Account Party :
Services performed by a shipping line or airline in addition to the normal transportation service. Common acces¬sorial services include advancement of charges, pickup, de¬livery, C.O.D. service, signature service and storage.
An event that is not inevitable and not caused deliberately by the insured. Insurance is designed to cover accidents, not inevitabilities.
Accord and Satisfaction
A means of discharging a contract or cause of action by which the parties agree (the accord) to alter their obli¬gations and then perform (the satisfaction) the new obliga¬tions. A seller who cannot, for example, obtain red fabric dye according to contract specifications and threatens to breach the contract may enter into an accord and satisfac¬tion with the buyer to provide blue-dyed fabric for a slightly lower price.
An identifying number issued by a carrier’s ac¬counting office to identify a shipper and/or consignee. The number helps ensure accurate invoicing procedures and customer traffic activity.
The party that instructs a bank (issuing bank) to open a letter of credit. The account party is usually the buyer or importer See letter of credit.
A current liability representing the amount owed by an individual or a business to a creditors) for merchandise or services purchased on an open account or short-term credit.
Money owed a business enterprise for merchan¬dise or services bought on open account. See accounts payable.
Accrual of Obligation
The time at which an obligation matures or vests, re¬quiring the obligor to perform. In a contract between a buyer and seller, for example, the seller’s obligation to deliver goods may accrue when the buyer tenders payment in full. Alternatively, if the contract specifies a date for delivery of the goods, the seller’s obligation accrues at that date, even if the buyer tenders payment before or after that date.
ACE Stair Step
- (Historic - U.S. Customs)
The U.S. Customs and Border Protection (CBP) initial five-year plan for development of the Automated Commercial Environment (ACE), which 1 modernized CBP import processes. For more information, go to: www.cbp.gov.
Act of God
An act of nature beyond man’s control such as lightning, flood, earthquake or hurricane. Many shipping and other performance contracts include a “force majeure" clause which excuses a party who breaches the contract due to Acts of God.
- (Canada Customs)
Accelerated Commercial Release Operations Support System
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