Glossary of Terms & Abbreviations - WCBM World Freight

1 ABN: 9015366083625 Garden Drive Tullamarine Victoria Australia 3043 Telephone: +613 83367111 Fax: +613 93387935 Mobile: +61 (0) of Terms & Abbreviations @AtAb initio (Lat)From the beginningAbandonment:The surrender of the property, and any rights and liabilities attaching to it, by theinsured to the insurers when a claim for total loss is to be Automation. The term applied by Australian Customs to the computersystem that coordinates and controls the reporting and delivery of import aircargoin FeeA charge applied by Forwarders and Consolidators in Australia to cover the costsassociated with the operation of the AirCargo Automation of God:An event caused by natural forces, which arose without human intervention, andcould not be provided for nor Total LossInsurance term.

2 An actual total loss occurs insured property is damaged to an extent where it is no longerrecognisable as the property originally assured has been irretrievably deprived of the insured insured property is Valorem (Lat)According to the value. ie. a percentage of the Australian Federation of International ForwardersAffreightmentA contract to carry goods by ship or aircraft. Contracts of Affreightment areevidenced in the form of Bills of Lading, Charter-parties, and Air fee charged by forwarders and brokers for arranging and handling fees charged by an agent of a ship s owner for attending to the businessof the ship whilst in WaybillAn air transport document which is ContainerA unit load device (ULD) which links directly with the aircraft cargo handlingand restraint system.

3 (See Aircraft Unit Load Device.)Aircraft PalletAn item of equipment consisting of a flat platform with a flat undersurface ofstandard dimensions on which goods are assembled and secured before beingloaded as a unit onto the aircraft. (See Aircraft Unit Load Device.)Aircraft Unit Load DeviceAn assembly of components consisting of any of the following:1. Aircraft pallet and pallet net2. Aircraft pallet and pallet net over an containerAll RisksThe widest form of transportation insurance cover available. However, contraryto the term itself, it does not cover every risk. The loss or damage must beaccidental in nature, and the term all risks excludes any loss and/or damagewhich is inevitable; such as caused by delay, inherent vice or insufficient Australian Port Charge Additional Means the same as BSRA, THC and charge for loading or unloading containers on or off Australian Quarantine Inspection ServiceAssessorOne who assesses the loss, its causes, and the sum to be settled under aninsurance policy legal concept whereby one party transfers a right to another.

4 (1) Insurance:In transportation insurance, where the shipper assigns the Certificate of Insuranceover to the consignee. This assignment process is usually done by the shippersigning the back of the Insurance Certificate over a Company Stamp.(2) In shipping:The transfer of title ( assignment) to a shipment of goods can be accomplished bycorrectly endorsing a negotiable Bill of Terminal Fee. Same as ATO Fee. A charge applied by Airline TerminalOperators for the physical handling, at the airline bond store, of import and FeeSee ATF marine insurance, means loss or (General)SeeGeneral AverageAverage (Particular)SeeParticular AverageAverage AdjusterIn marine insurance, a person who assesses and apportions losses and theconsequent contributions in general average BondAlso known as a general average agreement.

5 It is a written agreement signed by aconsignee wherein he undertakes to accept liability for the general averagecontribution as determined by the Average Adjuster. After a general average hasbeen declared, a consignee, in order to secure the release of his cargo, would haveto provide this bond, together with a deposit or insurer s guarantee, to WaybillAWB feeA fee for preparing an AWBB/LSeeBill of LadingBAFSeeBunker Adjustment FactorBill of ExchangeA unconditional order in writing, addressed by one person to another, signed bythe person giving it, requiring the person to whom it is addressed to pay ondemand or at a fixed or determinable future time, a certain sum to or to the orderof a specified person.

6 Or to the of LadingA transport document which is also a negotiable Document of on Contracts of Affreightment for a full explanation of its GoodsGoods on which the duty has not yet been paid, and which therefore, are underthe control of customs; usually in a Bonded warehouseA depository for goods on which duty has not been paid. The warehouseproprietor must provide a bond to the customs authorities as a security for anyduties which may become reservation, allocation or allotment,BoxA colloquial name for a containerBreak Bulk cargoMeans non-containerised cargo; ie. shipped loose in the vessel s Bulk depotA depot where containers are unpacked, and cargo is Bulk FeeThe fee charged by a Breakbulk depot for unpackng, sorting and stacking cargo,either air or Bulk1.

7 In the container and airfreight trade:The action of unpacking a groupage or FAK As a traditional shipping term:To open the ship s hatches and commence discharge of the Service Rate. An ocean container shipping term which actually means thebase ocean Freight rate for the port-to -port segment of the transit. It may haveseveral surcharge factors applied to Basic Service Rate Additional Means the same as APCA, THC and PSC. Acharge for loading or unloading containers on or off applied to the vertical partition walls inside a ship, but is also usedto denote the front wall of a Adjustment FactorA surcharge applied by an ocean carrier to ocean Freight rates to recover costsassociated with Bunker SurchargeSeeBunker Adjustment FactorC & FCost and Freight ( Old INCOTERM now called CFR)C & ICost and InsuranceCABAFC ombined Currency Adjustment Factor and Bunker Adjustment Adjustment Factor and Currency Adjustment Factor)CabotageA law, in some countries, which prevents foreign owned ships from participatingin the coastal shipping Currency Adjustment Agents(An IATA term) IATA cargo agents (air Freight forwarders)

8 Perform the aircargo sales, documentation, and cargo preparation for carriage functions onbehalf of airlines. In return, the agent receives commissions or discounted freightrates from the who carries cargo or passengers by road, rail, sea or (Air) The air carrier issuing the Air Waybill and all air carriers who carry orundertake to carry INCOTERMS can be defined as any body [eg. Forwarder] takingresponsibility for the movement of the cargo).Carrier s LienThe right of a carrier to hold cargo pending payment of Freight charges, or ofgeneral average deposits and Agent s Settlement System A division of IATACBFCAC ustoms Brokers & Forwarders Council of AustraliaCC FeeCharges Collect FeeCellular VesselA ship specially designed for carrying containers.

9 The holds are fitted withvertical guides within which the containers are stacked and and Freight (INCOTERM)CFSC ontainer Freight Station. A place where LCL cargo is consolidated and/or de-consolidated; also known as Depot, Consolidation Depot, or Container Weight(Airfreight) The greater of either the actual weight of the cargo or its volumeweight .Charges Forward(IATA) Also called Freight collect , or in other words- Freight payable atdestination . The movement of charges forward shipments to some countries iseither restricted or in some cases not at all possible. Itis wise to always ascertainthe regulations and facilities of destination countries before , IATA airlines charge TACT Freight rates for shipments sent on afreight collect contract under which a shipowner agrees to hire his vessel to a charterer for thecarriage of cargo.

10 The term is also used in Air , Insurance and Freight ( INCOTERM)CIF & ECost, Insurance, Freight & Exchange (A variant of an INCOTERM)CIMI nternational Convention on the carriage of goods by RailCIPC arriage and Insurance Paid ( INCOTERM)CLContainer ClauseIn marine insurance, a clause in a cargo policy which stipulates the minimumstandard of vessel, as classified by a recognised classification society, required tocarry the insured cargo. An additional premium may be charged by theunderwriters for the additional risk involved if the vessel is not up to thestipulated Bill of LadingSeeUnclean Bill of Bill of LadingOne in which there is no clause to say that the goods are other than in good orderand -Unit(COU)A portable refrigeration unit which can be clipped on to the porthole vents of aninsulated convention on the carriage of goods by roadCNFCost & Freight .