As we all know, there are many terms used in the import and export industry. Here are 30 words that I have distilled and are the words used most frequently in testimonies or in documents in English.
Viewing: What is S/o in import and export
To know more, we will read together to understand in more detail these terms.
1. Agency Agreement – Agency contract
A contract in which a principal authorizes an agent to perform certain specified work on his behalf, and for which the agent receives an amount of remuneration called an agency commission. .
2. Agency Fees – Agency Fees
Is the amount of remuneration that the ship owner pays to the shipping agent for the services performed while the ship is operating at the port such as: completing procedures for entering and leaving the port, contacting places and tracking the loading and unloading of goods, etc.
3. Shipping Notice
After delivering the goods to the outbound vessel, the consignor/seller informs the consignee/buyer of the status of the goods being dispatched and the relevant details. In import and export trading, timely notification of goods holding is the responsibility of the seller.
4. All in Rate – Full fee
Is the total amount including: Chartering freight, other surcharges and extraordinary fees that the charterer must pay to the carrier.
5. All Risks (A.R.)
As the broadest term of insurance and under this condition, the insurer is responsible for all risks of loss of or damage to the insured goods (natural disasters, sea accidents, other ancillary perils, etc.) …) but exclude the following cases: War, strike, terrorism, inherent defect of the goods, malicious act of the insured, ship incapacitated, loss or damage due to delay delay, omission in packing, natural loss of the goods, damage, loss or expense resulting from insolvency of the owner, charterer or carrier.
30 frequently used English terms in Import and Export
6. Antedated Bill of Lading – Bill of lading signed back to the date of issue
A backlog of the bill of lading is normally required by the shipper in response to the delivery time specified in the contract of sale or the validity period of the letter of credit. It has been condemned by international arbitrations and courts as dishonest, fraudulent and can therefore have disastrous consequences for the exporter delivering the goods as well as the carrier who has signed the bill of lading back.
7. As Agent only – Only on behalf of the agent
This term is noted under the signature to prove that the person signing the document (Example: Bill of lading, air waybill, charter party,…) authorized by another person to perform or confirm something or some thing and has limited liability to the extent of such authorization.
30 frequently used English terms in Import and Export
8. Assurer (Insurer) – Insurer
As the recipient of insurance for the interests of the customer (the Insured) according to the rules and conditions of insurance, has the right to collect premiums and is responsible for indemnification for losses due to the insured perils. caused to the subject-matter insured.
9. Assured – (Insured) – The Insured
10. Bill of Lading (Ocean Bill of Loading) B/L – Bill of Lading (Bill of Lading) by sea
A sea transport document issued by the carrier or his representative (Captain, shipping agent) to the charterer (Shipper) as proof that the carrier has received the goods and undertakes the transported from the port of dispatch to the named port of destination for delivery to the consignee.
11. Bonded Warehouse or Bonded Store – Bonded Warehouse
A warehouse of customs or private property under customs supervision and used to temporarily store goods that have not gone through customs procedures and paid taxes (if any). At these warehouses, goods owners can repair, pack and redistribute goods under customs supervision.
See also: What is External
12. CFS Warehouse (Container Freight Station) – Retail warehouse
As a place to collect retail goods, to be gathered to pack goods into containers, export by sea or exploit imported containers into this warehouse for customers to receive goods after completing customs procedures.
13. Bulk Cargo – Bulk Cargo
Used to refer to unpacked goods, transported in bulk, also known as Carriage in bulk, such as: Coal, ore, grain, petroleum, fertilizer, cement, etc.
14. Bulker Adjustment Factor (BAF) – Fuel Price Adjustment Factor
The percentage announced by the shipowner as the basis for calculating the fuel price adjustment fee, when the fuel used for the ship increases in price abnormally at a certain time. This surcharge is called the fuel surcharge
15.1 Carrier – Carrier
A party entering into a contract of carriage with a consignor. They can be the owner of the vessel or the charterer. They can be a public carrier (Common carrier), providing rental services for all shippers or contract carriers (Contracting carrier) in round trip and multimodal transport.
15.2 Transport vessel
Any type of ship used for the carriage of goods by sea. Example: General cargo carrier, Bulk carrier, Oil carrier, Grain carrier, liquefied petroleum gas (Liquid petrolium) gas carrier), live animal carrier (Cattle carrier), etc.
16. Clean on board Bill of Lading – The bill of lading is clean, the goods have been unloaded
The bill of lading is issued by the carrier’s representative or the master’s to the consignor with the term: “clean, on board or shipped”, which means that the carrier confirms that the goods have been shipped. Loaded on board in good external condition In import and export trade, the buyer always requires clearly stated in the foreign trade contract and letter of credit that the seller must present “Clean bill of lading, unloaded goods.” ship”, in which there is no bad note about the delivered goods, it is considered as one of the documents with payment value.
17. Closing date or Closing time – Expiry date for receipt of goods (goods)
In transportation by market vessel or container ship, shipping lines announce the termination date of cargo receipt for each specific voyage. If the time limit is over, the charterer can send the goods on the next voyage.
18. Collective Bill of Lading – General Bill of Lading
A bill of lading issued for many small consignments carried on a ship, on the same voyage and belonging to many different consignees. This type of bill of lading has many similarities with the bill of lading.
19. Combined transport or multimodal transport – Combined transport or multimodal transport.
Is a form of chain transport all the way from the place of shipment to the final destination, with at least 2 modes of transport involved. The transshipment/modal transfer, warehousing along the way, administrative/customs clearance procedures are all performed by a carrier who signs a contract of transport on behalf of the goods owner.
The characteristics of multimodal transport are:
– The entire multimodal transport chain is carried out by a single carrier in the name of a party to the contract of transport operation and not as a commission-receiving transport agent. operation = CTO).
– Multimodal transport service providers are usually forwarding organizations, do not own transport tools, so they have to sign a subcontract of transport, hire people who have transport tools. real carrier) to transport the goods.
– Multimodal freight rates are agreed upon by both parties for the entire transportation route, including all other related costs (Administrative fees, customs procedures, storage fees, editing fees, etc.) cargo, etc.), but not separately for each carriage.
– Multimodal transport document for the entire transportation process, issued by the CTO at the request of the shipper, has the same function and transaction value as a bill of lading (Combined transport document = COMBIDOC).
– The liability regime of the CTO is agreed upon by the two parties, either under the unified liability system (Uniform liability system) or according to the servered liability system.
Multimodal transport is a scientific and advanced way of transportation, which simplifies procedures and documents, promotes rationalization and improves the efficiency of linking factors: production – circulation – distribution. distribution of the economy at a stage of high development.
20. Commission – Commission
The amount of remuneration that a trustee pays an intermediary or agent for the services they have performed. Chartering brokerage commission is the remuneration paid to the broker for chartering services, which is calculated as a certain percentage of the total freight (including free freight and fines for late loading and unloading, if any). ).
21. Consignee – Cargo receiver
The person named in the “Consignee” section of the bill of lading. Depending on how the name is written in the “Consignee” section, that bill of lading is classified as a straight bill of lading or a To order bill of lading. According to international practice, if the name of the consignee is not recorded in this section but only “To order”, then that bill of lading is a type of bill of lading under the order of the consignor.
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22. Consignor (Shipper) – Shipper
The person who delivers the goods to the ship at the port of loading. The shipper can act as the consignor himself, but can also entrust someone else, usually a forwarding agent, to undertake the delivery of the goods.