forwarderTerms

OFRB – Outcomes Focussed and Risk Based

admin — Wed, 15 Feb 2012 11:20:43 +0000

This is the acronym they came up with ( not after much thought methinks. Ed. ) which will allow Regulated Agents in the UK the freedom and flexibility to write their own approved security programs, based on specified outcomes and on the needs of their business.

The current regime is considered by many as too prescriptive, placing an unnecessary financial burden on the aviation industry and costing the UK taxpayer and estimated £1 billion a year.

Link; www.dft.gov.uk/consultations/dft-2011-21

IATA

admin — Tue, 24 Jan 2012 12:32:44 +0000

The International Air Transport Association was founded in 194. It is the successor to the International Air Traffic Association set up in the Hague at the dawn of regular air transport in 1919.

It is a voluntary non-political industry association and its aims are to promote safe, regular and economical air transport for the benefit of the peoples of the world; to foster air commerce and to study the problems connected therewith. It co-operates with the International Civil Aviation Organization

( ICAO ) in Montreal, Canada and other international organizations.

Waybill

admin — Tue, 10 Jan 2012 00:20:14 +0000

A waybill is a document used in airfreight and surface freight for the transmission of all relevant shipment information along the transport chain.

It contains all details regarding the consignment and charges connected with the transportation elements of the transaction. It is a receipt and evidence of a contract of carriage but it is not a document of title.

In sea transport there are advantages to using the Waybill instead of a Bill of Lading by virtue of the fact that there is no need to send a document of title to destination to secure delivery and the possibility of a requirement for a Letter of Indemnity arising is nil.

The costs of producing a Bill of Lading is avoided and the waybill can be a paper document or an electronic message thus helping the use of paperless trading (electronic commerce).

Triple E Vessels

admin — Thu, 03 Nov 2011 00:31:22 +0000

Triple E Vessels are so called because of their Environmental performance, Energy efficiency and Economies of scale. ( 18,000 TEUs)

They will have slower speeds and the combination of the three “E:” factors will cut the cost of transporting a container from Asia to Europe by 20 to 30 per cent. These vessels are being promoted, not as the biggest ships but as the ‘greenest’ ships with technology that will cut carbon dioxide emissions by as much as 50% of the average fleet emissions. ( see article below)

Tilt

admin — Mon, 24 Oct 2011 16:43:52 +0000

Tilt is a fabric covered trailer or swap body. Essentially the tilt unit can be totally dismantled so as to allow access from all sides and the top if necessary.

Volume (Air)

admin — Tue, 18 Oct 2011 21:31:49 +0000

The airlines set a density restriction on all weight rates and offer a volumetric allowance of 6000 cubic centimeters per kilo. This translates to an allowance of 6 Cubic Metres per 1000 Kilos.(366 cubic inches).

This is more liberal compared to the usual international road freight allowance of 3 cbm per 1000 Kg or indeed the deep sea allowance of 1cbm per 1000 kgs and is an important factor when comparing costs of different transport modes.

The allowance mentioned here is the IATA allowance ;-consolidators and General Sales Agents may have different allowances and express operators and integrated carriers only allow 5 cbm per 1000 Kgs,

The cubic volume is established by applying the greatest length, width and height of the consignment or it’s packages and if the average is more than 6000 cc per kilo then freight is charged on a volume basis.

This is then referred to as the ‘chargeable’ weight on the air waybill.

Charter Contract – Air

admin — Mon, 12 Sep 2011 21:42:29 +0000

The contract of carriage between an airline and a charterer, it stipulates the conditions of the charter i.e. the aircraft type – cubic capacity and maximum weight limitations of the payload offered – time and date of operation – airports between which the aircraft will operate – price and charges payable and the charge for cancellation. This latter charge is usually based on a scale in days whereby the penalty increases the closer to the departure date the cancellation is notified. Letter of credit conditions could affect contracted carriage or routing and these should be ascertained before placing an enquiry on the market.

DAT – Delivered at Terminal ( Insert named terminal at port or place of destination ) Incoterms 2010

admin — Mon, 27 Jun 2011 21:35:22 +0000

“Delivered at Terminal” means that the seller deliveres when the goods once unloaded from the arriving means of transport, are placed at the disposal of the buyer at a named terminal at the named port or place of destination.

The seller bears all risks involved in bringing the goods to and unloading them at the terminal at the names port or place of destination.

DAT requires the seller to clear the goods for export, where applicable.

Compliance

admin — Wed, 20 Apr 2011 16:29:04 +0000

To act in accordance with certain accepted business standards set down and regulated by an authority recognised within that industry.

Regulatory compliance describes the goal that corporations or public agencies aspire to in their efforts to ensure that personnel are aware of and take steps to comply with relevant laws and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls.

Documentary Credit and UCP 600

admin — Tue, 22 Mar 2011 10:01:26 +0000

Documentary Credit is the basis of international trade by means of which payment is made against surrender of specified documents. A letter addressed by a banker to an exporter( usually but not always) undertaking to make payment to him against documents relating to the dispatch of goods.

The documents usually required are either a bill of lading (sea freight) or an air waybill (air freight) , invoice and insurance document. If these are in order and shipment has been made as specified in the credit, the bank will pay for the consignment in exchange for the documents.

It is important that the details of the credit are in accordance with the contract of sale between the exporter and importer and letters of credit should be checked carefully when first received by the exporter to ensure that he can comply with its conditions.

UCP 600

An international code of practise called the Uniform Customs and Practise for Documentary Credits protects all parties in a documentary credit. The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letter of credit. Some 11-15% of international trade uses letters of credit. The UCP is a reference source for bankers and commercial parties in more than 175 countries. It is available for purchase from Chambers of Commerce.

The latest revision was approved by the Banking Commission of the International Chamber of Commerce ( ICC ) at its meeting in Paris on 25 October 2006. This latest version, called the UCP600, formally commenced on 1 July 2007.