Insurance and Freight
Sales tern denoting that the seller is responsible for arranging and paying for the carriage of the goods to the agreed port of discharge and for the insurance of the goods covering the period of carriage involved in the contract of sale. The risk of loss or damage generally passes to the buyer when the goods pass ship’s rail at the port of loading.
Price includes commission as well as CIF.
Abbreviation for “Cost, Insurance, Freight And Exchange.”
Abbreviation for “Cost, Insurance, Freight, Collection And Interest.”
Cost, Insurance, Freight, Interest and Exchange.
CIP – Freight or Carriage and Insurance Paid to
This term is the same as CPT but with the addition that the seller has to procure transport insurance against the risk of loss or damage to the goods during carriage. The seller contracts with the insurer and pays the insurance premium.
Abbreviation for “Completely Knocked Down.” Parts and subassemblies being transported to an assembly plant.
Abbreviation for “Carload” and “Containerload”.
A demand made upon a transportation line for payment on account of a loss sustained through its alleged negligence.
A publication,such as Uniform Freight Classification (railroad) or the National Motor Freight Classification (motor carrier), that assigns ratings to various articles and provides bill of lading descriptions and rules.
The designation provided in a classification by which a class rate is determined.
A railroad yard with many tracks used for assembling freight trains.
Clause in a Bill of Lading or Charter-Party which stipulates that the contract of carriage is governed by the Hague Rules or Hague-Visby Rules or the enactment of these rules of the country having jurisdiction over the contract.
Claused Bill of Lading
Bill of Lading containing one, or more than one, superimposed clause which may either specify a defect to the cargo or its packing or may be any comment of the master regarding the carriage of the goods, for example that the weighs or contents of a consignment are unknown to him, or that the goods shipped on deck are at shipper’s risk.
An antitrust act of the U.S. Congress making price discrimination unlawful.
Clean Bill of Lading
Bill of Lading which contains no superimposed clause specifying any defect to the cargo or its packing; it indicates that the cargo has been received by the ship in apparent good order and condition. Clean bills of lading are often required by banks who use them as collateral security against money advanced for the purchase of the goods described therein.
Cleaning in Transit
The stopping of articles, such as peanuts, etc., for cleaning at a point between the point of origin and destination.
Receipt given by anyone receiving cargo into his care or possession bearing no clausing or notation indicating loss or damage, thus indicating that the goods were received in apparent good order and condition.
Used with a number to denote the period of time excluding the first and the last days, for example ten clear days.
The size beyond which cars or loads cannot use Limits bridges, tunnels, etc.
A strip of wood or metal used to afford additional strength, to prevent warping, or to hold in place.
Refrigeration equipment attachable to an insulated container that does not have its own refrigeration unit.
Liner conference in which the member lines vote on the admission of a new line. The purpose of this is to restrict the number of ships in a particular trade.
Final date for delivering cargo to a liner ship. Usually considered to be the first day of the laycan or shipping period. Can also be a cargo cutoff date.
Abbreviation for “Cubic Meter” (capital letters).
Abbreviation for “centimeter.”
Time Charter-Party, the full name of which is the Chamber of Shipping Coasting and Short Sea daily Hire Charter Party.
Shipbroker who specializes in the negotiation of charters for coastwise or short sea voyages.
Water transportation along the coast.
COA – Contract of Affreightment
Is usually a contract for the carriage of a specified type and quantity of cargo, covering two or several shipments and running over a long period. In the COA it is the cargo and not the vessel that has a central position.
– Collect (cash) on Delivery.
– Carried on Docket (pricing).
Abbreviation for the Railway Service “Container On Flat Car.”
Carriage of Goods by Sea Act. U.S. federal codification passed in 1936 which standardizes carrier’s liability under carrier’s bill of lading. U.S. enactment of The Hague Rules.
A bank that acts as an agent to the seller’s bank (the presenting bank). The collecting bank assumes no responsibility for either the documents or the merchandise.
A draft drawn on the buyer, usually accompanied by documents, with complete instructions concerning processing for payment or acceptance.
Combination Export Mgr.
A firm that acts as an export sales agent for more than one noncompeting manufacturer.
A rate made up of two or more factors, separately published.
Combined Transport Bill of Lading or Combined Transport Document
Document evidencing a contract between shipper and a shipping line for carriage of goods on a voyage involving at least two legs. Normally, the issuer of this document is responsible for the goods from the time they are received into his care until the time they are delivered at destination.
Represents a complete record of the transaction between exporter and importer with regard to the goods sold. Also reports the content of the shipment and serves as the basis for all other documents about the shipment.
Article shipped. For dangerous and hazardous cargo, the correct commodity identification is critical.
A rate published to apply to a specific article or articles.
Person or company advertising a service involving the carriage of goods to and from ports on a particular route. A common carrier is required by law to accept all cargo offered, except dangerous ones, and to make a reasonable charge for their carriage.
