ICC
"International Chamber of Commerce."
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I.M.C.O.
International Maritime Consultative Organization. A forum in which most major maritime nations participate and through which recommendations for the carriage of dangerous goods, bulk commodities, and maritime regulations become internationally acceptable.
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I.M.D.G. Code
International Maritime Dangerous Goods Code. The regulations published by the IMO for transporting hazardous materials internationally.
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In-Transit Entry (I.T.)
Allows foreign merchandise arriving at one port to be transported in bond to another port, where a superseding entry is filed.
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Import
To receive goods from a foreign country.
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Import Licence
A document required and issued by some national governments authorizing the importation of goods.
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In Bond
Cargo moving under Customs control where duty has not yet been paid.
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In Transit
In transit, or in passage.
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INCOTERMS
The point
at which sellers have fulfilled their obligations so the goods in a legal sense
could be said to have been delivered to the buyer. They are shorthand
expressions that set out the rights and obligations of each party when it comes
to transporting the goods. Following, are the eleven terms of sale in
international trade as Terms of Sale reflected in the recent amendment to the
International Chamber of Commerce Terms of Trade (INCOTERMS), effective January
2011: exw, fca, fas, fob, cfr, cif, cpt, cip, dat, dap and ddp.
- EXW (Ex Works) (...Named Place of Delivery) (Incoterms 2010): A Term of Sale,
used for any mode of transport, which means that the seller fulfils the
obligation to deliver when he or she has made the goods available at his/her
premises (i.e., works, factory, warehouse, etc.) to the buyer. In particular,
the seller is not responsible for loading the goods in the vehicle provided by
the buyer or for clearing the goods for export, unless otherwise agreed. The
buyer bears all costs and risks involved in taking the goods from the seller's
premises to the desired destination. This term thus represents the minimum
obligation for the seller.
- FCA (Free
Carrier) (... Named Place of Delivery)
(Incoterms 2010): A Term of Sale, used for and mode of transport, which means
the seller fulfils their obligation when he or she has handed over the goods,
cleared for export, into the charge of the carrier named by the buyer at the
named place or point. If no precise point is indicated by the buyer, the seller
may choose, within the place or range stipulated, where the carrier should take
the goods into their charge.
- FAS (Free
Alongside Ship) (...Named Port of Shipment) (Incoterms 2010): A Term of Sale,
used only for sea or inland waterway transport, which means the seller fulfils
his obligation to deliver when the goods have been placed alongside the vessel
on the quay or in lighters at the named port of shipment. This means that the
buyer has to bear all costs and risks of loss of or damage to the goods from
that moment.
- FOB (Free
On Board) (...Named Port of Shipment) (Incoterms 2010): A Term of Sale, used
only for sea or inland waterway transport, that means the seller fulfils his or
her obligation to deliver when the goods have passed over the ship's rail at the
named port of shipment. This means that the buyer has to bear all costs and
risks to loss of or damage to the goods from that point. The FOB term requires
the seller to clear the goods for export.
- CFR (Cost and Freight) (...Named Port of Destination) (Incoterms 2010): A Term
of Sale, used only for sea or inland waterway transport, where the seller pays the costs and
freight necessary to bring the goods to the named port of destination, Terms of
Sale but the risk of loss of or damage to the goods, as (continued) well as any
additional costs due to events occurring after the time the goods have been
delivered on board the vessel, is transferred from the seller to the buyer when
the goods pass the ship's rail in the port of shipment. The CFR term requires
the seller to clear the goods for export.
- CIF
(Cost, Insurance and Freight) (...Named Place of Destination) (Incoterms 2010):
A Term of Sale, used only for sea or inland waterway transport, where the seller
has the same obligations as under the CFR but also has to procure marine
insurance against the buyer's risk of loss or damage to the goods during the
carriage. The seller contracts for insurance and pays the insurance premium. The
CIF term requires the seller to clear the goods for export.
- CPT
(Carriage Paid To) (...Named Place of Destination) (Incoterms 2010): A Term of
Sale , used for any mode of transport, which means the seller pays the freight
for the carriage of the goods to the named destination. The risk of loss of or
damage to the goods, as well as any additional costs due to events occurring
after the time the goods have been delivered to the carrier, is transferred from
the seller to the buyer when the goods have been delivered into the custody of
the carrier. If subsequent carriers are used for the carriage to the agreed upon
destination, the risk passes when the goods have been delivered to the first
carrier. The CPT term requires the seller to clear the goods for export.
- CIP (Carriage
and Insurance Paid To) (...Named Place of Destination) (Incoterms 2010): A Term
of Sale, used for any mode of transport, which means the seller has the same
obligations as under CPT, but with the addition that the seller has to procure
cargo insurance against the buyer's risk of loss of or damage to the goods
during the carriage. The seller contracts for insurance and pays the insurance
premium. The buyer should note that under the CIP term the seller is required to
obtain insurance only on minimum coverage. The CIP term requires the seller to
clear the goods for export.
DAP
(Delivered at Place) (Named place of destination) (Incoterms 2010): A Term of
Sale, used for any mode of transport, which means that the seller delivers when
the goods are placed at the disposal of the buyer on the arriving means of
transport ready for unloading at the named place of destination. The seller
bears all the risk involved in bringing the goods to the named place. The seller
is required to clear the goods for export.
