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Legal Glossary
Legal Glossary

 Legal Glossary

Terms 

Definition

 A

Alloy containers; or aft.

 A forward  

forward currency deal arises for example when dollars are purchased three months forward while at the same time there is an agreement to sell the same amount of dollars six months forward. An international trade banking term.

A I'usine (a la mine, ex magasin en magasin etc.) French

 Cargo delivery term - Ex works (ex factory, ex mill, ex plantation, ex warehouse etc.).

 A quai (dedouane. port convenu) (French) ARINC

 Cargo delivery term. Ex quay.

 A similibus ad similia (Latin)

 From like to like  

 a/d  

 After date.

 A/o 

 Account

 A/P (Authority to pay) 

 An authorization, usually by a bank to a seller, for the purchase, with or without recourse, of draft(s), document(s) and/or goods up to a designated amount

A/R 

 All risks (insurance term).

A/S  

 After sight; alongside; or account sales.

 A1

 Highest Hull classification for American Bureau of Shipping

 aa

 Always afloat - indicates that the vessel will either load and/or discharge as specified in the charter party

 AAA

 Association of Average Adjusters

 AAG's

Area Advisory groups. An organisation with BOTB, involved in the review/development of various overseas markets 

 AAL

 Asia America Line. A Shipping Company

 AAR

 Against all risks (insurance term).

 AAS

 Annual automated controls survey (of a ship)

 AASO

 Association of American Shipowners - Based in New York

 AB (or ABS)

American Bureau of Shipping - American Ship Classification Society; able bodied seaman; or Above Bridges.

Abandonment

Leaving a ship as unseaworthy; or in marine insurance terms the process of giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss.

ABC method of inventory control

Method that controls expensive inventory items more closely than less expensive items.

ABH

Vessel classed by American Bureau of Shipping (Hellas)

Abnormal invisible load

Any load which cannot without undue expense or risk of damage, be divided into two or more loads for the purpose of carriage on any transport mode and which owing to its weight and dimensions cannot be carried on the transport unit which complies with the

ABOI

Association of British Oceanic Industries.

ABP

Associated British Ports.

Absorption

Acceptance by the air freight carrier of a portion of a joint rate or charge which is less in amount than that which it would receive for the service in the absence of such joint rate or charge.

ac

Airfreight containers.

Accelerated depreciation

Methods of depreciation that write off the cost of a capital asset faster than under straight-line depreciation.

Acceptance

A time draft (or bill of Exchange ) on which the drawee has written the word "accepted" over his signature, thereby becoming unconditionally obliged to pay at maturity. The draft must first be presented for acceptance, by which the drawee becomes the "acceptor", and then for payment. (1) Bank(er's) Acceptance :a draft of which a bank is both drawee and acceptor; i.e. the bank gives its guarantee to make the payment should the buyer default. (2) Trade acceptance: a draft, usually issued from the sales of merchandise, whose drawee and acceptor is an individual or a business entity. Refers to the commitment by an Importer, evidenced by their accepting a Bill of Exchange drawn on them by an Exporter, to pay for goods at a fixed date in the future.

Acceptance certificate

Document issued by the forwarding agent on request to certify that the goods to be dispatched in accordance with the contract of carriage have been actually handed over for transport.

Acceptance credit

Short-term loan by which the bank allows the customer to draw bills on it up to a certain amount (line of credit). The bills are then accepted and usually also discounted by the bank. Most frequently used in international trade.

Acceptance of the goods

Under the terms of the Sale of Goods Act 1979, acceptance of the goods occurs where the buyer (i) intimates to the seller he has accepted the goods; (ii) does any act inconsistent with the seller's ownership of the goods, or (iii) keeps the goods for more

Acceptance price

In the underwriting business, the price paid by the banks to the issuers for underwriting a new securitie's issue. The acceptance price is lower than the issue price to the general public, the difference being the bank's gross profit margin or commission.

Accepted Draft

A draft accepted by the drawee by putting his signature on its face. The draft thus is subject to the strict provisions of the law regarding bills of exchange if the drawee is publicly registered as a firm. A banking term.

Accepting Bank/Paying Bank

The bank nominated in the documentary letter of credit to accept or Pi) drawings under that credit. It can be either the issuing or the advising bank.

Accepting House

Financial house - often a Merchant Banker - specialising in financing foreign trade.

Accessories

For the purpose of applying to specific air freight commodity rate descriptions, such as additional objects which are not essential to the normal use of the main article or are not an integral component thereof but which are intended for use with the main article.

Account party

The party which addresses the bank for the issue of a letter of credit , e.g. the account party can be an importer, a buyer, a construction contractor or a supplier bidding on a contract.

Account Statement

A statement of investment activity and investment position that is periodically sent by brokerage firms to their customers.

Accounts payable

Money due to suppliers. Also called payables and trade payables. The amount that the company has been billed but has not yet paid. This is money owed to its regular business creditors from whom it has bought goods and services.


