Glossar Trade & Export Finance
Company whose business is the transport of goods. The carrier is liable for the whole transport route it covers, regardless of whether the goods are carried by its own and/or other means of transport. The UCP requires that most transport documents be issued by the carriers or their agents (or by the captain/master or his agents). See UCP Art. 20 to 24.
Document specifying that the goods were inspected prior to shipment. Usually issued by a neutral party.
Contract according to which the precisely designated freight room of a ship or the whole ship is leased for a specific period or journey. If the contract applies to the entire ship, then a "full charter" is referred to. If, on the other hand, only a part or a particular area of a ship is used, this is called a "part charter". If a ship is chartered without a crew, this is a "bareboat" charter. The freight documents issued by the current charterer or its authorized representative are called "charter party B/L". See UCP Art. 22.
An internationally standardized freight document issued in rail transport. CIM stands for "Convention Internationale concernant le transport de Marchandises par chemin de fer" ("international convention concerning the carriage of goods by rail"). The agreement has been in force since 1 January 1985, and constitutes the legal basis for the conclusion of freight contracts in international rail goods transport with one and the same freight documents. See UCP Art. 24.
In connection with documentary credits, "about" means a tolerance of plus/minus 10% regarding the documentary credit value, unit price or the quantity of the goods, depending on the context in which the tolerance is mentioned. See UCP Art. 30a.
"Claim" means that the beneficial owner exercises his or her right to demand payment of the guarantee amount (or part thereof). The bank checks whether the claim is consistent with the terms of the guarantee.
Clauses in B/Ls that expressly note the defective condition of the goods and/or packaging. See UCP Art. 24.
B/L that does not contain any clauses or notations expressly declaring the defective condition of the goods and/or packaging. See UCP Art. 27.
A tender is an invitation from a client to several suppliers to present an offer for the provision of a particular product/service. The tender contains the client's requirements concerning the offer or the work to be carried out, plus the "tender closing date".
Abbreviation of "Convention relative au contrat de transport international de Marchandises par route". Transport document issued for shipment of goods by road (truck waybill / road consignment note). See UCP Art. 24.
Document for combined transport which covers at least two different modes of transport. As of recently, the term "Multimodal Transport Document" is increasingly being used. See UCP Art. 19.
Transport document that is issued for at least two different modes of transport (e.g. lorry/ship, rail/lorry). See UCP Art. 19.
Under certain conditions banks commit themselves to confirm export letters of credit which their customers expect to be issued. This commitment is generally limited in time and amount. The exporter is billed for an agreed "Commitment Fee" for the period from the issuance of this commitment letter until receipt of the corresponding documentary credit. Your documentary credit advisor at UBS will be happy to provide you with further information.
Transactional financing in which a credit line is agreed between the trading company and the bank. The type of security is usually linked to the transaction to be financed. The risk evaluation is based on the financial condition of the trading company on the one hand, and also the supplier/performance risk, the goods and price risk and the purchaser risk on the other. For further details, please contact your UBS client advisor, who will be happy to help.
Although the consignment note is often understood to mean the "CMR" in the case of documentary credits, the transport documents to be presented must always be precisely stated, as other documents, such as the railway bill, could otherwise be considered to be valid.
The consignor is understood to be the party who delivers the goods in his/her own name to the carrier (i.e. ship owner) based on a freight contract. The shipper will usually be either the exporter or his/her forwarder.
The shipper is usually also the party in whose name the shipment is carried out, and who appears as the consignor in the transport document.
Forwarder who gathers mixed cargo to better utilize the space in transport containers.
Over 20 feet long. In the documentary credit business, loading into containers is relevant to the extent that it may be taken into account when examining documents. Example: even if a documentary credit forbids transshipment, banks will accept bills of lading / sea waybills that indicate transshipment, provided that the goods were shipped in containers, trailers or LASH lighters and the entire ocean carriage is covered by one and the same bill of lading / sea waybill. See Art. 20c, 21c.
Often also called "broker's cover note". A document, issued by insurance companies or brokers in lieu of insurance policies or certificates, that serves as proof of proper insurance notification and represents a cover commitment. "Cover Notes" may only be accepted for documentary credits when expressly permitted. See UCP Art. 28.
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