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SHIPPING GLOSSARY U - Z


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UCP Abbreviation for the Uniform Customs and Practice for Documentary Credits, published by the International Chamber of Commerce. This is the most frequently used standard for making payments in international trade; e.g., paying on a Letter of Credit. It is most frequently referred to by its shorthand title: UCP No. 500. This revised publication reflects recent changes in the transportation and banking industries, such as electronic transfer of funds.
UFC Abbreviation for Uniform Freight Classification.
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.
Variable Cost Costs that vary directly with the level of activity within a short time. Examples include costs of moving cargo inland on trains or trucks, stevedoring in some ports, and short-term equipment leases. For business analysis, all costs are either defined as variable or fixed. For a business to break even, all fixed costs must be covered. To make a profit, all variable and fixed costs must be recovered plus some extra amount.
Vessel Manifest The international carrier is obligated to make declarations of the ship s crew and contents at both the port of departure and arrival. The vessel manifest lists various details about each shipment by B/L number. Obviously, the B/L serves as the core source from which the manifest is created.
W.M. (W/M) Abbreviation for Weight or Measurement the basis for assessing freight charges. Also known as worm. The rate charged under W/M will be whichever produces the highest revenue between the weight of the shipment and the measure of the shipment.
Warehouse Withdrawal for Transportation Allows merchandise that has been withdrawn from a bonded warehouse at one port to be transported in bond to another port, where a superseding entry will be filed.
Waybill (WB) A document prepared by a transportation line at the point of a shipment; shows the point of the origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service. It is forwarded with the shipment or sent by mail to the agent at the transfer point or waybill destination.
York-Antwerp Rules of 1974 stablished the standard basis for adjusting general average and stated the rules for adjusting claims.

 


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