SHIPPING GLOSSARY

A.T.: American Terms (Marine Insurance) A term used to differentiate between the conditions of American Policies from those of other nations, principally England. ABCC: Association of British Chambers of Commerce ABI - Automated Brokerage Interface: Is a system available to U.S. Customs Brokers with the computer capabilities and customs certification to transmit and exchange customs entries and other information, facilitating prompt release of imported cargo. ABI: Association of British Insurers Acceptance: A time draft (or bill of exchange) which the drawee has accepted and is unconditionally obligated to pay at maturity. Drawee's act in receiving a draft and thus entering into the obligation to pay its value at maturity. An agreement to purchase goods under specified terms. Ad Valorem ("according to the value"): A fixed percentage of the value of goods that is used to calculate customs duties and taxes. Add Hoc Charter: A one-off charter operated at the necessity...