Terms  Definition
 A Alloy containers; or aft.
 A forward   forward currency deal arises for example when dollars are purchased three months forward while at the same time there is an agreement to sell the same amount of dollars six months forward. An international trade banking term.
A I'usine (a la mine, ex magasin en magasin etc.) French  Cargo delivery term - Ex works (ex factory, ex mill, ex plantation, ex warehouse etc.).
 A quai (dedouane. port convenu) (French) ARINC  Cargo delivery term. Ex quay.
 A similibus ad similia (Latin)  From like to like  
 a/d    After date.
 A/o   Account
 A/P (Authority to pay)   An authorization, usually by a bank to a seller, for the purchase, with or without recourse, of draft(s), document(s) and/or goods up to a designated amount
A/R   All risks (insurance term).
A/S    After sight; alongside; or account sales.
 A1  Highest Hull classification for American Bureau of Shipping
 aa  Always afloat - indicates that the vessel will either load and/or discharge as specified in the charter party
 AAA  Association of Average Adjusters
 AAG's Area Advisory groups. An organisation with BOTB, involved in the review/development of various overseas markets 
 AAL  Asia America Line. A Shipping Company
 AAR  Against all risks (insurance term).
 AAS  Annual automated controls survey (of a ship)
 AASO  Association of American Shipowners - Based in New York
 AB (or ABS) American Bureau of Shipping - American Ship Classification Society; able bodied seaman; or Above Bridges.
Abandonment Leaving a ship as unseaworthy; or in marine insurance terms the process of giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss.
ABC method of inventory control Method that controls expensive inventory items more closely than less expensive items.
ABH  Vessel classed by American Bureau of Shipping (Hellas)
Abnormal invisible load  Any load which cannot without undue expense or risk of damage, be divided into two or more loads for the purpose of carriage on any transport mode and which owing to its weight and dimensions cannot be carried on the transport unit which complies with the
ABOI Association of British Oceanic Industries.
ABP Associated British Ports.
Absorption  Acceptance by the air freight carrier of a portion of a joint rate or charge which is less in amount than that which it would receive for the service in the absence of such joint rate or charge.
ac Airfreight containers.
Accelerated depreciation  Methods of depreciation that write off the cost of a capital asset faster than under straight-line depreciation.
Acceptance A time draft (or bill of Exchange ) on which the drawee has written the word "accepted" over his signature, thereby becoming unconditionally obliged to pay at maturity. The draft must first be presented for acceptance, by which the drawee becomes the "acceptor", and then for payment. (1) Bank(er's) Acceptance :a draft of which a bank is both drawee and acceptor; i.e. the bank gives its guarantee to make the payment should the buyer default. (2) Trade acceptance: a draft, usually issued from the sales of merchandise, whose drawee and acceptor is an individual or a business entity. Refers to the commitment by an Importer, evidenced by their accepting a Bill of Exchange drawn on them by an Exporter, to pay for goods at a fixed date in the future.
Acceptance certificate  Document issued by the forwarding agent on request to certify that the goods to be dispatched in accordance with the contract of carriage have been actually handed over for transport.
Acceptance credit  Short-term loan by which the bank allows the customer to draw bills on it up to a certain amount (line of credit). The bills are then accepted and usually also discounted by the bank. Most frequently used in international trade.
Acceptance of the goods  Under the terms of the Sale of Goods Act 1979, acceptance of the goods occurs where the buyer (i) intimates to the seller he has accepted the goods; (ii) does any act inconsistent with the seller's ownership of the goods, or (iii) keeps the goods for more
Acceptance price  In the underwriting business, the price paid by the banks to the issuers for underwriting a new securitie's issue. The acceptance price is lower than the issue price to the general public, the difference being the bank's gross profit margin or commission.
Accepted Draft  A draft accepted by the drawee by putting his signature on its face. The draft thus is subject to the strict provisions of the law regarding bills of exchange if the drawee is publicly registered as a firm. A banking term.
Accepting Bank/Paying Bank  The bank nominated in the documentary letter of credit to accept or Pi) drawings under that credit. It can be either the issuing or the advising bank.
Accepting House  Financial house - often a Merchant Banker - specialising in financing foreign trade.
Accessories  For the purpose of applying to specific air freight commodity rate descriptions, such as additional objects which are not essential to the normal use of the main article or are not an integral component thereof but which are intended for use with the main article.
Account party  The party which addresses the bank for the issue of a letter of credit , e.g. the account party can be an importer, a buyer, a construction contractor or a supplier bidding on a contract.
Account Statement  A statement of investment activity and investment position that is periodically sent by brokerage firms to their customers.
Accounts payable  Money due to suppliers. Also called payables and trade payables. The amount that the company has been billed but has not yet paid. This is money owed to its regular business creditors from whom it has bought goods and services.

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