Law that derives its force and authority from precedent, custom and usage rather than from statutes, particularly with reference to the laws of England and the United States.
Common Short Form Bill of Lading
Type of Bill of Lading which may be used by any shipping line since neither the name of the line nor its conditions of carriage are printed on it: the name is typed on and a printed clause states the full terms and conditions are available on request.
A broker engaged in efforts to bring together an owner’s confidential broker with the broker of a suitable charterer is engaged in competitive chartering and is called a competitive broker.
Bill of Lading approved by the BIMCO for use when no Charter-Party is signed.
Damage that is not evident from viewing the unopened package.
Two or more shipping lines operating a service in common between designated geographical areas. The lines agree a set of freight rates and any special rates for shippers and each line charges the same as the others. The ships used are of types suitable for the trade. Unlike tramp shipping where freight rates are function of daily supply and demand, conference rates are relatively stable: base rates are altered by means of a general rate increase which in many cases is once a year. Lines in a conference are governed by the rule of membership, which may include rights to load or discharge at certain ports, and pooling of cargo. Also referred to as a freight conference or a shipping conference or a liner conference.
Refers to those items of a more or less permanent nature, such as crew and effects, stores, spare parts in excess of rule requirement (for example, a spare propeller and/or a spare tail shaft, neither of which are required by the rules), which have not been included in the lightweight and consequently must be deduced from the deadweight when determining the deadweight available for cargo. The word “constant” itself is a misnomer, since the constant is not forever constant but may vary from voyage to voyage depending on the amount of stores and spares on board.
CT – Conference Terms
Qualification to a freight rate which signifies that it is subject to the standard terms and conditions of the particular liner conference. These are normally set out in the conference’s tariff.
Confirmed Letter of Credit
A letter of credit, issued by a foreign bank, whose validity has been confirmed by a domestic bank. An exporter with a confirmed letter of credit is assured of payment even if the foreign buyer or the foreign bank defaults.
The bank that adds its confirmation to another bank’s (the issuing bank’s) letter of credit and promises to pay the beneficiary upon presentation of documents specified in the letter of credit.
Bill of Lading intended to be used with Gencon charter parties One of the clauses in this Bill of Lading states that it incorporates all the terms of the Charter-Party.
Extra charge applied by shipping lines, or set by liner conferences on behalf of their members, to reflect the cost of delay to their ships at a particular port caused by congestion.
Liner Bill of Lading published by the BIMCO
Conline Booking Note
Liner Booking Note published by BIMCO.
A carrier which has a direct physical connection with, or forms a link between two or more carriers.
Successive voyages of a ship on charter to one party. The Charter-Party may stipulate the number of voyages or the total quantity of cargo to be carried or the total period during which the shipowner performs the maximum number of voyages. Consecutive is often abbreviated to consec.
Person to whom goods are to be delivered by the carrier at the place of destination.
A symbol placed on packages for identification purposes; generally a triangle,square, circle, etc. with letters and/or numbers and port of discharge.
(1) A stock of merchandise advanced to a dealer and located at his place of business, but with title remaining in the source of supply.
(2) A shipment of goods to a consignee.
Person who places goods in the care of a carrier for delivery to a person known as a consignee.
Cargo containing shipments of two or more shippers or suppliers. Containerload shipments may be consolidated for one or more consignees.
A person or firm performing a consolidation service for others. The consolidator takes advantage of lower full carload (FCL) rates, and savings are passed on to shippers.
Construction Differential Subsidy
A program whereby the U.S. government attempted to offset the higher shipbuilding cost in the U.S. by paying up to 50% of the difference between cost of U.S. and nonU.S. construction. The difference went to the U.S. shipyard. It is unfunded since 1982.
A government official residing in a foreign country who represents the interests of her or his country and its nationals.
A formal statement describing goods to be shipped; filed with and approved by the consul of the country of destination prior to shipment.
A document, certified by a consular official, is required by some countries to describe a shipment. Used by Customs of the foreign country, to verify the value, quantity and nature of the cargo.
An official signature or seal affixed to certain documents by the consul of the country of destination.
Consumption Entry (CE)
The process of declaring the importation of foreign-made goods into the United States for use in the United States.
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.
Arrangements with a steamship line to transport containerized cargo.
Container Freight Station
Document showing contents and loading sequence of a container.
An agreement between parties that allows the efficient use and supply of containers. A common supply of containers available to the shipper as required.
An area designated for the stowage of cargoes in container; usually accessible by truck, railroad and marine transportation. Here containers are picked up, dropped off, maintained and housed.
Container Yard (CY)
A materialshandling/storage facility used for completely unitized loads in containers and/or empty containers. Commonly referred to as CY.
Cargo that will fit into a container and result in an economical shipment.
Stowage of general or special cargoes in a container for transport in the various modes.