DAT (Delivered
at Terminal) (Incoterms 2010) A Term of Sale , used for any mode of transport,
which means that the seller delivers when the goods, once unloaded from the
arriving means of transport, are placed at the disposal of the buyer at
the named terminal at the named port or place of destination. The seller bears
all risks involved in bringing the goods to and unloading them at the terminal
at the named port or place of destination. The seller is required to clear the
goods for export.- DAF
(Delivered At Frontier) (...Named Place) (Incoterms 2000 - obsolete after
31.12.10): A Term of Sale which means the sellers fulfil their obligation to
deliver when the goods have been made available, cleared for export, at the
named point and placed at the frontier, but before the customs Terms of Sale
border of the adjoining country.
- DDU (Delivered
Duty Unpaid) (...Named Port of Destination) (Incoterms 2000 - obsolete after
31.12.10): A Term of Sale where the seller fulfils his obligation to deliver
when the goods have been made available at the named place in the country of
importation. The seller has to bear the costs and risks involved in bringing the
goods thereto (excluding duties, taxes and other official charges payable upon
importation) as well as the costs and risks of carrying out customs formalities.
The buyer has to pay any additional costs and to bear any risks caused by
failure to clear the goods for in time.
- DDP (Delivered Duty paid) (...Named Port of Destination) (Incoterms 2010): A
Term of Sale, used for any mode of transport,
which means that the seller fulfils his obligation to deliver when the
goods have been made available at the named place in the country of importation.
The seller has to bear the risks and costs, including duties, taxes and other
charges of delivering the goods thereto, clear for importation. While the EXW
term represents the minimum obligation for the seller, DDP represents the
maximum.
- DES
(Delivered Ex Ship) (...Named Port of Destination) (Incoterms 2000 - obsolete
after 31.12.10): A Term of Sale where the seller fulfils his/her obligation to
deliver when the goods have been made available to the buyer on board the ship,
uncleared for import at the named port of destination. The seller has to bear
all the costs and risks involved in bringing the goods to the named port
destination.
- DEQ
(Delivered Ex Quay, [Duty Paid]) (...Named Port of Destination) (Incoterms 2000
- obsolete after 31.12.10): A Term of Sale which means the DDU term has been
fulfilled when the goods have been available to the buyer on the quay (wharf) at
the named port of destination, cleared for importation. The seller has to bear
all risks and costs including duties, taxes and other charges of delivering the
goods thereto.
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Indemnity Bond
An agreement to hold a carrier harmless with regard to a liability.
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Independent Tariff
Any body of rate tariffs that are not part of an agreement or conference system.
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Inducement
Placing a port on a vessel's itinerary because the volume of cargo offered at that port justifies the cost of routing the vessel.
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Inherent Vice
An insurance term referring to any defect or other characteristic of a product that could result in damage to the product without external cause (for example, instability in a chemical that could cause it to explode spontaneously). Insurance policies may exclude inherent vice losses.
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Inland Carrier
A transportation line that hauls export or import traffic between ports and inland points.
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Inspection Certificate
A certificate issued by an independent agent or firm attesting to the quality and/or quantity of the merchandise being shipped. Such a certificate is usually required in a letter of credit for commodity shipments.
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Installment Shipments
Successive shipments are permitted under letters of credit. Usually they must take place within a given period of time.
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Insulated Container
A container insulated on the walls, roof, floor, and doors, to reduce the effect of external temperatures on the cargo.
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Insurance with Average-clause
This type of clause covers merchandise if the damage amounts to three percent or more of the insured value of the package or cargo. If the vessel burns, sinks, collides, or sinks, all losses are fully covered. In marine insurance, the word average describes partial damage or partial loss.
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Insurance, All-risk
This type of insurance offers the shipper the broadest coverage available, covering against all losses that may occur in transit.
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Insurance, General-Average
In water transportation, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo. Those sharing in the spared cargo proportionately cover the loss.
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Insurance, Particular Average
A Marine insurance term to refer to partial loss on an individual shipment from one of the perils insured against, regardless of the balance of the cargo. Particular average insurance can usually be obtained, but the loss must be in excess of a certain percentage of the insured value of the shipment, usually three to five percent, before a claim will be allowed by the company.
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Interchange Point
A location where one carrier delivers freight to another carrier.
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Intermodal
Used to denote movements of cargo containers interchangeably between transport modes, i.e., motor, water, and air carriers, and where the equipment is compatible within the multiple systems.
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Invoice
An itemized list of goods shipped to a buyer, stating quantities, prices, shipping charges, etc.
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Inward Foreign Manifest (IFM)
A complete listing of all cargo entering the country of discharge. Required at all world ports and is the primary source of cargo control, against which duty is assessed by the receiving country.
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Irrevocable Letter of Credit
Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller.
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I.S.O.
International Standards Organization which deals in standards of all sorts, ranging from documentation to equipment packaging and labeling.
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Issuing Bank
Bank that opens a straight or negotiable letter of credit and assumes the obligation to pay the bank or beneficiary if the documents presented are in accordance with the terms of the letter of credit.
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Issuing Carrier
The carrier issuing transportation documents or publishing a tariff.
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