Glossary of Customs and Trade Terms
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Glossary of Customs and Trade Terms B B/L Abbreviation for Bill of Lading B/L, amended B/L requiring updates that do not change financial status; this is slightly different from corrected B/L. B/L, cancelled B/L status; used to cancel a processed B/L; usually per shipper's request; different from voided B/L. B/L, clean A B/L that bears no superimposed clause or notation which declares a defective condition of the goods and/or the packaging. B/L, combined B/L that covers cargo moving over various transports. B/l, B/L combined or consolidated from two or more B/L's. consolidated B/L, corrected B/L requiring any update which results in money or other financially related changes. B/L, duplicate Another original Bill of Lading set if first set is lost. Also known as reissued B/L. B/L, house B/L issued by a freight forwarder or consolidator covering a single shipment containing the names, addresses and specific description of the goods shipped. B/L, B/L covering cargo moving via multimodal means. Also known as intermodal Combined Transport B/L, or Multimodal B/L B/L, The B/L is a title document to the goods, issued ‘to the order of’ a negotiable party, usually the shipper, whose endorsement is required to effect is negotiation. Thus, a shipper's order (negotiable) B/L can be bought, sold, or traded while goods are in transit and is commonly used for letter-of-credit transactions. The buyer must submit the original B/L to the carrier in order to take possession of the goods. B/L, non- See Straight B/L. Sometimes means a file copy of a B/L. negotiable B/L, original The part of the B/L set that has value, especially when negotiable; rest of set are only informational file copies. Abbreviated as OBL. B/L, B/L set which has completed a prescribed number of edits reconciled between the shippers instructions and the actual shipment received. This produces a very accurate B/L. B/L, stale A late B/L; in banking, a B/L which has passed the time deadline of the L/C and is void. B/L, status Represents whether the bill of lading has been input, rated, reconciled, printed, or released to the customer. (Marad) B/L, Terms & The fine print on B/L; defines what the carrier can and cannot do, Conditions including the carrier's liabilities and contractual agreements. B/L, Through A bill of lading that covers transportation by more than one carrier from the point of issue to the final destination. Example, a bill from New York, via Curacao, to Pampatar, Venezuela. B/L, unclean A B/L that bears a superimposed clause or notation that declares a defective condition of the goods and/or the packaging. B/L, voided Related to Consolidated B/L; those B/L's absorbed in the combining process. Different from Cancelled B/L. Back haul To haul a shipment back over part of a route which it has already travelled; a marine transportation carrier’s return movement of cargo, usually opposite from the direction of its primary cargo distribution. Back-to-Back A credit issued against the security back of another credit Credit (master credit) on the understanding that reimbursement will stem from documents eventually presented under the first credit (master credit) issued. It follows therefore that each side of a B/B transaction covers the shipment of the same goods. BAF Abbreviation usually appearing on B/L for ‘Bunker Adjustment Factor.’ Used to compensate steamship lines for fluctuating fuel costs. Sometimes called ‘Fuel Adjustment Factor’ or FAF. Baggage See also personal effects Personal property of passengers or crew carried on an aircraft by agreement with the operator. . (ICAO Annex 9) Balance of A tabulation of a country's credit and debit transactions with Payments other countries and international institutions. These transactions are divided into two broad groups: current account and capital account. The main items included are exports and imports of goods and services (the balance of trade), foreign direct investments, intergovernmental loans, transfer payments, capital inflows and outflows, and changes in official gold holdings and foreign exchange reserves. Bank Guarantee issued by a bank to a carrier to be used in lieu of lost guarantee or misplaced original negotiable bill of lading. Barter Trade where goods are exchanged for other goods. Benchmark A specific measurement comparing company (or other agency) performance against another industry or best practice standard. Benelux Belgium, Netherlands and Luxembourg. Bern The International Union for the Protection of Literary and Artistic Convention Works, signed at Bern, Switzerland, on September 9, 1886, with additional protocols and revisions signed in 1914, 1928, 1948, 1967, and 1971, is a major multinational treaty concerning the scope of copyright protection to be afforded works prepared by foreign persons whose countries are signatories. It provides copyright protection in the form of national treatment and also requires member countries to provide certain minimum protections for specified types of works. For instance, it requires that literary works be protected for the life of the author plus 50 years and forbids imposition of formalities (e.g., a copyright notice) as a condition of protection. Bilateral An agreement/arrangement between two parties/countries, usually global (eg a cooperative agreement between NZ Customs and Australian Customs) Bill of -See draft, bank. Correct name for a ‘draft’ exchange -An unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer. Bill of sale Confirms the transfer of ownership of certain goods to another person in return for money paid or loaned. Biometric Systems that use a series of complicated algorithmic equations to Identification identify people by searching through a database and instantly analysing a person’s facial (or other) features, including eyes, face and shape. Board feet The basic unit of measurement for timber/lumber. One board foot is equal to a one-inch board, 12 inches wide and one foot long. Thus, a board ten feet long, 12 inches wide, and one inch thick contains ten board feet. Bollard A line-securing device on a wharf around which mooring and berthing lines are fastened. Bond An undertaking in due legal form, by which a person binds himself to the Customs to do or not to do some specified act. (WCO) Bonded goods Goods stored in a warehouse without the payment of duty until that duty is paid or the goods are exported or legally dealt with. Bounty Payment by governments to producers of goods, often to strengthen their competitive position. Break bulk - To unload and distribute a portion or all of the contents of a rail car, container, or trailer. - Loose, non-containerized cargo. Brokerage Freight forwarder/broker compensation as specified by ocean tariff or contract. Bulk cargo Not in packages or containers; shipped loose in the hold of a ship without mark and count. Grain, coal and sulphur are usually bulk freight. Bulk carriers Vessels designed to carry bulk cargo such as grain, fertilizers, ore, and oil. Bulkhead A partition separating one part of a ship, freight car, aircraft or truck from another part. Bunker charge An extra charge sometimes added to steamship freight rates; justified by higher fuel costs. (Also known as Fuel Adjustment Factor or FAF.) Bunkers A Maritime term referring to Fuel used aboard the ship. Coal stowage areas aboard a vessel in the past were in bins or bunkers.