A load sufficient in size to fill a container either by cubic measurement or by weight.
Cargo that is prohibited.
A legally binding agreement between two or more persons/organizations to carry out reciprocal obligations or value.
Any person not a common carrier who, under special and individual contracts or agreements, transports passengers or property for compensation.
Person or company having a loyalty contract with a liner conference and entitled, subject to having complied with the terms of the contract, to a contractor’s rebate.
Sophisticated, computercontrolled systems that manage the mixtures of gases within a container throughout an intermodal journey reducing decay.
COP – Custom of the Port
Established practice at a port, which becomes part of a contract of carriage unless otherwise provided for in the contract. Frequent examples are daily rate of loading and discharging, and the point where a carrier’s responsibility ends in a liner terms contact.
Copy Bill of Lading
Reproduction of a Bill of Lading intended to be used for administrative purposes only and not for taking delivery of the goods or for transferring title to them.
Vertical frame components fitted at the corners of the container, integral to the corner fittings and connecting the roof and floor structures. Containers are lifted and secured in a stack using the castings at the ends.
A bank that, in its own country, handles the business of a foreign bank.
Cost, Insurance and Freight (CIF)
Cost of goods, marine insurance and all transportation (freight) charges are paid to the foreign point of delivery by the seller.
Count (as laytime) (to)
To be included in the calculation of laytime in a voyage charter. Whether a period, such as during a week-end or a strike, counts as laytime is subject to the agreement of shipowner and charterer save that, once all the time allowed has been used, the remaining period until completion of loading or discharging, as the case may be, counts without exception. A typical voyage Charter-Party clause might stipulate that ‘time between 1700 hours Friday and 0800 hours Monday not to count, even if used.
Counter-offer or Counter
Response to an offer which in some way varies the terms or conditions of that offer, by virtue of a party making a counter-offer, the offer itself is no longer binding. Offer and counteroffer form the basis of the negotiations involved in chartering.
An additional duty imposed to offset export grants, bounties or subsidies paid to foreign suppliers in certain countries by the government of that country for the purpose of promoting export.
CP – Charter-Party
Document containing all the terms and conditions of the contract between a shipowner and a charterer, and signed by both parties or their agents, for the hire of a ship or the space in a ship. Most Charter-Parties are standard forms with printed clauses and spaces or boxes in which details relating to the individual charter, such as freight, laytime, demurrage, the ship’s construction, speed and consumption, are inserted. The printed documents may be varied and / or added to by agreement of the two parties. Sometimes spelled Charter Party.
CPT – Freight or Carriage Paid to
Means that the seller pays the freight for the carriage of the goods to the named destination. However, the risk of loss and damage to the goods, as well as of any cost increases, is transferred from the seller to the buyer when the goods have been delivered into the custody of the first carrier and not at the ship’s rail. It can be used for all modes of transport including multimodal operations and container or roll-on/roll-off traffic by trailers and ferries. When the seller has to furnish a Bill of Lading, waybill or carrier’s receipt, he dully fulfills his obligation by presenting such a document issued by the person with whom he has contracted for carriage to the named destination.
CQD – Customary Quick Despatch
Means that the charterer must load and / or discharge as fast as is reasonably possible in the circumstances prevailing at the time of loading or discharging. There is no provision for demurrage or despatch. From the standpoint of an owner, it gives very little assurance, if any, of a quick load and/or discharge.
Transverse members fitted to the bottom side rails of a container, which support the floor.
Cst. – Centistokes
Measure of the viscosity of oils. The greater the number of centistokes, the higher the viscosity of a grade of oil.
An abbreviation for “Cubic.” A unit of volume measurement.
When a container or vessel has reached its volumetric capacity before its permitted weight limit.
1,728 cubic inches. A volume contained in a space measuring one foot high, one foot wide and one foot long.
A government office where duties are paid, import documents filed, etc., on foreign shipments.
A person or firm, licensed by the treasury department of their country when required, engaged in entering and clearing goods through Customs for a client (importer).
Government agency charged with enforcing the rules passed to protect the country’s import and export revenues.
Customs Bonded Warehouse
A warehouse authorized by Customs to receive duty-free merchandise.
All countries require that the importer make a declaration on incoming foreign goods. The importer then normally pays a duty on the imported merchandise. The importer’s statement is compared against the carrier’s vessel manifest to ensure that all foreign goods are properly declared.
A form requiring all data in a commercial invoice along with a certificate of value and/or a certificate of origin. Required in a few countries (usually former British territories) and usually serves as a seller’s commercial invoice.
Customs of the Port
A phrase often included in charter parties and freight contracts referring to local rules and practices which may impact upon the costs borne by the various parties.
The latest time cargo may be delivered to a terminal for loading to a scheduled train or ship.
Hundred weight (United States, 100 pounds: U.K.,112)
– Abbreviation for Container Yard.
– The designation for full container receipt/delivery.
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