Clean Letter of Credit : Clean Letter of Credit
Claused Bill of Lading
A bill of lading containing notations that spec¬ify deficient condition(s) of the goods and / or the packag¬ing - bill of lading
Clean Bill of Exchange
A bill of exchange having no other documents, such as a bill of lading affixed to it.
Clean Bill of Lading
A bill of lading receipted by the carrier for goods received in apparent good order and condition without damages or other irregularities and without the notation Shippers Load and Count.
A collection in which the demand for payment (such as a draft) is presented without additional docu¬ments - bill of exchange
A sight or time draft which has no other docu¬ments attached to it. This is to be distinguished from docu¬mentary draft - bill of exchange
Clean Letter of Credit
A letter of credit against which the beneficiary of the credit may draw a bill of exchange without presen¬tation of documents - letter of credit
Clean on Board Bill of Lading
A document evidencing cargo laden aboard a vessel with no exceptions as to cargo condition or quan¬tity
The completion of customs entry formalities re¬sulting in the release of goods from customs custody to the importer
closely held corporation
A shipping conference that reserves the right to refuse membership to applying carriers - conference - carrier
A credit transaction that has a fixed amount and time for repayment.
Closely Held Corporation
A corporation with a small number of shareholders, who usually directly operate the corporation and have lim¬ited liability. A maximum number of shareholders is usu¬ally fixed by law. The minimum capitalization for a closely held corporation is less than that for a public cor¬poration, and fewer formalities are required for managing it. The requirements for closely held corporations vary among jurisdictions - corporation
Acronym for Convention on the Contract for the International Carriage of Goods by Road. (CMR is the acronym for the French title: Convention relative au con- trat de transport international de marchandises par route.) A United Nations convention addressing legal issues re¬lated to the transport of cargo by truck on roads. The con¬vention was signed in Geneva, Switzerland on May 19, 1956
Trade between ports of one nation.
Code of Federal Regulations
- U.S. law
A compilation of the administrative rules ad¬opted and followed by departments and agencies of the United States federal government. Copies of the CFR are available at major public libraries in the United States and for purchase from the Superintendent of Documents, U.S. U.S. Government Printing Office, Mail Stop: IDCC, 732 N. Capitol Street, NW, Washington, DC 20401; Tel:  (866) 512-1800,  (202) 512-1800; Fax:  (202) 512- 2104
Codes of Conduct
International instruments that indicate standards of behav¬ior by nation states or multi-national corporations deemed desirable by the international community. Several codes of conduct were negotiated during the Tokyo Round of the General Agreement on Tariffs and Trade (GATT) that lib¬eralized and harmonized domestic measures that might impede trade.
The United Nations has also encouraged the negotiation of several “voluntary” codes of conduct, including one that seeks to specify the rights and obligations of transnational corporations and of governments.
Coin or German silver is an alloy of silver that is 800/ 1000 pure. An article of coin or German silver is often marked 800.
Providing shore-based electrical power to a ship while in port. The power is used to run the ship’s electrical systems including lights, heating, air conditioning and hot water for the ship’s crew. In practice, a heavy flexible wire en¬cased in rubber or plastic, resembling an extension cord, is extended from the pier, plugged into the ship’s receptacle and power is supplied to the ship. This allows the ship to shut down the diesel engines that normally drive its elec¬trical generators and thereby greatly reduce diesel emis¬sions. The Ports of Los Angeles/Long Beach among others have spearheaded the technique - Alter¬native Marine Power (AMP)
An agreement to put upper and lower (cap and floor) limits on an interest rate which will be adhered to even if the market rate lies outside this range
The transportation practice under which the re¬ceiver of the goods pays charges
Collect on Delivery
A transportation service under which the pur¬chase price of goods is collected by the carrier from the re¬ceiver at the time of delivery, and subsequently, payment is transmitted by the carrier to the shipper. Carriers charge a nominal fee for this service. As the term COD implies payment is due upon delivery. There are no credit provi¬sions in COD service - Cash On Delivery
The bank that acts as agent for the seller and seller's bank in collecting payment or a time draft from the buyer to be forwarded to the remitting bank (usually the seller’s bank).
The presentation for payment of an obligation and the payment thereof.
The receipt of money for presentation of a draft or check for payment at the bank on which it was drawn, or presentation of any item for deposit at the place at which it is payable.
All documents (invoices and bills of lading) submitted to a buyer for the purpose of receiving payment for a shipment - documents against payment - documents against acceptance
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