Terms used in freight forwarding such as Unit Load,US CUSTOMS, Validation,Valuation surcharge,Value for Duty,Valuable Cargo

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Terms used in freight forwarding such as Unit Load,US CUSTOMS, Validation,Valuation surcharge,Value for Duty,Valuable Cargo etc.

 

This post explains about terms used in freight forwarding such as uld control receipt ,Ultimate Consignee,Uniform Product Code,unit load device,Unit Load,US CUSTOMS, Validation,Valuation surcharge,Value for Duty,Valuable Cargo etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

Terms used in freight forwarding

 

UCP500:Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce publication 500, which lays out guidelines for banks to follow when dealing with L/Cs. (See also Letter of Credit).

 

ULD - ULD or unit load device is a term used by airlines to describe both containers and pallets used to load cargo in airplanes. There are various types of ULD's and they can be loaded either by the airline or by the shipper.

 

Terms used in freight forwarding such as Unit Load,US CUSTOMS, Validation,Valuation surcharge,Value for Duty,Valuable Cargo etcULD CONTROL RECEIPT (UCR): A voucher of transfer ULD signed by transferring and receiving carriers which is used to retrieve ULD and for account settlement of ULD demurrage.

 

ULD: Unit Load Device – enclosed metal containers of various sizes used by airlines for loading cargo

 

ULD:Unit load device. Refers to airfreight containers and pallets.

 

Ultimate Consignee:Party who has been designated on the invoice or packing list as the final recipient of the stated merchandise.

 

Unaccompanied Baggage:Luggage not accompanied by a passenger.

 

Unclean Bill- Also, Claused Bill and Foul Bill. A Bill of Lading that has been endorsed by the carrier to record the fact that the goods, as received for shipment, do not conform to their description, eg. Rust visible, package wet, item missing, etc.

 

Underbond -Under the control of customs.

 

Underwriter :In marine insurance, one who subscribes his name to the policy indicating his acceptance of the liability mentioned therein, in consideration for which he receives by way of a premium.

 

Uniform Product Code (UPC): A standard product numbering and bar coding system used by the retail industry. UPC codes are administered by the Uniform Code Council; they identify the manufacturer as well as the item, and are included on virtually all retail packaging.

 

Unit Cost: The cost associated with a single unit of product. The total cost of producing a product or service divided by the total number of units. The cost associated with a single unit of measure underlying a resource, activity, product or service. It is calculated by dividing the total cost by the measured volume. Unit cost measurement must be used with caution as it may not always be practical or relevant in all aspects of cost management.

 

Unit Cost:The cost associated with one unit of an item.

 

UNIT LOAD DEVICE (ULD): A container or pallet used to transport cargo on an aircraft.Valuable Cargo VAL Shipments of high value requiring advance arrangement and special handling.

 

Unit Load:A number of individual packages bonded, palletised or strapped together to form a single unit for more efficient handling by mechanical equipment.

 

Unit Load:Packages loaded on a pallet, in a crate or any other way that enables them to be handled at one time as a unit.

 

United Nations Conference on Trade and Development: UNCTAD A United Nations agency whose work in Shipping includes the liner code involving the sharing of cargoes between the Shipping lines of the importing and exporting countries and third countries in the ratio 40:40:20.

 

United Nations Dangerous Goods Number: UNDG Number The four-digit number assigned by the United Nations Committee of Experts on the Transport of Dangerous Goods to classify a substance or a particular groups of substances. Note: The prefix 'UN' must always be used in conjunction with these numbers.

 

Unitization:the consolidation of a quantity of individual items into one large shipping unit for easier and faster handling through methods such as palletizing, stripping, slinging and containerization.

 

UNIVERSAL :AWB See Neutral AWB

 

Unstuffing- See Devanning

 

UPC: See Uniform Product Code

 

URC522:Uniform Rules for Collections, International Chamber of Commerce publication 522, which lays out guidelines for banks to follow when handling Collections. (See also Collections).

 

US CUSTOMS: See also CBP – a division of the Department of Treasury that regulates goods, people and vehicles entering or leaving the US in an effort to prevent smuggling and terrorism and many other federal laws. They are also responsible for levying and collecting taxes on imported goods.

 

USAID Label:Labels and aluminum placards bearing the new (1991) logo of the Agency for International development. All merchandise exported under an A.I.D. program or contract must be labeled with the USAID emblem.

 

USDA (United States Department of Agriculture) - A government agency which regulates functions of specific imported merchandise, e.g., plants and plant products, domestic animals, serums and by products, etc.

 

Validated Export License:Issued by: U.S. Department of Commerce. Purpose: Required for commodities deemed important to national security, foreign-policy objectives, or protecting domestic supplies or strategic materials. Constitutes permission to export a specific product to a specific party. Exporter applies for license, which must be returned to Bureau of Export Administration after completing specified shipments.

 

Validation - Authentication of B/L and when B/L becomes effective.

 

Validation: To check whether a document is the correct type for a particular EDI system, as agreed upon by the trading partners, in order to determine whether the document is going to or coming from an authorized EDI user.

 

Valuable Cargo- (IATA). Air Cargo having an actual value of US $1,000 (or equivalent) or more per gross kg or which contains precious metals, banknotes, pearls (including cultured pearls) and precious stones. In consequence of the greater responsibility, and also the higher level of liability borne by the airline, a freight surcharge of 200% of the normal rate is applied to the carriage of such goods.

 

VALUATION CLAUSE:The clause in the Marine Policy that contains a fixed basis of valuation agreed upon by the Assured and the Underwriter and which establishes the insured value of the merchandise. The Clause determines the amount payable under any recoverable loss or General Average contribution.

 

Valuation surcharge- An IATA term. A surcharge on an airfreight rate, charged under IATA rules and applied to the cost of carriage of valuable cargo. The airlines’ normal liability level is increased upon payment of the surcharge.

 

Value Added Tax: VAT A form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.

Value Added: Increased or improved value, worth, functionality or usefulness.

 

Value for Duty:The value of an import declared to the customs upon which customs duty will be calculated. In Australia, the value of the goods at the time of export from the exporting country, thus generally the FOB value and using the exchange rate at the date of export. Many other countries use the CIF value at the time or declaration in the importing country.

 

Value-Adding/Nonvalue-Adding: Assessing the relative value of activities according to how they contribute to customer value or to meeting an organization’s needs. The degree of contribution reflects the influence of an activity’s cost driver(s).

 

Vanning:Buyer.

 

Variable Cost: A cost that fluctuates with the volume or activity level of business.

 

VAT: Valued Added Tax

 

The above details describes about terms called in freight forwarding such as uld control receipt ,Ultimate Consignee,Uniform Product Code,unit load device,Unit Load,US CUSTOMS, Validation,Valuation surcharge,Value for Duty,Valuable Cargo etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in freight forwarding trade below this post. Terms used in freight forwarding such as Transit Port,TRANSIT SHIPMENT,Transmittal Letter,Transportation Mode, Transshipment

 

 The above information is a part of Online export import training guide 

 

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